Multichain CEO Gone Missing 🏃‍♂️

GM. This is Degen Scoop, your daily dose of crypto news. It’s Thursday, this is what happened in the last 24 hours:

• Multichain CEO Gone Missing 🏃‍♂️

• Elizabeth Warren Calls For Shutdown of Crypto Again 👵

• Second 3AC Auction Set for June 15th 🏹

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Multichain CEO Nowhere to Be Found 🏃‍♂️

Last week, there was a rumor circulating that a number of Multichain executives had been arrested. There still is not a firm yes or no as to whether this occurred, but new issues have compounded since then. Today, Multichain put out the following tweet detailing their problems:

Unable to get in touch with their CEO, they can’t fix their issues without server access. This is unfortunate for the few users that it affects. The outage will mostly affect users of Onus which boasts the most activity of affected blockchains. Oddly enough, the Multichain token is up nearly 3% on the day.

Elizabeth Warren Wants to Shutdown Crypto For Good 👵

In a senate hearing yesterday on fentanyl, Elizabeth Warren took the opportunity to demonize cryptocurrency payments. It was made known that distributors of the drug had an affinity for crypto payments due to ease of use. This prompted Senator Warren to cite a need for increased legislation in an effort to break this trend of supporting the fentanyl trade. Degen Spoon was unable to obtain her opinion of the use of US dollars to fuel the domestic drug trade.

As a member of the Senate Banking Committee, Senator Warren provided data that nearly 100 different fentanyl distributors offered shipment in exchange for crypto payment. Fentanyl overdoses are detrimental to society and a tragedy to families, but banning crypto payments isn’t how you to remedy the issue. Fentanyl overdoses can be mitigated in other ways that doesn’t infringe upon freedoms.

Three Arrows Capital Sets Date of June 15th for Second NFT Auction 🏹

When 3AC went bankrupt, the few assets they had left were seized to satisfy creditors. The bankrupt VC firm was in the possession of many valuable NFTs that they had collected as investments. The most valuable of this next group of NFTs to be auctioned off is Cherniak’s Ringers #879 “The Goose.” One could argue this is the most famous NFT of the Ringers collections. At the time of its purchase in 2021, it was acquired by 3AC for 1,800 ETH ($5.8M).

The Goose is easily the most valuable NFT that will be included in this second auction. Many NFTs in their collection are set to auctioned off, but another noteworthy NFT in the set is Fidenza #216. This piece created by Tyler Hobbs was acquired for 320 ETH (~$1M) in 2021.

The previous 3AC auction brought in over $2M in May 2023. That number will likely be exceeded considering the fact that The Goose being auctioned off in this next group. On June 15th we’ll find out how much the lot and The Goose sell for.

Here are the notable NFT sales that we saw yesterday:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.