GM, frens! Crypto’s a bit like the weather - sometimes it’s sunny, sometimes it’s a storm, but it’s never boring.

Today we’re talking about:

• 🤯 Was MrBeast INSIDE TRADING crypto?!

• 🦑 Kraken isn’t feeling too well

• 🔥 Unlocking the future: join our Community Call with Ambire CEO Ivo Georgiev!

• 🥶 A story on how degens launched a shitcoin from a fridge

• 💰️ Tether records record breaking profits - “too big to fail”

Our W3oF Degen Portfolio got rebalanced at the start of the week, keeping things aligned with the market’s twists 👇️ 

Let’s see if these adjustments pay off as the crypto winds shift 🌬️

And now, back to business:

Was MrBeast INSIDE TRADING crypto?!

Looks like one of YouTube's biggest icons, MrBeast, might be tangled up in a major crypto controversy.

• Allegedly, Jimmy Donaldson, aka MrBeast, used his influence - and a web of nearly 50 wallets - to pump and dump crypto projects, netting himself nearly $23 million in the process 💰️ 💰️ 

For a guy famous for his wholesome generosity, these accusations paint a pretty unexpected picture 🤯 

Here’s the scoop: blockchain sleuths from Lock.io claim they’ve traced MrBeast’s involvement in various projects, including SuperVerse, a rebranded version of SuperFarm.

• Alongside some other high-profile influencers, he reportedly promoted these tokens, only to cash out at peak hype - leaving regular investors holding the bag.

• One notable instance is a $100,000 play in SuperVerse that reportedly raked in $7.5 million in profit:

MrBeast allegedly threw down $100K into SuperVerse tokens, alongside other influencers like KSI and LazarBeam 🤔 

Together, they promoted the token hard, with MrBeast’s followers jumping on board in hopes of riding the wave. But instead of holding long-term, MrBeast reportedly cashed out as soon as the price was ripe.

Meanwhile, those left holding the token faced massive losses as prices dumped 🫠 

It doesn’t end there 👇️ 

The BobbieDigital wallet

• One wallet address that investigators point to is named “BobbieDigital,” which held a massive stash of SuperVerse tokens that were continuously farmed and sold off 💸 

• The wallet activity shows a sequence of strategic dumps, each aligned with price highs following promotional activity.

• Lock.io suggests this isn’t just random; the movement between wallets and exchanges has the markings of a calculated profit-making machine.

The investigation also highlights another project, Ethernity Chain (ERN), where MrBeast was allegedly involved.

He received a batch of tokens from the pre-sale, only to transfer them to secondary wallets and dump his supply shortly after, reportedly bagging close to $2 million from these trades 💰️ 

With each transaction traceable on-chain, Lock.io’s report reveals a pattern that resembles a serial pump and dumper rather than casual investor 😐️ 

Innocent hype or clear intent?

Was MrBeast just another excited investor sharing his latest finds, or was he masterminding an insider trading setup?

With blockchain as transparent as it is, the profit trails aren’t exactly hidden.

Hopefully, this could be the beginning of a much-needed reckoning for celebrity-backed crypto projects.

Kraken isn’t feeling too well

Two CEOs, layoffs, and a whole lot of questions

So, Kraken’s feeling the pinch. The crypto exchange just announced layoffs, slashing 15% of its workforce as it aims to get a little more “lean” 🫣 

And as if that weren’t enough drama, they’ve also added a new co-CEO to the mix. Yup. Two CEOs 🤦‍♂️ 

Because clearly, if your car’s struggling, adding a second driver is the way to fix it 🤪 

• A post from Kraken explained the need to reduce “organizational layers” that, over time, made the company too sluggish and “complex”.

• Apparently, Kraken found itself caught up in corporate bloat, putting managers in charge of managers, they admitted too, saying that these managerial layers created incentives for “managers to do the wrong thing.” Ouch.

This “leaner” Kraken is supposed to bring better focus and agility. But it’s not exactly the best look when they’ve been pulling in a solid billion in annual revenue.

And it’s not just Kraken playing the layoffs game.

Perp exchange dYdX and ConsenSys recently cut staff too, signaling that the market is putting pressure on even the big names in crypto.

In the end, it’s a reminder: exchanges like Kraken are convenient but don’t exactly scream “decentralized finance.”

The old rule “not your keys, not your coins” still holds.

Maybe it’s time to question how much trust we’re placing in centralized platforms that play by corporate rules when push comes to shove.

So, while Kraken gets “leaner,” think about keeping those assets safe in your own wallet 🫡 

Unlocking the future: join our Community Call with Ambire CEO Ivo Georgiev!

We're thrilled to invite you to our second Community Call, happening on Tuesday, November 5th, 2024 on our Discord.

This time, we’re bringing in the big guns - our very own Co-founder and CEO, Ivo Georgiev! 💪

💬 Got a burning question? Bring it with you to the call, or share it beforehand on Discord!

Mark your calendar, set a reminder. Don't miss out on this chance to connect with the team shaping Ambire’s future.

A story on how degens launched a shitcoin from a fridge

Only in crypto could something as random as launching a token from a Samsung fridge become reality.

So, here we are with "FRIDGE" - a meme-coin born in an Australian mall from the depths of… kitchen appliances 🍴 

The saga began when an ambitious university student stumbled upon an internet-connected smart fridge 🥶 

With the classic degen mindset - and an addiction to shitcoins - the student decided to mint a coin from the fridge itself, and because why not, stream the entire thing live on Twitter.

As soon as FRIDGE hit PumpFun's bonding curve, the dev sprinted back to the mall like a man on a mission.

After a quick lesson in crypto basics for the staff, he managed to get them hyped up enough that one employee asked, "people put money into this?" Oh, if only he knew…

Before long, a micro-community of fridge-fanatics rallied around the coin 👇️ 

Of course, it wouldn’t be a true degen adventure without a chase scene.

• When it was time to buy the fridge, things got complicated: it was a floor model, and the store wasn’t ready to part with it.

• Twitter did what Twitter does best, and soon another crypto buddy arrived at the mall with a car, ready for a hunt.

After a city-wide search, they found another fridge model 🚓 

In true shitcoin fashion, FRIDGE soared to a market cap of $9 million before crashing down 80%.

It’s the kind of story that only makes sense in crypto, where meme culture meets the wild west of finance, and the humble kitchen appliance becomes ground zero for internet antics. Very romantic.

Tether records record breaking profits - “too big to fail”

Tether is proving itself to be one of the most consistent players in the game.

• The stablecoin giant recently posted a jaw-dropping $2.5 billion in profits for Q3 of 2024, bringing its total earnings for the year to $7.7 billion.

• For those who still think stablecoins are the "boring" corner of crypto, think again. With Tether’s total assets hitting $134.4 billion and its USDT circulating supply rising to $120 billion, it seems this behemoth is far from just coasting along.

The cash machine behind Tether

A big chunk of Tether’s stability and strength comes from its reserves, which now sit at over $105 billion, mostly held in U.S. Treasury bills 💵 

That’s up 5% from last quarter - an impressive buffer against the volatile nature of the crypto markets.

The company also holds over $6 billion in "excess reserves," which is kind of like having a rainy-day fund but with billions instead of pennies in a jar 🐖 

And they’re not just sitting on this cash mountain - Tether is putting it to work, eyeing fresh investments like renewable energy, AI development, and even crypto mining.

"Stable" in a sea of competition?

While Tether is undoubtedly the top dog, it’s got some fresh competition hot on its heels.

• Ripple recently threw its hat into the stablecoin ring with its launch of RLUSD, and EU regulations are tightening up on stablecoin providers, potentially making Tether’s stronghold in the European market a bit shakier 🇪🇺 

It’s also not all smooth sailing for the stablecoin leader. There’s some chatter from the regulatory peanut gallery, with reports that the U.S. Attorney’s Office is looking into Tether for possible misuse of its platform by third parties 👇️ 

Tether’s CEO, Paolo Ardoino, was quick to shut down these claims, calling them baseless. But still, the news raises questions about the potential pitfalls of holding so much power in an industry where stability is often as elusive as a typical shitcoin dev 🤔 

Still though, for a lot of traders, Tether will stay a safe haven, a reliable asset in a space where stability is usually a fleeting concept.

Yet, with regulators circling and competition heating up, the question remains: how long can it maintain this edge?

Other worthy reads

An interesting opinion on memecoins (link to video):

Trump’s shitcoin moves the goal:

Singapore vs Dubai breakdown, by Alessandro Palombo:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!