GM! New (Fri)day, new opportunities, Ambulls! Hopefully, you’re turning those market swings into wins 🤝 

Today we’re talking about:

• 🤯 Wild rumors: did the CIA create Solana?

• 🍊 Donald Trump Jr. ventured into DeFi

• ⛏️ Uncle Vlad’s latest play: mining legal again in Russia

• 🥱 Binance claims it caught $73M of stolen crypto: should we be impressed?

But first, let’s check how our W3oF Portfolio is doing?

And what. A. Week. We're down some 14%. Is it time to start looking for leverage to recover our Portfolio challenge losses? 🧠 

Join the discussion in #Web3OnFire chat on our Discord and tell us what you think!

Let’s get down to this week’s news 🗞

Wild rumors: did the CIA create Solana?

Whip out your tinfoil hats because we’re diving into one of the wildest crypto conspiracy theories out there: the CIA creating Solana?!

That’s right. According to some folks on CT, the Central Intelligence Agency might be the secret puppet master behind your favorite shitcoin chain 🤯 

So, where did this theory even come from?

• Well, it starts with the fact that Solana’s founder, Anatoly Yakovenko, is a Ukrainian immigrant to the US.

• Some in the community believe this connection might make him an easy target for recruitment by - you guessed it - the CIA.

• The theory goes that the agency backed Solana to gain influence in the crypto space, possibly to keep an eye on global financial transactions or even to control the future of decentralized finance.

CIA is indeed active in the crypto space

Now, while this might sound like something straight out of a spy movie, it’s worth noting that the CIA has been quite active in the crypto world.

• According to its director, the CIA is monitoring various crypto projects and the Tor project.

So, while the idea that they’re directly backing Solana might be a stretch, it’s not totally out of left field to think they’re keeping tabs on the crypto space.

The evidence (or lack thereof)

But what about the evidence supporting this theory? Well, it’s pretty flimsy.

• Some point to the fact that Solana’s early token allocations went to well-connected venture capitalists and tech insiders, which, according to conspiracy theorists, could suggest CIA involvement.

But let’s be honest - getting VC funding doesn’t exactly scream “spy agency conspiracy.”

• Another piece of “evidence” is that the SEC dropped civil charges against Solana for unregistered sales of SOL tokens. Some see this as a sign of friendly cooperation between Solana and the US government.

But again, this is more likely a case of regulatory strategy than some shadowy government plot​.

1) What

And let’s not forget about the Sam Bankman-Fried saga that threw a wrench into everything.

• Before his fall from grace, Solana was often associated with Sam, especially since FTX, his exchange, was one of the biggest supporters of the Solana network.

• For a while, Sol was even jokingly referred to as "Sam coin". But after FTX’s spectacular collapse and Sam’s legal troubles, Solana managed to distance itself from the debacle and pump over 11 times its value since then.

So maybe the real conspiracy isn’t whether the CIA created Solana, but how it managed to survive and thrive despite all the chaos around it​ 🤔 

So, is the CIA behind Solana? Probably not.

But if you want to believe that the agency has a secret hand in the crypto game, hey, that’s what makes the space so interesting - there’s always a new ridiculous theory waiting just around the corner.

Donald Trump Jr. ventured into DeFi

Just when you thought 2024 couldn’t get any wilder, Donald Trump Jr. decided to throw his hat into the crypto ring 🍊 

The eldest Trump son is now venturing into the world of DeFi, and he's doing it in true Trump fashion: with plenty of hype, a sprinkle of mystery, and a dash of controversy! 🪄

The big tease

It all kicked off with a classic Trump-style tease on X (formerly known as Twitter). Donald Jr. promised a “huge” announcement to shake up the crypto world.

The crypto community did what it does best - speculate wildly 🐒 

Was this a new coin? A Trump-branded crypto empire? A shiny new platform to make DeFi great again? 🤔 

Beware of fakes

In true crypto fashion, no big announcement would be complete without a little controversy 👇️ 

• Right after Trump Jr. hinted at his big crypto plans, rumors started flying about a token called Restore the Republic (RTR).

• The buzz hit a fever pitch when Ryan Fournier, a Students for Trump member, tweeted that RTR was the “official Trump coin.”

Naturally, the token's price skyrocketed by over 100x within hours, reaching a $155 million market cap 😶 

But like any too-good-to-be-true moment in crypto, it didn’t last.

Eric Trump, Donald Jr.'s brother, quickly stepped in to clarify the rumors, calling them “absolutely false” and denying any connection between the Trump family and RTR.

As if on cue, the token's price plummeted 90%, leaving a lot of traders with burnt fingers 🤷 

Shaking Up the Banking World?

Donald Trump Jr. didn't make his grand announcement at any major event like the Bitcoin Conference 2024. Instead, he took a more casual approach, unveiling his ambitions during a Q&A session on Locals, a subscription-based platform.

Here, he revealed his intentions to tackle the banking system head-on with a new DeFi platform.

The idea? To address what he sees as inequality in the financial sector, where only a select few have access to financing.

• Trump Jr. was quick to clarify that his project isn’t about launching a memecoin (sorry, apes), but rather something much bigger - a platform designed to “take on the banks.”

• He was also careful to manage expectations, hinting that this could be a long-term project with no immediate launch in sight. So, while the promise is bold, the timeline remains uncertain.

While Trump Jr. was quick to position himself as a crusader against financial inequality, it’s worth noting that it’s too early to hop on to any conclusions as the actual details of his platform remain vague 🤔 

The crypto community is left wondering: is this just another case of Trump hype, or will he deliver something meaningful in the DeFi space?

The race heats up

In the meantime, Kamala’s marketing team finally decided to stop playing defense and get into the crypto game themselves.

Harris’s campaign saw an opportunity to counter with their initiative, called “Crypto for Harris” 🤷 

Harris’s campaign has brought in some heavy hitters from the crypto industry, including former Binance board members and people like Mark Cuban and Anthony Scaramucci to give the initiative credibility.

After ignoring crypto for a long time (and calling BTC “money for criminals”), Harris’s team will now focus on appeasing the crypto community.

However, the timing and execution of these efforts will be crucial, as the crypto space is obviously skeptical of empty political promises.

So, where does all this leave us? 

With a front-row seat to one of the most entertaining political and crypto battles we’ve seen in a while 🍿

Will Kamala Harris’s new crypto-savvy team be enough to outmaneuver the Trumps?

One thing’s for sure: this crypto showdown is just getting started, and it’s bound to be YUGE.

Binance claims it caught $73M of stolen crypto: should we be impressed?

Binance, the big dog in the crypto exchange world, is flexing its muscles again.

This time, they’re claiming to have recovered a whopping $73 million in stolen crypto as part of their so-called bolstered crime-fighting efforts.

Sounds impressive? 🥱 

The numbers game

• Binance is proudly announcing that they've managed to claw back $73 million from hacks and scams so far in 2024.

• They’re quick to point out that this figure has already surpassed the $55 million they managed to recover for the entirety of 2023.

Now, $73 million might sound like a lot, but let’s keep it real - it’s just a drop in the ocean compared to the billions in crypto that’s gone due to hacks, exploits, rugs and scams this year alone.

Let’s not forget the broader context here: according to Immunefi’s report, over $1.1 BILLION has already been lost to crypto hacks and scams so far in 2024.

That’s an over 30% increase compared to the same period in 2023.

So while Binance is patting itself on the back for recovering $73 million, the reality is that the crypto space is still a wild west, with bad actors running rampant.

The truth is, as long as the industry continues to rely on centralized exchanges like Binance, these problems aren’t going away.

Sure, Binance might recover some funds here and there, but the real solution lies in moving toward true decentralization - where no single entity has too much control, and where users hold the power, not the exchanges 🫡 

So, while Binance might be out there playing the hero, let’s not forget that they’re still part of the problem.

The real heroes will be those who push for a truly decentralized future, where no one entity holds all the power, and where the crypto community can finally take control of its own destiny.

Until then, take Binance’s claims with a grain of salt - and keep your keys close.

Uncle Vlad’s latest play: mining legal again in Russia

Russia’s relationship with crypto has been anything but straightforward, and after years of strict regulations and even outright bans on crypto use within its borders, Russia is now legalizing crypto mining 🫠 

But don't be fooled by the headlines. Like everything with Russia, it’s got a whole lot of fine print.

The not-so-free 'Legalization'

• Starting in November 2024, Russia is opening the doors to crypto mining, but this isn't some wild, open invitation.

• Only registered companies and individual entrepreneurs can officially mine crypto, and they've got to keep Uncle Vlad in the loop about every coin they pull 🪙 

Why the restrictions? It’s simple - control.

The Russian government isn’t interested in letting crypto run wild. They want to harness it for themselves, especially as they look for ways to sidestep Western sanctions​ 🤔 

Desperation dressed as strategy

All of this isn’t exactly a masterstroke of strategy.

It’s more of a desperate attempt to keep the economy afloat while under the hammer of Western sanctions. The Russian government sees crypto as a way to bypass traditional financial systems that are closed off to them.

• Recently, Russia even legalized international crypto transactions for certain businesses, which allows them to conduct cross-border payments without relying on the US dollar or SWIFT.

• This move is clearly aimed at finding financial workarounds as they face increasing isolation on the global stage

But here’s the kicker - while Russia talks a big game about embracing crypto, their infrastructure and regulatory frameworks are not set up for it.

The Central Bank of Russia, notorious for its cautious stance on crypto, has been given the green light to test cross-border crypto payments under an “experimental” regime.

This could pave the way for more widespread use of crypto in “international trade” (among 3rd world dictators) and that’s true but it’s still early days, and the success of this initiative is still far from guaranteed​.

So, while Russia’s making moves in the crypto world, it’s clear they’re more interested in controlling the game than in truly embracing the decentralized nature of digital currencies 🤷 

Which is a fact that some of the maxxis in the space should finally understand and get over.

Other worthy reads:

Latest narratives according to Prithvir:

Some interesting takes on farming from Taiki Maeda:

Some additional headlines from last week:

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

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