Hey Chain Debrief Community,
One of the most prominent hedge funds, Three Arrow Capitals, has officially filed for bankruptcy. While crypto can make you rich overnight, it can also make you bankrupt in the blink of an eye.
This crypto meltdown showed that corporate greed has no limit and, in some ways, this meltdown is similar to the 2008 global financial crisis.
If you don’t know what happened in the 08 crisis, you can watch “The Big Short”. The movie showed how loans, or leverage, triggered one of the biggest financial crises. It is one of my favourite movies and I highly recommend it. You can watch it on Netflix. (Not sponsored)
While I was writing this newsletter, another one bit the dust. Voyager has just declared bankruptcy and is in the midst of restructuring. The whole ecosystem is falling like a house of cards, and it’s high time to withdraw from CeFi and CEX. I kept some funds on FTX for degen purposes and a large part in my trusty fox wallet, Metamask.
In other news, ENS (Ethereum Name Service) pumped like crazy. Over the week, more than 100,000 ENS domains were registered and there was a 286% increase in trading volume on OpenSea.
This insane phenomenon could be due to the sales of the 000.eth domain name. It was sold for a whopping 300 ETH (US$ 315,000). It is the second highest recorded sale, just behind paradigm.eth, which was sold for 420 wETH.
In case you didn’t know, Chain Debrief just launched its very own crypto tracking platform called Pulse. Do note that the all-in-one crypto tracking platform is still in beta, so please handle it with care.
— Gab from Chain Debrief
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🏆 What’s better than getting paid to learn crypto?!
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