The Crypto Compass Issue #50

Thank you dear readers,

For your continuous support and engagement as we celebrate the 50th issue of our newsletter. Your loyalty and interest have been the driving force behind our commitment to delivering insightful and timely content. Here's to many more milestones together!

In this edition, we begin with a remarkable story from the NFT world, where the swift action of the crypto community led to the successful recovery of stolen Bored Apes NFTs. Moving into the tech sphere, Ethereum's Vitalik Buterin suggests a transformative shift in blockchain technology. In the cryptocurrency arena, we explore the impactful bankruptcy of SafeMoon and its effect on the market. Finally, we touch upon former President Donald Trump's latest venture into NFTs, blending politics with digital collectibles.

A Dramatic Recovery: Reversing the NFT Heist

Last week saw significant challenges in the crypto space with the Ledger ConnectKit hack and the NFT Trader exploit, resulting in the theft of over 50 Bored Ape NFTs. In response, Yuga Labs’ CEO Daniel Alegre and Co-Founder Garga.eth proposed fully compensating the victims, a move involving a substantial financial outlay. However, the situation took a positive turn when 0xQuit and collaborators employed tactics similar to the hacker's to reverse the exploit.

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Buterin's Proposal: Integrating Layer-2 and Main Ethereum Chain

Vitalik Buterin, Ethereum co-founder, has proposed integrating some functions of layer-2 networks back into the main Ethereum chain. This plan, which focuses on "enshrined zkEVMs," could affect layer-2 projects like Polygon, Matter Labs, and Scroll, who have invested in aligning with Ethereum's earlier roadmap. Buterin's approach aims to leverage zero-knowledge cryptography for more efficient transaction verification, potentially shifting the current dynamics of Ethereum's blockchain layers.

SafeMoon's Bankruptcy and SFM Token's Sharp Decline

SafeMoon, the firm behind the DeFi meme coin SFM, has filed for Chapter 7 bankruptcy, leading to a drastic 50% crash in the SFM token's value. The token hit an all-time low of $0.00003270. The bankruptcy application, submitted to the United States Bankruptcy Court for the District of Utah, cites liabilities between $100,001 and $500,000. This follows indictments by the U.S. Department of Justice against SafeMoon executives for fraud and securities violations.

Happenings of the week

• Rainbow Introduces 'Points' for Ethereum, Targets MetaMask Users with Bonus

• Bitcoin sees $33 million in outflows after 11-week streak of inflows to crypto funds ends

• Jupiter Airdrop Set for January With a Billion JUP for Solana DeFi Users

• Coinbase Plans to Challenge SEC Denial of Crypto Rulemaking Petition

Trump's NFT Venture: Own a Piece of Presidential History

Former President Donald Trump is selling a new "Mugshot Edition" of NFT trading cards. Purchasing 47 cards at $99 each (totaling approximately $4,600) entitles buyers to a physical card containing a piece of the suit worn by Trump in his Georgia mugshot earlier this year. Additional incentives include dinner with Trump and, for those who buy 100 cards using cryptocurrency, attendance at a pre-gala cocktail event and a card with a piece of his tie.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!