👀1 Year Ago... The Merge Happened

GM Readers. Your daily dose of BitDegree insights is here 👀

Today’s selection:

• 💎1 Year Since The Merge

• 💸FTX To Dump The Market?

• 🎂️Week 4 of Our Birthday Celebration

• 📰Bite-Sized News

• 👌Selected Meme of The Day

HAPPY ETHEREUM MERGE ANNIVERSARY

Time for some Vitalik & Ethereum facts.

It's been exactly a YEAR since Vitalik & team switched Ethereum to Proof of Stake (PoS). Here are some numbers to illustrate what has happened during this time:

• 700,000 ETH were issued.

• 1 million ETH burned.

• Net supply reduction of ETH by 300,000.

Nevertheless, Many people's expectations of an instant ETH price surge to $10,000 were unmet.

Miners have come to realize that things won't be the same as before. Some have sold their equipment, some have transitioned to ASICs, and some are searching for hidden gems—coins that can still be mined with GPUs. Others are now waiting for a price surge in these so-called "useless" mining coins.

Just like that, one ambitious move by the Ethereum team changed the lives of many in an instant. But, without irony, from the standpoint of a regular user's experience, not much has actually changed. This lack of change has fueled the growing demand for Layer 2 blockchains.

However, that's not the only noteworthy event. Vitalik’s X account (Twitter, yeah) was recently hacked due to a SIM card swap facilitated by T-Mobile.

Buterin had not fully recognized the risks of linking a SIM card to his social media accounts and did nothing to mitigate this.

As a result, almost $700,000 was lost by ordinary users who fell for a scam link. On the flip side, some of the scammed users were rather careless themselves; among them were those who connected wallets containing CryptoPunks worth hundreds of thousands of dollars. A lesson no one wants to learn the hard way!

Such incidents serve as an excellent reminder to take the aspects of such threats more seriously.

TL;DR: 1 year ago, Ethereum network underwent the long-awaited Merge event. In related news, recently, Vitalik’s X account got hacked. Scammers managed to lure out almost $700,000 from unsuspecting victims.

FTX TO SELL ASSETS

FTX has secured court approval to sell its crypto assets valued at over $3.4 billion.

The judge has permitted the liquidation of up to $100 million per week, though this limit may increase to $200 million upon approval from two committees representing FTX's clients.

Tokens such as SOL, APT, and TRX could be under significant pressure if a private buyer is not found due to the sales from FTX's balance sheet.

However, it is more likely that a private buyer will emerge—likely high-volume players ("whales") operating through over-the-counter (OTC) channels. These players may then pump up the value of these coins, acting counter to derivative traders.

Market-making and investment firm DWF Labs has already expressed interest in purchasing some tokens from FTX's balance. Notably, they have previously boosted the value of the APT token at the beginning of the year.

NFA: Do your own research (DYOR); this situation may offer exciting opportunities, but you can never be sure, and the risk, like a shadow, always follows.

TL;DR: FTX, the fallen exchange, has secured court approval to sell its crypto assets valued at over $3.4 billion.

WEEK 4 OF OUR BIRTHDAY CELEBRATION

New challenges await in Week 4 of our Learning Path.

Just tuning in? Sign up now! We still provide $10 to EVERYONE on your BitDegree account.

By joining us and completing all the challenges, you'll also be entered for a chance to win $500 in either USDT or USDC. With ample time still on the clock, everyone has a strong chance to win. Don't let the fun pass you by!

👉 Embark on Week 4 Now

Over at Zealy, another set of competitions awaits, offering you even more chances to win fantastic prizes. Have you checked it out yet?

BITE-SIZED NEWS

• Chainalysis Reports Decline in North Korea-Related Crypto Thefts. Chainalysis believes that a slump in North Korean crypto heists does not mean it's time to let the guard down.

• Ex-Celsius Revenue Chief Roni Cohen-Pavon Admits Guilt in Criminal Case. A new twist has unfolded in the legal sags surrounding the crypto lending platform Celsius.

• Unprecedented $55 Billion in Capital Outflows Hit Crypto Markets in August. Capital outflows appear to become one of the main issues hitting crypto markets.

Sounds interesting? Find more crypto news on our website: 

_{SELECTED MEME OF THE DAY}

Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.