Market Snap (at time of writing)

Market Wrap

$40k has been decisively breached to the downside giving the techies yet another opportunity to prove they are selling no more than snake oil. The only relevant factor for the price of BTC right now is the timing of the Russian “liberation” of Ukraine (which may well already be under way), and whether Putin will also carry out cyber-attacks on the West as reported this morning in the Daily Telegraph.

Curious Cryptos’ Commentary – Sequoia Capital

May not be a name on your radar, but Sequoia is one of the oldest venture capital firms with $38bn in assets under management.

The company has announced the formation of a new fund called Sequoia Crypto Fund with over $50mm of cash to invest. Shaun Maguire, a partner at Sequoia and undoubtedly fabulously wealthy, has this to say:

“The area in crypto where we have the most opportunity for improvement is really in the liquid stuff. Our founders have asked us for a lot of help there, and we just haven’t been able to deliver in the traditional venture capital model.”

Shaun explained that cryptos are the future of money, and that 20% of the firm’s investment in the last 12 months has been for crypto start-ups.

Yet more institutional money flows our way …

Curious Cryptos’ Commentary – OpenSea phishing attack

Some users of OpenSea have reported a phishing attack in which a malicious actor claimed in an email that OpenSea was migrating to a new platform with zero fees. OpenSea exists on Ethereum, sometimes leading to fees in the hundreds of dollars.

The email requested that users authorise the migration of their own NFTs to another wallet. 32 users consented to this migration. You won’t be surprised to hear that their NFTs now belong to someone else.

The root cause of many scams is due to individuals’ motivation of greed.

The list of stolen NFTs can be seen here:

https://twitter.com/peckshieldalert/status/1495281343927767040?s=21

So far, the attacker has sold NFTs worth $1.7mm.

Meanwhile Twitter is awash with complaints from those who have been scammed stating they want their NFTs back. With such a low level of crypto understanding, and such a high level of naivety to fall for this scam, I kindly suggest they retire themselves from the crypto world.