 That's about right, great That's always awesome. Welcome to Jill asset news make a top stories in crypto and bring on a bite-sized piece It's sorry about the blank stare there for a minute. I thought I was frozen, but apparently not anyhow Thanks everybody for stopping by today. Just as the thumbnail and title suggests they knew and when I talk about they knew What I'm talking about specifically is about nomad capital So we're gonna take a look at how an audit last month actually two months ago Revealed the exact same problem and the reason for the hack of what just happened So we'll take a look at exactly what's going on there and we'll take a look at some more bad news Robin Hood Massive layoffs increasing debt and rising inflation. We'll also take a look at the Solana ecosystem and Github hacks and what that actually means and then we'll take a look at some good news tether crazy and Polygon as far as the unlocks and then lastly we'll talk about some more good news and what I like to call faith restored Which is I trust so let's just jump right into it market my friends looking pretty good Resilient I would say right now and I don't know what the S&P 500 is or the NASDAQ is and quite honestly I never really care. I just bring it up to show correlation But I'm just gonna assume that we're still correlated. So bitcoins up if there is USD tether and I'm really about not back back Cardano's 10% for the week. It's pretty good. Solana is only down 3% for The last 24 hours, which isn't bad considering the ecosystem hack. We'll talk about that Polkadots man polka dots 23% up for the week. It's pretty crazy Lido state ether 1% so everything's looking pretty good Except for Chronos, but really cares about that except for crepto.com and then also on top of the market being resilient Which is things that we'd like to see especially with what's going on the negative news is also The MBR VC Z score and I know we've talked about this infrequently Mostly what we've taken a look at is just other scores that will kind of show us where an actual Bottom could potentially be and this is from look looking to Bitcoin and just so you know the MVR V score It takes a look at three different things the market value the realized value and then of course They take a look what's in carbon and circulation and then we get a Z score Which is the red line which pulls out the extremes the data between market value realized value and really all comes Under is this is when it dips below this little mark right here around zero point zero is a good time to start Accumulating and that could this be I'm not talking about all crypto is mostly Bitcoin And if we take a look here on June 13th or so is when it dipped below that 0.0 and it was the negative so for quite a long time We've been doing pretty well, but then as we've seen the price go up a little bit It's actually gone up as well, but just so you know right now It's just dipped down below yet again. So even though it's we are Still at 23 for this might not be a bad time to accumulate that's not investment advice These are just the things that I see and when I take a look at these things I'm always think myself is Bitcoin cheap or is it expensive? Does that mean that it can't go down to 12 or 14k? That's not I'm saying it might it might actually do that But right now for 23k not too bad. I mean if you want to wait, it's all you I just that's what I do is dollar cost average. So that's what's going on in the market Let's jump into it and talk about Well a plethora of things really really three projects. We're talking about nomad Solana and of course github. So nomad We everybody's been talking about this obviously and all the Twitterverse and YouTube's and all those people and you already know that they've had a exploit for 190 almost 200 million dollars that's been different theories going around about why this happened and what what went wrong and all those things I really don't care About all those things. I just know a lot of people lost a lot of money yet again and another bridge hack and Bridges are gonna be very unstable for quite some time So just be aware of the projects that are getting there you can write them out But just so you know They're gonna have their tough time moving forward anyhow. This is what's going on Nomad token bridge hack was the was the fourth largest crypto hack in history It seems like we have these every day. So it's not it's like water off off our back Nearly 200 million of crypto assets Nomad team revealed to coin telegraph that some of the people who took funds were acting Benevolently to protect the crypto from getting into the wrong hands. Well, that's nice. That's nice. I don't believe them But whatever Here's where it gets good The exploited smart contract vulnerability was highlighted in a security audit report done by quant stamp in the first week of June So maybe that's about two months The nomad team responded by claiming it to be effectively impossible to find the pre-image of the empty leaf Sure, the auditors believe that the nomad team had misunderstood the issue of the time within two months The same vulnerability was the reason Nearly 200 million in losses and it goes even deeper than that in the story. I linked it in the description That's really all you need to know. Here's where it comes down to How many times we have to see that the project heads are just like I don't care I know we know what we're doing. We don't need any kind of input. We're gonna be fine. How many times that we listen to a Like don't want talk about how great everything was gonna be in this algorithmic stable coin Even though he had done it before and tried it and failed. He's like, well, I'll do it again be okay And now here we are it just seems like history just keeps repeating itself people keep losing money The hubris and the pride of people and the arrogance and the greed just keeps moving forward And it's like no one ever learns so For me it just becomes more every day becomes a little more clear a little more clear a little more clear and I gotta tell you Some a lot of times these days I kind of see where the Bitcoin maxes are coming from not to say it's not great projects Man, I gotta tell you some of these project heads are just amazing. Anyhow, let me think about that part Let's move on to another great thing that's going on So Lana so this is a little confusing to me I think it's a little confusing to a lot of people out there even developers about what exactly is going on right now You can scream at this at at me right now and say but Rob It's so easy. This is a Solana hack or this is an ecosystem hack or this is a hot wallet act hack Or this is this but every single hour there is more information that comes out So this is what I know Some foobar has been doing a lot of on-chain analysis wide spreads on a private key compromise attacker is stealing both native tokens and SPL tokens USDC affecting wallets have been inactive for more than six months both phantom and slope wallets reportedly drained exploit cause oh none unknown must be an on-stream dependency supply chain attack Revolving approvals will probably not help only transferring to an offline hardware wallet will help and There's another another piece that was put up by guy from coin bureau and he talked about How if you have a bunch any hot wallets that have any salon or anything with the ecosystem has to do with it? You got two choices right now It sounds like it sounds like you have to transfer it into cold storage You can't leave it into any hot wallets, which I don't know why I'd leave a bunch of stuff there It's whatever and the other alternative which is sounds crazy Which is too if you don't have a cold storage wallet, which why not but it's okay If you don't transfer it to an exchange which sounds crazy to me because that goes against the number three rule number three below Don't leave any of that exchanges. Well right now. We have to when Information changes I change if you don't have a cold storage wall. What's your other option? You can leave it there and hopefully nothing happens It might work out for I have no idea or you just say, you know what I'm gonna put it on exchange And that'll be at least it's not at least not all of their stuff's on a hot wallet and Get so confusing because there's another thing not all exchanges are created equal Okay, so try to get to one of your top five if you got Binance use Binance if you got FTX use FTX I would use FTX if you could if you don't have either of those So I mean look at Coinbase and go down the list from there It seems like there's a less and less choices but that is what is going on on top of that there was an issue with the phantom wallet and Phantom came out and said look this was 18 hours ago We're working closely with the teams to get to the bottom of report of vulnerability in the Solana ecosystem at this time The team does not believe this is a phantom specific issue as soon as we gather more information We will issue an update and there is one weird thing that I have to point out This is Solana status the Twitter account The status update remember this again status updates for the Solana Networks on a website in the Solana Explorer follow Solana for daily announcements So they came out and said look a next point allowed a malicious actor to drain funds from a number of wallets on Solana as of 5 a.m Approximately almost 8,000 wallets have been affected This exploit has affected several wallets including slope and phantom appears have affected both mobile and extension engineers from multiple Ecosystem with the help of several security firms are investigating drain wallets on Solana Interesting no evidence hardware wallets are impacted yet. So that's just the information. We know right now So I found this not that I found this out of Solana says this But what I found out is that when I went to the Solana Twitter page you would think they'd be talking about all the place and again If you're big in Solana like I have Solana But I just found an odd that it wouldn't be everywhere. So here's Solana And they said Hubble and their pin their retweet DeFi is becoming vast in sophisticated space Hubble blog something and they talked about early bird pricing for Solana breakpoint And they retweeted 21 hours ago. Masari And then something something I don't know I just found it very odd that the official account from Solana doesn't say anything about the hack in their ecosystem not to say that there is a vulnerability from Solana per se just Strikes me is quite odd. Let me know what you think about that I'm not going to touch it because it's just a big discussion. I will this is this is the great thing about being Being me I can just sit back because all everything's in cold storage pretty much right now I have the the the privilege of just sitting back on well, let's see what the data shows Let's see where the information comes from because I I don't know and I can tell you every hour There's new information that comes out. But if I was you I would take those recommendations cold storage or maybe even a An exchange so there is that part and it gets better github Faces widespread malware attacks affecting projects including crypto. What's going on here Major developer platform github The pretty big places face the widespread malware attack and reported 35,000 code hits On a day that saw thousands of Solana based wallets drained for millions of dollars. It's almost like it's a coordinated attack it's crazy The malware attack is targeted at the docker images Install docs and npm scripts. I don't know what that is that is all greek to me I am not a developer Which is a convenient way to bundle common shell commands for a project. Okay, there we go. That makes sense And then of course, there's more things here, but again It's just odd that's On the day that these things are getting hacked and hacked and hacked and here comes github and also gets hacked it's just Interesting times my friends. So that's what's going on As far as the hacks not a greatest day. So Let's turn to some good news. I'm just kidding. Here's some more bad news Robinhood so We know that here in the united states the unemployment rates hovering around 3.6. We're just pretty good I mean for us They say the average or acceptable levels of unemployment is between four and five percent So 3.6 is pretty good But we starting to see cracks and especially those in the tech sector and here's one big thing Well, first of all, uh When it rains it pours Robinhood was fined 30 million dollars for some kyc aml Obligations and cybersecurity secrecy anti money laundering acts and that came down from the DFS the part of financial services announced Tuesday They're gonna pay a 30 million penalty, which I don't know if that's a big deal for them But it is just one of those It's like a nil another another kick me when I'm down and this is what I was trying to get to Robinhood is cutting about 23 of jobs 23 percent. That's let me do some quick math. That's a quarter Yeah, roughly it's one out of four so but it gets interesting. So The company Robinhood and the CEO of latinif they blame the deterioration of the macro environment With inflation at 40 year highs accompanied by a broad crypto market crash I found this also interesting Robinhood laid off 9 of its workforce in april so you're looking at What a third now because you got 24 plus nine. Yeah, roughly about a third A third of all its staff is now laid off since april or going to be laid off This part earnings report for the second quarter came out revenue was 318 million versus the 21 million estimated which I got to tell you it's pretty darn close. Good for them losses 34 cents per share versus 37 cents estimated. Okay. I mean not horrible. Let's be honest Could have been much much worse And this is I found fascinating Robinhood's total net revenue of 318 million was up from 299 million in the first quarter and the reason was Thanks to an increase in revenue from cryptocurrency activities and net interest So at least we can take a look at that and go at least there's some momentum on the crypto side. However The revenue number was still well below the 565 million reported in the second quarter of 2021 because remember Second quarter of 2021 you look in the april may june What happened in 2020? 2021 There was a lot of people who were still, you know for the covid And those types of issues maybe they were doing a lot more trading still and going from there So I could see why that hey 318 million versus 565 quite a drop off But it is interesting that cryptocurrency activities made up a big bulk of that. So that is what is going on For as I would like to call the bad news So far there is some little minor things like we can talk about how household debt is up to 16 trillion Filled by higher inflation And interest rates and of course, that's what the ceo of robin hood was blaming for the for the down the downcast But if you got to take a look at it, I mean, there is some good news on the horizon, which is something like this tether Which we all know and love Crypto market may pump as tether keeps minting USDT by the billions and I know there's a a lot of people will say well That's maybe that's not that good, but sometimes as tether starts to print and print and print out of thin air That's a lot of uh, that's exactly what the fed did didn't didn't they and it worked out pretty well for that for our economy tether has printed additional billion USDT The issuance was relaunched after a three month break when tether began to actively build up its supply of stablecoins again on july 29th and usually when you see a lot of pumping of Of USDT or tether you start to see an increase in the market cap. It's like magic. What's going on? So uh, I can't This is not a best-in-advice, but it gets a little scary from here And uh, I would just warn everybody that that could be uh, legit Printing they could actually have that backed one to one to hard assets and valuations dollars Bonds, I don't know kind of like what usdc does or maybe it's out of thin air I don't know but if you had a billion and they keep printing. Well We I can just tell you what it did for the american economy and yeah, let me what you think about that one and then also This was I thought was a pretty good Good piece of pick me up and I'm always hesitant to talk about uh Unlocks because I always feel like there's going to be a dump, but here's a time when I was totally wrong This is uh from polygon, uh the official Um twitter account and they state an update on the token unlock As per the initial distribution founders token share was to unlock in october 2021 in april 2022 they did not claim these tokens yesterday those tokens 640 million of them Were claimed by the founders and they have committed to stake all the tokens In the network so instead of the the founders going well, we're just going to dump on you guys. Thank you We appreciate you Now let us dump on your heads. They said no, no, we're going to stake it all Not too bad So, uh, I got to tell you that's uh kind of a a good bright spot for a crypto not everything's bad It's just that right now. There's a lot more bad than good and I like to balance things out I could be hoping them all day long if you want me to it's not going to do you any good Not going to do me any good to try to give me both sides of the same stories And that will leave me at the last point. Here's some more good news. I trust So we had an issue this weekend and uh all the way up until you know last night around 7 p.m. Or so But uh, they had shut down their website. They had shut down Their trading accounts they had shut down everything and of course I trust That is for That is our uh for Roth IRAs, so For I trust here It says account access restored more details available here. So this is what we have and actually We got to change this from Yesterday boop This is what we got so Customer account access and asset transactions are restored and now available. This was last night All customers will be required to reset their account password to access their account. Well, why is that? I did that? I did it myself We have confirmed that the july 29th network incident was caused by unauthorized access to I trust systems by a third party Using a compromised corporate account. They disrupted our dns hosting services And accessed some corporate systems We secured customer accounts with our custody vendors We also engaged a leading third party cyber security firm to further secure our systems investigate the incident and enhance security protocols The unauthorized access has been removed from our environment and the system secured Our investigation has confirmed initial findings that some corporate email accounts email accounts And distribution systems were accessed and that the customer service system was rerouted in addition to the dns disruption I trust does not hold customer assets And there is no as evidence of access to customer accounts. So who holds their Accounts? Well, it's coin based custody coin based custody Is the same one that works with uh Michael sailor Yeah, micro strategy, uh, which they have, you know Thousands and thousands of bitcoins and so they feel like that's pretty secure but The next thing is this Because I was thinking myself when I took a look at my account Which this is Me inside here bitcoins were 23,000. Did you know? I forgot about this but you can sell within your Roth IRA account if you wanted to like I could sell right here I don't have that much much bitcoin But remember you can only put so much in into your account And you can put in you can put a conditional price Which is like setting your Your market price where we wanted to set for and then have it sell there So if I want to say well, I think it's going to run on 20,000. Whoops I could sell it and it would just wait So you have my limit orders right there and then you can sell it right here But the question that I had was well If I do these things and I sell it How do I take the money out? First of all, it's a Roth IRA. So just know that if you're doing that there's tax implications but uh If you'd like to request a distribution, please submit a form by following this link Upon completing the form, we'll send you the next steps as well as a docu sign to proceed within one or two business days Distributions will take up to seven to 14 business days after the docu sign is signed depending on our volume of request So again when I take a look at this, I'm like, you know Even if somebody got access to my information and they were able to log into my account even for them to I mean they could sell all my crypto But they couldn't take it out unless they go through this process And I'm and every time that if this would happen they actually have to notify you anyhow something myself Well, it's not bad. So I take a look at itress and go, okay I can get I can get on board with that Just seems like it's a little hiccup and that's what we're at. So look that my friends Is it for today? And uh, I know it's not the best news that you might want to hear but it is The most honest news I can bring to you and that's it for today. So look if you got to take off get out here I appreciate you stopping by and just talking With the news with me, but if you want to stick around we're going to do the daily news part little q&a Or the news just the q&a and we'll go from there. So if you're going to take off adios. Thanks so much