🥛 The largest NFT sell-off of all time

Plus: Two crypto companies go Mission Impossible                                                                                                                                                                                                                                                                                                                                                                                                                 February 27, 2023 | [Read Online]( GM, this is the Milk Road. We’re the Geico of crypto - 3 minutes can save you 100% or more on time wasted reading irrelevant news. Here’s what you missed over the weekend: - The largest NFT sell-off of all time - Crypto companies team up to hack a hacker - NFT traders have a new worry: IP infringement WHALE SELLS 1,000+ NFTS The largest NFT sell-off of all time happened over the weekend. And there was nowhere to hide - even the top collections like BAYC, Azuki, etc., all sank in price. It all started when Jeffrey Huang (aka “Machi Big Brother”), a well-known crypto whale, sold off 1,000+ NFTs. [tw profile: Johnny🎙️] Johnny🎙️ @jpegjohny [tw] The largest #NFT dump ever. In the past 48 hours Machi has sold 1,010 NFTs, including: 90 #BAYC for 5707 $ETH 191 #MAYC for 3091 #ETH 112 #Azuki for 1644 ETH 308 #Otherdeed for 582 ETH Feb 25, 2023 1.74K Likes 439 Retweets 352 Replies In the span of 48 hours, 1,010 NFTs were sold for $18.6M. [According to an analyst from Nansen](, most of them were top-tier collections too, including: - 308 Otherdeed for 582 ETH (~$955k) - 191 MAYC for 3091 ETH (~$5.1M) - 112 Azuki for 1644 ETH (~$2.7M) - 90 BAYC for 5707 ETH (~$9.4M) The massive sell-off caused fear, uncertainty, and doubt to spread across the NFT industry. FUD are the only three letters that terrorize crypto investors more than SBF. As a result, 21 of the top 25 NFT collections dropped in price on Saturday night. Most floor prices fell ~10% as the panic began to spread. But it’s important to note that there might be a method to Machi’s madness…. Rewards farming. Machi is one of the biggest users of Blur, an NFT marketplace that gives out token rewards to users based on trading volumes. And earlier this month, Blur rolled out its first token airdrop. Blur gave out hundreds of millions of dollars worth of tokens to its early users. Machi was one of the biggest recipients - he received 1M BLUR tokens worth $1.3M+. (Many speculate that Machi and others use Blur to wash trade and farm rewards.) [tw profile: HashBastards NFTs 🤑] HashBastards NFTs 🤑 @HashBastardsNFT [tw] Franklin and Machi are so cute trading their little Bored Apes back and forth 😍 Feb 27, 2023 219 Likes 37 Retweets 41 Replies And now, Machi could be back for more. Last week, Blur [announced]( that its second airdrop is coming soon. So buckle up, it won’t be the last time we see major volatility in the NFT markets. Can’t hate the players, hate the game. THE TAX TOOL BUILT FOR WEB3 BY [AWAKEN]( Last year it took me 3 full days to file my crypto taxes, and I still think I paid the wrong amount to the IRS. It was a nightmare. That’s why we are introducing our friends from [Awaken](. Unlike other crypto tax solutions that are 4-6 years old, Awaken was built for today’s Web3 world. - Awaken is 10x more accurate. They have best-in-class support for 25,000 tokens, NFTs, wallet transfers, liquidity providing, staking, bridging, and much more. It’s the only DIY software that captures all of your transactions and calculates the cost basis correctly. - Awaken is 10x faster. Their software learns as you file taxes. When you label 1 transaction, 10+ others are automatically labeled for you, saving you hours of time. - Awaken is 10x easier to use. Crypto taxes can be complicated, but Awaken’s user-friendly interface is simple and clean. It’s a fully anonymous product. You sign up with your email and that’s it. If they ever ask you to connect a wallet or a seed phrase we’ll smack the s*** out of them. They’re [offering $50 of free credits]( to the first 200 users who sign up: [CLAIM UP TO $50 ON AWAKEN NOW]( CRYPTO COMPANIES TEAM UP TO HACK A HACKER One of the craziest things in crypto happened last week… It includes a court order, hackers getting hacked, and a trick that recovered hundreds of millions of dollars in stolen funds. Ladies & gents, get ya popcorn ready…. This is how Jump Crypto & Oasis teamed up to steal back $225M from the Wormhole hacker. - One year ago, Wormhole (a token bridge) got [hacked for $325M+](. The funds have moved a few times and most recently sat in an Oasis crypto wallet - Earlier this month, the High Court of England and Wales ordered Oasis to “take all necessary steps” to recover the stolen assets - Oasis teamed up with Jump Crypto (Wormhole’s parent company) and a group of white hat hackers to plan it out. The white hat (aka ethical) hackers pointed out that Oasis could upgrade its smart contract and exploit it through a vulnerability. - Oasis made the suggested upgrade and successfully recovered $225M in stolen funds. TLDR - the upgrade “tricked” the smart contract into transferring the stolen funds to a new wallet controlled by Jump. (For a deep dive into how the “counter-exploit” actually worked, check out Blockworks [analysis here]() Basically, a crypto company hacked itself in order to steal funds back from another hacker. Crazy, right? All that’s missing is Tom Cruise. [giphy.com]( But while some were applauding the covert operation, others highlighted how this could be bad for crypto. If all it takes is a court order to make upgrades & change smart contracts in order to take funds from an account, it puts into question how “decentralized” some of these DeFi protocols really are. Sure, the Wormhole hack was bad for DeFi, but this counter-exploit could potentially be worse by setting a new precedent. And it caused a major debate on Twitter. Here are some of the best takes: [tw profile: Adam Cochran (adamscochran.eth)] Adam Cochran (adamscochran.eth) @adamscochran [tw] Soooo as much as I love the Wormhole hacker getting pwned, what I don’t love is that MakerDAO’s Oasis Automation has a backdoor that let them seize assets from a user based on a court order…. What happens when US courts demand they seize from US users in the future? Feb 24, 2023 350 Likes 39 Retweets 31 Replies [tw profile: Evanss6.eth] Evanss6.eth @Evan_ss6 [tw] So Oasis (@MakerDAO) upgraded a contract to steal the 120,000 ETH back from the Wormhole hacker and return it to Jump Horrendous precedent Feb 24, 2023 1.19K Likes 169 Retweets 109 Replies [tw profile: Ignas | DeFi Research] Ignas | DeFi Research @DefiIgnas [tw] Replying to @DefiIgnas 2/ The cause for the counter-exploit makes sense: To recover stolen assets to Jump Crypto. But it sets a bad precedent. Next time, governments may force retrieval/blocking of assets for whistleblowers like Edward Snowden or anyone they deem 'dangerous.' Feb 26, 2023 42 Likes 1 Retweets 2 Replies A NEW PROBLEM NFT HOLDERS NEED TO KNOW ABOUT: IP INFRINGEMENT Being an NFT investor can be tough. You gotta fight off the 4 Horsemen of NFTs: scams, rugpulls, hacks, and family members that make fun of your JPEG collection on a daily basis. And now there’s one more thing to add to the list: IP infringement. And that’s all thanks to the recent Hermes v MetaBirkins NFT [case](. The luxury brand just won a case against an NFT project for using its IP. Now investors need to keep an eye on whether collections are misusing trademarks or IP from other major brands. It can be tedious & time-consuming - two things we hate here at Milk Road. Fortunately, one of our partners has a tool that can do it for you… [bitsCrunch’s NFT Forgery Detection](. It’s an AI-powered API that detects counterfeit NFTs and forged logos in existing NFTs. And it can help prevent users from investing in the next MetaBirkins. The tool was recently used to find another questionable NFT collection - Coodles. NFT Forgery Detection found that Coodles displays the logo of a restaurant we all know & have stumbled into at 2am drunk at least once…. Yup, McDonalds. The trait is called “[McDoodles](” and it’s on ~5% of the entire CoodlesNFT collection… Did the multi-billion dollar fast-food giant partner up with a tiny NFT collection to launch McDonalds sweatshirts? Highly unlikely. But that hasn’t stopped Coodles from doing ~$5.5M (3,370 ETH) in total sales volume. Who knows if McDonalds will take legal action against Coodles but, as an investor, it’s better to be safe than sorry. MILKY MEME 🤣🤣 That's a wrap for today. Stay thirsty & see ya next time! If you want more, be sure to follow our Twitter [(@MilkRoadDaily)]( Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: [ What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( ROADERS REVIEW VITALIK PIC OF THE DAY [tw profile: Milk Road] Milk Road @MilkRoadDaily [tw] This week is yours Feb 27, 2023 35 Likes 3 Retweets 3 Replies DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. [tw]( [ig]( [yt]( [tk]( [in]( Update your email preferences or unsubscribe [here]( © Milk Road 603 Munger Avenue Suite 100 #1006 Dallas, Texas 75202, United States [[beehiiv logo]Powered by beehiiv](