PLUS: this NFT sold for $1.6M... fat finger or wash trade? ð October 10, 2023 | [Read Online]( Todayâs edition is brought to you by [Toku]( - where industry leaders like dYdX Foundation and Mina Foundation turn to administer token grants to their global workforce. [Save time and money with Toku!]( GM. This is Milk Road, the crypto newsletter that bursts with more flavor than a pack of Fruit Gushers. Hereâs what we got today: - 146 crypto companies got put on the U.K.âs Warning List ð¨ - This pixelated toad NFT sold for $1.6M ð¤ - Graph of the Day: the weekly crypto fund flows report ð - Trader Joeâs sues Trader Joe ðª
[Prices as of 9:30 AM ET. Click here for our Fear & Greed Index]( 146 CRYPTO COMPANIES GOT PUT ON THE U.K.âS WARNING LIST ð¨ The Financial Conduct Authority (FCA) regulates the U.K.âs financial markets. Theyâre the equivalent of the SEC in the U.S. - except with way cooler accents. And the FCA just sent out [a big warning]( to 146 crypto companies, including Huobi, KuCoin, and others. The warning: theyâre all breaking the law by illegally promoting cryptocurrencies. **gulp** The good news is⦠the FCA isnât suing or shutting down any companies. - They just want the companies to register as crypto asset providers. - Theyâve already approved 40+ crypto registrations. - Theyâre actively working with companies like [OKX and Binance]( to restructure certain parts of their businesses to remain compliant. And that, ladies & gents, is how it should be done⦠U.K. regulators are getting a firm grip on crypto companies, without choking them out. +10 points to the FCA. -5 points to the [SEC](. [MAKE TOKEN GRANT ADMINISTRATION SIMPLE]( Itâs no secret that token management gets complicated. Between learning the crypto language and the tax obligations, token management can feel like an obstacle course. But it doesnât have to. Thatâs where [Toku]( steps in. [Toku:]( - Provides practical tools to handle token grants, allowing for effective oversight of token distributions for employees, contractors, advisors and investors. - Guides you through the token grant process with legal templates, vesting tracking, reporting, and tax management - Handles all grant types - Token Purchase Agreements, Token Options, Restricted Token Grants, phantom tokens, you name it The cherry on top? They also handle payroll, tax compliance, reporting needs and can integrate with any payroll/EOR providers in any jurisdiction. [Save time, money, and be compliant by working with Toku.]( THIS PIXELATED TOAD NFT SOLD FOR $1.6M ð¤ CrypToadz is a popular NFT project. - $250M+ in all-time sales, according to CryptoSlam. - Itâs described as a collection of âsmall amphibious creaturesâ. (which also happened to be the nickname for my middle school swim team) Yesterday, this bad boy sold for $1.6Mâ¦
[Source: OpenSea]( The purchase has gotten some attention for a few reasons: 1/ The [floor price]( of the collection is ~$800. 2/ Itâs one of the most expensive (and random) purchases of the year. 3/ The purchase was funded by a wallet linked to [Tornado Cash]( transactions. 4/ A six-year-old couldâve made the art on Microsoft Paint. Itâs unlikely the buyer meant to pay 2000x the floor price. So now there are two main theories⦠- It was a âfat-fingerâ mistake. (if true, get rid of the finger, cause damnâ¦) - It was a [wash trade](. This is a way for scammers to inflate prices and/or legitimize funds from questionable origins. Do I support wash trading? No. Do I hope it was a wash trade? Kinda... I wouldnât wish a $1.6M fat finger mistake on my worst enemy. Either way, cheers to the person who sold it. Youâre a millionaire and (more importantly) Milk Roadâs Winner of the Day. GRAPH OF THE DAY: THE WEEKLY CRYPTO FUNDS FLOW REPORT ð The latest results from the [Digital Asset Fund Flows Report]( are inâ¦funds invested $78M into digital assets. Thatâs back-to-back weeks and the largest week of inflows since July.
[Source: CoinShares](  Here are some of the other top takeaways from the report: - [Bitcoin]( was the biggest winner. The OG cryptocurrency saw inflows totaling $43M last week and saw a 16% rise in trading volume on crypto exchanges. - [Solana]( had a huge week. $SOL saw its largest week inflows ($24M) since March 2022 and continues to be the altcoin of choice for investment funds. - [Ethereum]( struggles, again. The first Ethereum futures-based ETFs launched last week, but theyâre [off to a slow start](. (only ~$10M worth of volume) - Different regions, different sentiments. 90% of the inflows came from Europe, while the U.S. and Canada only saw ~$9M worth of inflows. Weâll see if the momentum continues into next week. BITE-SIZED COOKIES ðª [Marinade has been establishing itself as a market leader in staking on SOL.]( Equipped with native and liquid staking, the ability to unstake instantly, and a recently launched Earn initiative. Check out our review of their platform! [Trader Joeâs supermarket chain sued the decentralized exchange, Trader Joe, for using its name and branding](. Same name. Same colors. Only a matter of time before someone tried ordering Joeâs mac and cheese through the DEX. [Web3 communities launched a new fund called Crypto Aid Israel](. The goal is to raise funds for Israeli citizens who have been displaced and are in need of aid due to the outbreak of war with Hamas. [Bitstamp revealed itâs in talks with three large European banks to start offering crypto services](. The services would go into effect around the first quarter of next year. [Gemini is expanding its crypto operations in India](. The crypto exchange is investing $24M into operations there and plans to increase its workforce by 42% by the end of this year. MILKY MEMES ð¤£
[Source: @alancaroII](
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