GM citronauts. Welcome to the first-ever Daily Squeeze, your go-to crypto digest. From now on, we'll land in your inbox every weekday with valuable Web3 insights and the latest blockchain buzz. So, what's on the menu today?
📊 Recent US macroeconomic data suggests that there will be no recession soon.
🦹 ZachXBT discovered a network of at least 21 North Korean developers who use fake identities to infiltrate crypto projects and steal their funds.
📰 News drops
🍍 Market flavor today
Find out more about the Fear & Greed Index here.
| Prices as of 10:05 AM EST. Click here to see live data. |
The crypto market's on a wild ride! Bitcoin took a nosedive overnight, but it's fighting to bounce back. No big news caused this dip - just rumors of the US offloading confiscated BTC. Could be a sweet deal for investors looking to buy low.
Why stay optimistic? The market's hoping for friendlier conditions like lower interest rates, which could boost prices. It's all red right now, but that's crypto for you. Sometimes you gotta ride out the storm to catch the next wave! 🏄♂️
📊 What recession?
Unless you’ve been Patricking under a rock for a little while, you’ve probably heard the word ‘recession’ quite a few times recently. Especially after the Sahm rule, an identifier of the early signs of a recession, was triggered this month, making everyone go nuts.
Well, folks, fear no more, as the recent US macroeconomic data is pointing to sunshine and rainbows after the storm.
Basically:
- More people have jobs than was expected (win);
- People are spending more than was expected (win x2).
And what does that mean? No recession in sight + the Fed’s more likely to cut interest rates this September + bullish sentiments overall, ‘cause the economy is growing. 🚀
🦹 That dev working with you might not be who you think he is
The chances of having a North Korean hacker secretly working at your company are low… but never zero.
I’ll start from the beginning. One team had $1.3M stolen from its treasury. Then, they did what any company with critical thinking skills should do in this situation—got ZachXBT on it.
While investigating what happened, the Sherlock Holmes of crypto found that the issue isn’t limited to just this one incident. There’s a whole network of at least 21 North Korean devs who use fake identities to be employed in crypto projects (and steal their money, obviously).
ZachXBT said that through this scheme, the network receives up to $500K a month. How come so much, you may ask? There are 25+ crypto projects that have these posers among their teams.
If you’re now questioning that one dev co-worker who always works from home, check out this list of fake names the hackers used, so that you don’t accuse the innocent.
📰 News drops
🔸 Binance makes a comeback in India after being banned for 7 months.
🐶 Vitalik Buterin donates $500K he got from memecoin projects to animal charity.
💰 Nancy Pelosi has made $10M in the stock market just this week.
💸 Warren Buffett now holds $277 Billion in CASH and is selling stocks like never before.
