GM Explorer,

A $1.5M CryptoPunk NFT was just snapped up for $23K, thanks to a smart contract and a savvy buyer. Here's how this wild NFT "heist" unfolded!

Here’s what we got for you today:

• 🤯 Epic CryptoPunk deal!

• 😱 Bitcoin miners in crisis!

• 🧱 Around The Block: XRP spikes 8% as Grayscale launches XRP Trust in the U.S.

🤯 Epic CryptoPunk Deal!

In a wild turn of events, CryptoPunk #2386—once valued at 600 ETH (about $1.5 million)—was snatched up for just 10 ETH (around $23,000).

Here’s how it went down:

CryptoPunks are among the most valuable Ethereum NFTs, and this particular punk #2386 was extra special.

Out of the total collection of 10,000 profile pics, it was one of only 24 featuring an ape—an animal beloved across the NFT space.

In fact, one similar variant was sold for almost $1.5 million just last week!

However, this was not the case for Punk #2386, whose owner had fractionalized it through a website called Niftex.

Punk #2386 had 257 fractional holders, and in 2020, ownership rights were split into 10,000 ERC-20 tokens.

And as is the case with fractionalized NFTs, investors could buy and sell individual shards, but doing so became difficult after Niftex closed.

But mind you, the smart contract remained valid on the blockchain!

Someone seized that opportunity to activate a buyout feature, offering just 0.001 ETH per share, and scooped up the whole thing for a fraction of its current value.

One of the shareholders, Gmoney, attempted to block the purchase but ultimately failed because he miscalculated how much to counterbid. Ouch!

The new owner's identity is still a mystery, but he/she has already received a bid for 600 ETH.

A potential 60x return on their investment if accepted! Isn't that just crazy?

You can find all the juicy details right here.

😱 Bitcoin Miners in Crisis!

Yesterday, we mentioned how some miners were cashing out big time—you’d think things are smooth sailing in the mining world, right?

Well, not quite! Most miners are facing some serious challenges right now.

How serious? Well, it's serious enough that they've been offloading their Bitcoin like there's no tomorrow!

Reports indicate that over 30,000 Bitcoins—worth a staggering $1.7 billion—were sold off in just 72 hours. Surprised? Us too!

But it’s not hard to see why miners are feeling this much pressure.

First off, mining costs are through the roof, making it harder and more expensive to add new blocks.

And just to pile it on, Bitcoin’s price has dropped nearly 10% over the last few weeks. Ouch.

But here’s the kicker: This isn’t just a recent issue.

The mining industry has been struggling since Bitcoin's halving event back in April, when block subsidies, (or rewards) were cut in half.

On top of that, revenues have plunged by over 57% since March, while operating costs remain stubbornly high.

So yeah, it’s a perfect storm!

But what does this mean for the market? Well, it's not exactly great news.

With miners selling off their holdings, it's only adding more downward pressure on prices. Combine that with Bitcoin's recent price drop, and you've got a serious double whammy.

But don’t worry, this isn’t the end of the road.

Bitcoin has weathered numerous storms before and has always managed to bounce back. And who knows, maybe this is just the correction the market needs.

One thing's for sure: it's going to be a wild ride from here on out!

Want to dive deeper? Check it out here.

🧱 Around The Block

• XRP spikes 8% as Grayscale launches XRP Trust in the U.S.

• ‘Eve Frontier’ survival game is being built on Ethereum, CCP reveals.

• BlackRock promotes Bitcoin as a hedge against global financial disorders.

• Coinbase CEO Brian Armstrong says crypto payments will go the way of instant messaging as friction vanishes.

• US demands Nigeria to release Binance executive as health worsens.

• 65% of U.S. consumers think crypto could replace cash in the future, Deutsche Bank report finds.

• Bitcoin could soon hit six figures regardless of who wins U.S. election, investors say.

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.