In our previous edition, we discussed how October was shaping up to be one of the worst months for cybersecurity in recent history, if not ever.
Crypto took that personally and decided to join the party with a bang at the very last minute.
Last week, Binance suffered the biggest losses ever recorded in a single hack. It surpassed the previous record holder, Bybit, by more than four times.
The North Korean Lazarus Group allegedly compromised a Binance DevOps engineer by accessing their computer and stealing more than $6.3 billion.
Just a few years ago, such news would’ve sent us to goblin town, but today it’s almost as if the market is apathetic to such news.
Admittedly, it appears the situation is relatively contained, aided by Binance’s SAFU and the freezing of around $3 billion in stolen assets.
Despite these news stories and the continued industry-wide decline in activity for onchain spot assets, perps on fomo are moving in the opposite direction, with October closing at an all-time high of $5 billion in volume.
The market charges tuition, and it isn’t cheap. Every lesson comes with a price tag paid in losses. The in the trenches weekly podcast offers a stipend, letting you learn from people who've already paid it.
Alphabet [GOOGL] stock dumped by 12% last week, wiping out just north of $500 billion in market value.
The sharp fall comes from ad revenue missing estimates by $1.4 billion, as Google's "AI mode," which answers questions conversationally, was eating into the money the company makes from ads that appear next to results for traditional search queries.
A company that eats into its own profits. How’s that for an ouroboros.
Even though Google Cloud revenue more than doubled, free cash flow dropped to a negative $9.1 billion, marking the second straight quarter of burning cash after going negative for the first time in 22 years in Q2.
The worst part? With this drawdown, any gains the stock had accumulated throughout the year were wiped out.
Nobody is safe out there, not even Google.
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If you remember our first look at clans in this newsletter, we highlighted a particular clan, chubbicorns, which claimed the no. 1 spot right out of the gates.
As time went on, the leaderboard shifted quite dramatically, and yet, the chubby unicorns are once again at the very top, with a combined PnL just shy of $1.5 million.
However, when zooming in on the past 30 days, chubbicorns are nowhere to be found, and the leaderboard looks completely different, with fnf, GRINDSET and Vendetta occupying the first three positions, respectively.
Looking at fnf in particular, the majority of the clan’s 30d profit came from @vvvvvvvvvv and his Dacity trade, which netted +$124,000.
The second and third place collectively contributed a profit of $45,000, which although considerably less, is still very impressive given the market conditions.
If these guys can still turn a profit in this market, they’re ones to watch once sentiment turns.
Are you in a clan yet?
Coming in at no.1, we have @Aurelius0121 with a 3.5x gain on Forever, a coin we’ll discuss further down.
After investing nearly $40,000, his position is currently up $96,271.
The runner-up trade comes from @Wang_Sato, with a profit of +$72,408 on LITY, a BNB coin that has been up-only for 6 straight days since launch.Â
Whereas the other two trades are still open, @okuracrypto closed his GTA VI trade with a profit of precisely +$64,955, a 73% gain on his $88,700 investment.Â
Not too shabby, gentlemen.Â
Naturally, the top trade ranks will flip around as the week progresses. If you wish to stay on track, download fomo and keep your eyes peeled đź‘€
GTA VI
As the release date of the decade’s most anticipated game draws near, it only made sense to launch a coin with the same name.
Over the last 7 days, GTA6 has risen by about 400%, going from a market cap of $3 million to over $14 million.
On Oct 29, the chart even wicked over $20 million in market cap, which might galvanize the community to fill the wick.
GATO
If you thought that was it for GTA6 coins, you might’ve missed the fact that GTA6 also has a cat.
With a market cap just above $10 million, GATO, or GTA6 Cat, is running hot on the previous coin’s heels after pulling a 500% move since Oct 21.
FOREVER
Dubbed the framework for autonomous governance, capital allocation, and execution, Forever is among a cohort of very few coins that have managed to attract inflows.
Launched on Oct 29 on the Robinhood Chain, the coin has risen by about 1,000%, going from a market cap of roughly $500,000 to around $5 million.
Just a day after launch, Forever announced a partnership with another prominent Robinhood project, ORBIO, which, as the team states “will leverage Orbio's discounted inference infrastructure to power autonomous governance and execution.”
Not on fomo yet? Deposit with Apple Pay and start trading crypto, stocks, commodities, indices, and FX, all in the same app. One balance across every chain; no bridging, no gas fees, no headaches.Â
PLUS, you can see exactly what the best traders on the platform are holding.
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Until next week!
