Accidentally Losing $133,000

GM Readers!📪 It's BitDegree Insider, and let's kick this week off.

⭐️Today's selection:

• 😱A Costly Mistake
• 💭Reflections On Bitcoin & Crypto
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

A COSTLY MISTAKE

Everyone makes mistakes. Not everyone makes mistakes that cost a fortune. Sucks to be them.

For example, today is a bad day for the owner of token #685 from the CryptoPunks collection.

Because... they accidentally burned the token. As it turned out, this happened by mistake. The user accidentally sent this NFT to a null address while trying to release a wrapped asset.

Uhm... how?

This user turned out to be Brandon Riley. On 19 March, he told his subscribers that he had bought token #685. It was supposed to be a "decade-long" investment.

The token matched perfectly with Riley's other NFT, the "ape" #586. Both assets were going to be placed on the NFTfi platform by the holder and receive a passive income from renting the tokens out. 

An important point, Riley bought this NFT from CryptoPunk collection with borrowed money. He had no intention of selling it. And that's where a certain nuance appears. 

CryptoPunk tokens were issued before the ERC-721 standard was released. This is why they are incompatible with some tools, including NFTfi.

Riley, it seemed to him, found a convenient "loophole."

He came across instructions online on how to release a wrapped asset based on his token. Then, he felt, the token was ready to be uploaded to NFTfi. But...

He did not put his address in the required field at a certain moment while interacting with the contract. This was crucial.

After that, token #685 was permanently deleted. Riley took a philosophical view of the situation, noting that he should not have attempted the entire operation alone. 

That token was worth 77 ETH. At the time of writing, that's over $133,000 ($129,000 at the time when the asset got burned).

And this once again proves what Vitalik Buterin mentioned some time ago - we need the simplest and most accessible interface for cryptocurrency services. 

Riley later noted that he was helped to "restore" CryptoPunk #685 as an ordinal in the Bitcoin chain. But his loss is no longer recoverable. 

TL;DR: Owner of the token #685 from the CryptoPunk collection accidentally burned this token. The loss is valued to be around $130,000.

REFLECTIONS ON BITCOIN AND CRYPTO

Well, today the news broke that Binance (and CZ) just got sued by the U.S. Commodity Futures Trading Commission. The reason? Alleged regulatory violations. We'll see what happens next.

But yesterday, CZ invited Twitter users to reflect on the price of Bitcoin in the next cycle.

How people feel about the cryptocurrency, and the future of the entire industry... directly affects the cryptocurrency, and the future of the entire industry.

Therefore, it's an important question. What about you, what, according to you, the Bitcoin's future price will look like?

VENTURE MONDAYS

Alternative internet network developer DAO tomi raised $40M, while derivatives trading platform Synthetix secured $20M within a partnership with DWF Labs, a global digital asset market maker and multi-stage Web3 investment firm with offices in several countries. 

DAO tomi. They're trying to revolutionize the internet with a DAO-governed network that will let everyone have a say in how it's run. You'll be able to vote on everything from content rules to code changes, making it a truly community-driven platform. 

Synthetix is a platform that lets you create digital versions of real-world assets (like gold, stocks and crypto) called "Synths". These Synths are designed to follow the value of the real-world/crypto assets they represent.

Crypto wallet BitKeep raised $30M in funding from Bitget, the crypto exchange. Bitget is now the controlling stakeholder of the wallet provider.

Exchanges are always looking for ways to retain users even after they withdraw their funds with a goal to get self-custody (control over your crypto). This makes users continue using the exchange's products and services, which is beneficial for the exchange. It's a business, after all.

Binance's acquisition of Trust Wallet happened already years ago.

Still, we can expect more exchanges to make similar moves in the future.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Sony's Patent Filing Suggests Company is Eyeing Web3 Integration for PlayStation. Sony has filed a new patent for an NFT-sharing framework.
• Do Kwon Plans to Appeal Court's Ruling to Extend His Detention by 30 Days. Kwon will be stable for 30 days.
• Euler Finance Token Rallies After Hacker Returns Nearly Half of Stolen Funds. It's around 58,000 ETH.