37 Bored Apes stolen in bizarre hack, FTX dropping $53K per hour on legal fees

37 bored Apes were stolen this weekend And whatever you think happened next You're Wrong good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curve in Crypto you better click that follow Button okay grab yourself a coffee let's Get into It I thought things might be slowing Down as we near the end of the year but This weekend did not get that memo so Here is a rundown of everything we're Covering today 37 board apes are stolen And then returned in a bizarre hack Grayscale addresses concerns over the Tax implications of a spot Bitcoin ETF FTX loses around $53,000 per hour to bankruptcy fees and Five things you need to know about Bitcoin this week so I was glued to my Phone for a lot of this weekend because There was a hack that was particularly Interesting for how it played out so I Thought we'd start there and I will give You a full rundown this weekend a hacker Stole 37 board apes and 13 mutant apes And I was ready to dub it the first Great digital art Heist but well I can't Just a quick caveat Anna paa pereira's Article and my own research was

Conducted in the middle of this Saga and It's all been updated now but some of This was written as it happened so you Really get a sense of how confused we Were so this played out over both Saturday and Sunday this weekend on Saturday 16th of December nft Trader a P2P digital asset trading solution Tweeted an alert saying we've suffered An attack on Old smart contracts please Remove the delegation using revoke Docash so we now know that there was a Malicious code execution from a third Party on two of the nft Traders old Smart contracts this led to those 37 Board apes and 13 mutant Apes being Drained this is the beginning of the Confusion here because Zach xbt I mean Who else then seems to have had a Conversation with the exploiter and when Anna Pao Pereira wrote it it was just a Rumor but I think it's been all but Confirmed now that this was a Conversation with the exploiter so here Is what the exploiter had to say to Zack Xbt number one hello everyone I'm a Scavenger number two first of all Monkeys are safe and in the end they Come back to the user number three the Original exploiter for the vulnerability Wasn't me it was him and and then the Person links to the wallet address Number four at first as usual I came Here to pick up residual garbage at

First I thought I could only get token But eventually I found out that I could Also get nft I don't know much about nft But I looked up the price of nft and I Think there's a lot of profit to be made From exploits I don't know if the person Who started it didn't realize it or if He's continuing to prepare for an Exploit so I'm going to follow it up Number five I'm a good person the value Of these nft is enough for a person to Live a free life but I don't care number Six I prefer to pick up the leftover Trash number seven my technical skills Are limited I can't get all the affected Nfts at once and it's costing me a lot Of time and energy so he actually wrote So 14 times in a row for some reason Eight if you want the monkey nft back Then you need to pay me a bounty which Is what I deserve nine 1 B YC equal 30 Eth 1 M A YC equal 6 eth you need to pay Me 10% eth for my work if you have a BC With me and then you need to pay me 3 Eth if it's a BC and an MA YC then 3.6 e This is insanely confusing but what I Think he's trying to say is that you Need to pay 3 e if you have a ba YC 6 e If you have an MA YC and if you have Both it's 3.6 e as a bounty to get it Back 10 after you send me the reward I'll return the monkey to you with the Caveat that you'll need to unauthorize The exploit contract these are the two I

Know of and then they link the Exploitable contracts there was then a Brief period where it was incredibly Confusing and everyone was trying to Figure out what was happening Ricky Sanders of DraftKings lost one board ape And three mutant apes and his full ape Coin a lotman and he tweeted that the Hacker suddenly sent him 31 eth the Whole story has played out now and I'm Still unclear as to what happened there Whatever the case the next part is a bit Easier to follow the company boring Security and Greg Solano the co-founder Of Yuga combined to return every stolen Nft to the original owner there were More people than that involved but check Boring secur Twitter if you want to see A full breakdown of what everyone did The reason I highlighted these two is That boring security did the Negotiations with the hacker and I Believe Greg Solano foot the bill for The bounties which was 10% of the floor Price I looked up the Hacker's address On ether scan and it appears to me that Boring security sent 78 eth which is Around1 170,000 ,000 to the hacker as a Bounty but the hacker did exactly what He said and all of those apes are now Back with their rightful Keepers Furthermore boring Security even shared That the hacker agreed to return 20 of The 23 wrapped eth they also managed to

Drain boring security said to the nft Trader exploiter thank you for Everything today and saving us from a Really bad actor I found that people Making the hacker out to be a hero a bit Jarring at first but I guess if they did Steal everything before the original Exploiter could get to them then perhaps They are a hero we have seen demands From hackers that are far less Reasonable than a 10% Bounty so what on Earth do you make of all this tweet us On @ cointelegraph and Rags black rock may get most of the Headlines when it comes to the spot Bitcoin ETF application that we're Awaiting a rolling on in January but Grayscale is certainly a close second as We've discussed a few times in the past Couple of weeks grayscale the crypto Asset manager is looking to convert Their grayscale Bitcoin trust G BTC into A spot Bitcoin ETF as part of the 13 ETF Applications the SEC will decide on we Think in January well Grace Gale Addressed a concern this weekend which Pertains to this ETF and some Potentially unwanted tax implications That could come with it Grace girl was Discussing over reports although we Don't actually know which but it Suggested that when a significant Shareholder or authorized participant in The ETF performs a cash Redemption which

Is essentially selling the ETF shares Back to the fund remaining retail Investors May incur capital gains or Losses although this is true for mutual Funds and some ETFs it's generally not The case for spot commodity ETFs such as Gold which are structured like Grant or Trusts for tax purposes okay a quick Simple summary if Grace scale is to Convert their gbtc into an ETF some People were worried that it could lead To retail investors being caught in Taxable events graay scale does not Believe that will be the case as it Should be structured as a grant or trust The sinking of the FTX ship was Devastating for the industry for the Markets and for anyone unfortunate Enough to have held crypto on the Platform nevertheless FTX had some heavy Coffers that could be offloaded to help Pay those back who are owed and we have Seen that sell-off happening in the past Few months however Tom Mitchell Hill Covered a damning angle of these Proceedings for anyone hoping to get Their money back court filings from the 5th of December to the 16th of December Showed that bankruptcy lawyers charged 100 8.1 million between the 1st of August And the 31st of October this year that's 92 days at which the lawyers charged Roughly $

53,3 per hour or 1.3 million per day the Largest bill came from the management Consulting firm Alvarez and Marshall Which charged 35.8 million for its Services in just a 3month period and Only just behind them is the law firms Sullivan and Cromwell who are char Charging $1,230 per hour which has totaled $3 31.8 million so rather unsurprisingly on The 5th of December the court appointed Fee examiner Katherine Stadler raised Significant areas of concern with the Bills by the larger advisory firms the Report said the fee examiner identified Apparently topheavy Staffing apparently Excessive meeting attendance fees Related to non-working travel time and Various Technical and procedural Deficiencies with respect to some time Entries including vague and lumped Entries it's estimated that the total Payout for professional fees in this Bankruptcy proceeding will be around 1.8 Billion Doar okay now on to what is a regular Monday feature at this point William Seberg's five things you need to know About Bitcoin this week as always the Full article goes into far more depth And it is linked in the show notes right Let's go number one analysts are Currently wary about Bitcoin volatility And Market sentiment the trading

Resource platform material indicators Noted the that Bitcoin has lost its 21-day moving average and says that it Is inherently bearish most analysts seem To agree that in the near term things Are likely to slow down in terms of Price perhaps even dip with endof year Profit taking and tax loss harvesting Playing a role number two this week we Will see yet more important economic Indicators including the personal Consumption expenditures index pce which Seberg says is the fed's preferred Inflation gauge alongside the pce we'll Also see jobless claims and a rised Q3 GDP this week all of which give us a Better sense of where the US economy is Right now the trading resource the kabi Letter said even with stocks up Uncertainty is still everywhere Generally speaking uncertainty is Bounded for Bitcoin number three Bitcoin Transaction fees are at the highest Levels since April 2021 this surging of Fees is something I've covered in depth Of late courtesy of ordinals this rising Of fees is mostly seen as a negative With many of the Bitcoin ogs Diametrically opposed to ordinals Inscriptions on Satoshi but one silver Lining is that the miners are pulling in As much revenue as they were during the $69,000 alltime highs number four the Number of new Bitcoin addresses has

Slowed according to data from the Onchain analytics firm glass node this Again plays into the bearish sentiment Suggested earlier social media analyst Ali tweeted for a robust continuation of The bull rally it's crucial to see an Uptick in the number of new BTC Addresses this would provide the needed Support for sustained bullish momentum And right now it seems we don't have That and number five the final point is A closer look at Market sentiment around Bitcoin as a whole the price has been Thundering in one direction for some Weeks now but the foot seems to have Come off the proverbial gas why well the Founder of cubic analytics Caleb Franzen Suggests the fear and greed index in the Past 3 months offers a potential answer He wrote that Bitcoin is still Comfortably in the greed range however It was just in fear four weeks ago and Was in neutral to extreme fear for 2.5 Months in September through November Euphoria no this is Disbelief okay that is it for today There's going to be a boring weekend at Some point but this one wasn't it Consider yourself informed thank you for Listening to the ryzen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review have a great day let's

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