MicroStrategy’s $600M BTC buy, new Bitcoin ETF applicant, 75% of Web3 games fail, KyberSwap hacke…

The kibber swap hacker who stole $46 Million in crypto has published their List of Demands for its return and Nobody saw this Coming good morning you're listening to The rise and crypto podcast by coin Telegraph with me Robert bags stiring You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curbing Crypto make sure you click that follow Button okay grab yourself a coffee and Let's get into It okay we've got highs lows and Absurdities today so here's what's on The docket Michael sailor's micro Strategy by $600 million more Bitcoin p Is a late entry to become the 13th us Spot Bitcoin ETF applicant a coin gecko Study shows 75% of web 3 games have Failed in The Last 5 Years November was The most damaging month for crypto theft At $363 million and the kibber swap hacker Publishes their List of Demands and it's Wild we've moved into December and the Year is drawing to a close but business Intelligence firm micro strategy has no Interest in winding down they've just Bought another $600 Million worth of Bitcoin if you're not into investing you Might not be familiar with micro Strategy but their co-founder you might Be it's Michael sailor Michael sailor

Has been one of the chief champions of Bitcoin for several years here's a Little background in July 2020 on an Earnings call for his company micro Strategy he announced he wanted to buy Alternative assets instead of holding Fat currencies he was primarily Interested in gold and Bitcoin so in August 2020 micro strategy bought 21, 454 Bitcoin for $250 million since Then they have been buying BTC Constantly with cash they've sold off Other assets to buy more and they've Even taken on debt the last time sailor Revealed his personal Holdings he had 17,7 32 Bitcoin himself but his Stockpile is dwarfed by micro strategies And sailor tweeted yesterday micro Strategy has acquired an additional 16,170 BTC for 5933 million at an average price of $ 36,7 185 per Bitcoin as of the 29th of November 2023 micro strategy now huddles $174,500 BTC which was acquired for $5 5.28 billion at an average price of 3,252 per Bitcoin you know when Someone's being that transparent with Their Investments they got a good reason To be and the reason is this micro Strategy owned $6.6 billion worth of Bitcoin at yesterday's $ 37,7 126 price with a $1.4 billion Profit I bet you Michael Lewis is Lurking somewhere nearby sailor because

If Bitcoin goes to $100,000 in the near Future which is what sailor suggests He's getting his own book an adapted Movie yesterday Braden lindr wrote up an Interesting piece that is well within my Wheelhouse according to coin gecko over 65% % of web 3 games have failed in the Past 5 years the study in question looks At games launched between 2018 and 2023 And found that although there have been 2,817 web 3 games launched only 690 of Them have any active player base Co Geeko defines a failed game as one that Has a 14-day moving average number of Active users that is less than 99% of Its peak which seems fair enough many of The original games that saw initial Popularity have more or less died but Plenty still have healthy player bases Even if it doesn't match up to the All-time highs the report did say that The rate of failure has slowed in 2023 After peaking in 2022 and that the lower Failure rate could perhaps indicate a Stabilization in the state of web 3 Gaming so other than this podcast you Almost definitely have no idea who I am But this is my area of expertise I Started a website called token gamer in 2018 which was solely concerned with Blockchain technology in the games Industry back in 2018 there was precious Little around and what was being created Was pioneering the use of blockchain

Then play to earn ruined everything Truly suddenly every Indie developer was Trying to create the next hit with the Express intention of making a small Fortune for very little work games were Not going through their typical Development Cycles they were rush to Market with store Bol assets and a copy And pasted white paper they deserved to Fail but now we're starting to see web 3 Games mature as Studios interested in Creating great games that happen to Harness blockchain technology reached The alpha and beta stages of their Clients we've also seen wild success With games that aren't advertising the Inclusion of blockchain and nfts games Such as NFL Rivals which has dominated The Apple App Store charts for instance So to me the 75% failure rate actually Seems a little on the low side for what I expected but I do think we're seeing a Stabilization of web 3 gaming and this Is by virtue of the Studio's primary Intention not being money okay I'm going To stop there before I go off on a Complete tangent but this is a topic I Will be discussing at nft NYC in April So if you're going to be there look out For that talk so this is a surprising One we have a late entrance to the US ETF race and they are cutting it fine According to Jesse cockland the Swiss Asset manager Pand asset has entered the

Running for a spot Bitcoin exchange Traded fund ETF submitting the S1 form To the SEC on Wednesday there have been Two connected rumors with the sec's Impending ETF decision the first is that The SEC is trying to line up all Application acceptances and according to Bloomberg ET analist James Safar that The 10th of January 2024 is the day We'll likely get a decision so Panda's Application really comes in at the 11th Hour the general feeling from the Experts is that Pand won't be delaying This decision which caused the senior ETF analyst for Bloomberg Eric balanas To wonder about fair play oh and he Wanted to know what a Pand is it's a Tree Eric so the gravitas of the outcome For these now 13 ETF application grows As P joins the like of Black Rock Arc And grayscale If it felt to you as if this month I was Talking a lot about crypto theft through Exploits and hacks it's because well I Was certic the web 3 security firm Yesterday released a breakdown of all The exploit hack and scam incidents in Crypto in November and found that we've Just had the most damaging month of 2023 $1.1 million was stolen via exit scams With $750,000 of that through S pro and $291,000 of that through to the Moon Whatever that is or was

45.5 million was stolen from flash loan Attacks with 45 million of that coming From the kibber swap hack and then a Staggering $316.5 million was stolen from exploits Palon X was hit with $131 million the HDX heco Bridge we discussed last week Was hit for $113 million a single Fishing victim lost just over 27 million Kronos research lost $24.6 million and Another single entity lost 3 $3 million From their wallets this brings the total Year-to-date loss from all scams Exploits and hacks to an unbelievable $ 1.7 billion with exploits accounting for $1.64 billion of it right there's no Sidest stepping this one crypto is Rife With security issues you could argue That it's moving in the right direction Given that 2022 had $3.7 billion drained So we're at less than half with only December to go only December might be a Risky thing to say but it's a problem That will certainly deter many people From entering the world world of crypto Braden lindrea the author of this Article spoke to a researcher at the Security firm fora Network Christian Ciper who said imagine you losing all of Your savings because the branch of your Bank got broken into overnight you Wouldn't Bank there I often worry about The older generation in my family when It comes to online banking let alone

Crypto right here we go on Wednesday I Covered one of the craziest and if it Doesn't sound too callous to those Affected entertaining stories in crypto This year kibber swap was act using an Exploit that Doug Co kit called an Infinite money glitch the hacker made Off with $46 million of crypto though Kibber swaps team managed to recover Around $4.6 Million worth kyber swap Then employed the Curious tactic that I Called hitting with the carrot they First offered the hacker 10% of the Total amount hacked if he returned the Rest I don't know for sure how that all Pans out legally but that sounds as if The hacker could get $4.6 million Without the risk of imprisonment however As smooth as that generous drink went Down the Chaser was a bit rougher kibber Swap threatened that they could track The hacker down and that the person Better take the offer or law enforcement And cyber security teams would get him The hacker didn't love this and then Left an onchain message that blew my Mind go back to Wednesday the 29th Episode if you want to hear it in Totality in essence he didn't appreciate The hostility and said if they want a Treaty on the 30th they need to be nice Well the 30th arrived and so did the Proposed treaty and I'm going to go out On a limb here it's not going to be

Accepted I don't want to summarize this It's too good so here is the full Message to all relevant and interested Parties I thank you for your attention And patience in this uncertain time for Kaiba the protocol and da as well as Kaiba the company below I have Delineated a treaty for us to agree to My demands are as follows complete Executive control over Kaiba the company Temporary full Authority and ownership Over the governance mechanism kyber Dow In order to enact legislative changes my Current wallet address is fine for this All documents and information related to Company and protocol formation structure Operation revenues profits expenses Assets liabilities investors salaries Etc surrender of all Kaiba the company Assets this is both onchain and offchain Assets it includes but is not limited to Shares Equity tokens knnc and non-nc Partnerships blogs websites servers Passwords code social channels and all Creative and intellectual property of Kaiba okay I need a breae on so I spoke To the author of this article Ezra Agera To get his thoughts on the Absurd soap Opera so P swap Hopper's Antics are Definitely some of the funniest things That we've covered in crypto right now So the hopper steals over 40 million and Then the keber te threatens to involve Law enforcement and they respond saying

That they need to be fully arested first Before they can discuss and then he says The kward team needs to be nice and Residual before they can talk like uh Yeah you just took millions and you Can't really expect them not to be mad And H now he's sending all his crazy Demands like he needs full control of The company and all of their assets and Promising things like doubling the Salary of all the keer staff and one of The things that really got me is that When he said he'll pay the executives And wish them all well in their future Endeavors and anyway this thing is uh Really far from over but in the end While it's uh really funny to onlookers I can only imagine the grief that those Who lost their funds to this guy as Feeling so I hope in the end the Investors will be able to recover their Funds honestly I'm not even sure this Treaty could be executed even if the top Dogs at Kaiba wanted to whose name would Be on all of the legal documents for Kaiba if for all intents and purposes The CEO is necessarily Anonymous and to Whom would all of these forfeited assets Go whatever the case the hacker said This is their best and only offer and That the kibber swap team have until the 10th of December to decide if not the Treaty falls through as they put it so I Guess no treaty though with this story

Who knows what the next chapter Holds right you're up to date consider Yourself informed thank you for Listening to the ryen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing leaving A review or writing an onchain Treaty of Appreciation have a great weekend let's Do this again [Music] Monday [Music]