Morning Minute | Mark Cuban Phished for $870,000

TylerD's Market Summary

Cuban drained, Sugartown up and Friend Tech in roller coaster mode - catch up on everything that happened this weekend!

🚩 Mark Cuban Phished

Billionaire Mark Cuban made the crypto headlines this weekend - but not in a good way.

He was hacked (phished is more accurate) for $870,000 in the latest, high-profile case of lost funds and poor self custodying.

According to Mark, it went down like this:

• He accidentally downloaded a bad version of MetaMask that contained malware
• Logging in to the spoofed instance of MetaMask provided access to the hacker
• The hacker stole USDT, ETH, and other tokens, totalling around $870,000

Very unfortunate, and the negative news will likely be carried by mainstream media all week.

Mark's primary mistake here - keeping nearly $1M in a hot wallet.

This is crypto security 101 and it's ashame a leader like Mark doesn't know better. The funds were apparently in the wallet for at least 160 days - an egregious amount of time.

Reminder - everyone should just assume their hot wallet will be attacked at some point and keep all meaningful funds in a vault. 

Hopefully some good with security education will come from this. And sorry Mark.

📝 NFT Weekend Recap

It was a fairly slow weekend in NFTs (the new norm), but we saw a few notable events and trends.

• Low volume - trading volume tallied just $13M for the entire weekend as we see new daily lows
• The Nouns fork completed, resulting in a $27M loss for the Nouns Treasury
• Pimpcapital single-handedly flipped Machi's AIP-304 proposal vote to "yes", now 54% favored
• Sugartown Oras was the big winner in trading, rallying 100% to 0.37 ETH from its free mint

Now for a quick look at price action.

Here is a quick rundown of the notable floors and their 7-day price changes:

• Fidenza: 62 ETH (even)
• CryptoPunks: 47 ETH (+1%)
• Ringers: 32 ETH (-6%)
• BAYC: 24.5 ETH (-9%)
• Gazers: 15.5 ETH (+4%)
• Grifters: 8.4 ETH (even)
• Chromie Squiggle: 10 ETH (-2%)
• MAYC: 4.92 ETH (-4%)
• Pudgy Penguins: 4.07 ETH (even)
• PROOF: 3.99 ETH (-11%)
• Azuki: 3.84 ETH (-1%)
• DeGods: 3.5 (-19%)
• Otherside Koda: 3.3 ETH (-12%)
• Captainz: 3.27 ETH (-11%)
• Milady: 2.7 ETH (-7%)

A lot of chop in art, a lot of bleeding in PFPs.

BAYC set the tone up top, down 9% on the week, and the lower mid-tier suffered in line.

The wildcard for the Yuga ecosystem of course is the Machi AIP vote ending Sept 20 - but there's alot to unpack there and still hard to predict market impact.

Without many catalysts in sight, and Friend Tech squarely in focus as the hot new object, it's hard to see the path back up for many of these.

Speaking of...

👥 Friend Tech Trend Tracker

It was a roller coaster weekend in the Friend Tech market, starting with a post-airdrop sell-off, BLAU leaving the app, then buyers slowly returning and some new trends emerging.

Let's start with the numbers.

Here are some of the core Friend Tech metrics for 9/14 and their day-over-day change:

• New users: 13,727-> 8,350 (-40%)
• Return users: 10,378 -> 9,555 (-8%)
• Daily Buy volume: $5.94M -> $6.26M (+5%)
• Total Volume: $9.99M -> $9.77M (-2%)
• TVL: $33.7M -> $35.9M* (+6%)
• Highest key: Racer 8.32 -> 7.61 (-9%)

*11.4% of TVL is from self-buyers per Slice Analytics' new dashboard.

Total users are now over 194,000 and total transaction volume is up to $219M.

Total transaction volume hit the new ATH at $20M though it was a real battle between buyers and sellers ($10.2M vs $9.8M) - the closest spread we've seen in awhile.

Prices dipped Friday after the airdrop as some were unsatisfied, and aggregators were seemingly given the boot.

There was some controversy/uproar in that self-buyers (people stacking their own keys for yield farming and in some cases owning only their own key) were rewarded in the airdrop; many have since complained to Racer and the team about ways to potentially penalize this.

The 3,3 trend was the other takeaway from the weekend; not it's death, but it's evolution. Led by folks like 0xBreadguy, the recent trend here was to rotate/buy into those who seem like they're here for the FT long haul and are also sharing the wealth via 3,3 (vs just blind 3,3ing).

Active users are certainly becoming more valuable than passive ones, also demonstrated by broad selloffs in notable gambling/business/founder accounts that haven't been active in their rooms.

A few other trends and developments we saw:

• BLAU left FT on Friday, selling his keys and citing legal advice (though clarifying comments mostly stemmed around concerns with the bonding curve)
• New "views" feature in chats showing how many people have read messages (perhaps pointing to rewarding activity in chat)
• Current trend is rotating into active accounts and "big" accounts that 3,3 (do buy-for-buy)
• Some big winners on the weekend included 0xBreadGuy, 0x5f_capital, Fewture, Anonymoux and Dingaling
• Notable new joiners included
  • MEVCollector joined with Manifold, reaching 0.8 ETH on big early buy volume (now 1.36)
  • Seedphrase joining without Manifold, also soaring straight to 0.8

If you like this content, catch our morning Friend Tech show at 10 am ET or my inaugural show with ThreadGuy happening tonight at at 8 pm ET.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• Trading volume fell off a cliff this weekend, with just $7.2M (4,400 ETH) on Saturday and $6.2M (3,750 ETH) on Sunday
• NFTs were mostly green on the low volume, with top movers led by the 10ktf ecosystem, Sugartown Oras and Mittaria Genesis
• A Zombie CryptoPunk sold for 420 ETH ($682,361) in the first Zombie sale in 2 months (last sale at 550); floor now 495 ETH
• Vince Van Dough's "Nopepen" set revealed on Sunday with single-pane art replacing the preview; the floor is holding at 0.69 ETH after almost a day of trading
• Jack Butcher debuted Opepen Set 19 "Controlnet" over the weekend, though still just 1,600% subscribed with just over 1 day left

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• The crypto market was up over the weekend; BTC +2% at $27,160; ETH +1.3% at $1,650; SOL +2.3% at $19.50
• Trevor Lawrence and 2 YouTube influencers settled their FTX case after being sued regarding their promotion

🚀 NFT Total Volume

• MAYC (458 ETH, 4.92 ETH Floor)
• DeGods (332 ETH, 3.5 ETH)
• Sugartown Oras (241 ETH, 0.37 ETH)
• Mittaria Genesis (158 ETH, 0.18 ETH)
• BAYC (146 ETH, 24.5 ETH)

📈 NFT Floor Price Increase

• 10ktf Kagami (84%, 1.75 ETH Floor)
• Mittaria Genesis (73%, 0.18 ETH)
• 10ktf G Tags (36%, 0.33 ETH)
• Sugartown Oras (22%, 0.37 ETH)
• DigiDaigaku (14%, 2 ETH)

🗓 Upcoming NFT Mints and Reveals

It's a big day for art drops, as both HASHMARKs by DeafBeef and ClownVamp's BrainDrops pieces start their sales.

Dig in to those drops and see the full list of today's drops from Swizzy's daily mint monitor. 

• Memes by 6529 (11:00 a.m. ET)
• Hashmarks (12:00 p.m. ET)
• ClownVamp x BrainDrops (1:30 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.

For all volume and floor price data, see Lucky Trader's Project Rankings page.

For all upcoming mints, see Lucky Trader's NFT Calendar page.