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$1.3 billion of spoils from the crypto meltdown

$1.3 billion profits from Terra's downfall, Sony web3 Incubator, Super PUMA NFTs

February 21, 2023

GM Degens,

Hope you were able to tune into Chubbicorn80's spaces with us. Learning from his wisdom this weekend I took many deep breaths and steps into thinking about what healing looks like for me and for those around me who I love.

Check out the recording here, as we talk about growing up as an Asian in a foreign country, working through childhood and how therapy has changed and continues to change 80's life. Keep an eye out for this on Spotify from Fortune Friends Club! 

Today we cover:

  • Sony web3 Incubation Program

  • $1.3 billion profits from the Terra/Luna meltdown

  • Super PUMA NFT Drop

$1.3bn of spoils whilst the crypto burned to the ground

Jump Crypto, has been named as the company who benefited from the downfall of Terra's $40 billion melt down. On the other side of that same deal was a trading partner which profited almost $1.3 BILLION.

Before it all went down, Jump co-lead a $1 billion capital raise to seed the Luna Foundation Guard. Terraform Labs had a deal with selling off heavily discounted tokens to Jump Crypto, as an active investor in the Terra ecosystem. 

As part of their agreement, there were instances Jump was able to buy Luna at $0.40 when the prices of the coin was trading for $90 - a discount of 99.55% .

The SEC continue through the Do Kwon/Terra case alleging securities fraud and defrauding American institutional and retail investors. Let's see what else gets uncovered...

Sony Group launches web3 incubation program 

Sony Group and Astar Network today launched an incubation program focused on commiting the technology, IP and finances of both companies into budding young start ups. 

For successful applicants, the timeline for successful incubators are simple 3 month process:

  • Applications open (1 month)

  • Incubation program begins (3 months)

  • Demo Day in Sony Tokyo HQ

  • Moon

The program is aimed to provide mentorship and training sessions to help applicants to build their proof of concept. New innovations would germinate within the support of Sony and Astar and be nurtured into new ways the brands can interact with web3.

Apply here anon, get building.

Puma announces Super PUMA drop to celebrate 75 years

Puma continues to invest in web3 as they celebrate their 75th anniversary with a Super PUMA PFP NFT drop.

The 10,000 PFP collection will partner with 10KTF who have worked with the likes of Gucci previously. The allocation will be as follows:

  • 4,000 airdropped to Nitro Collection NFT holders

  • 4,000 sold publicly

  • 2,000 reserved for 10KTF

Mint begins 2/22 with a mint price of 0.15Eth.

In their twitter thread Puma claims "big plans to intertwine Super PUMA throughout many PUMA brands through plush toys and products intended to build the Super PUMA IP.

For more details read more here.

Bao-Sized News

Thread of the week

This week's thread of the week comes from wale.swoosh who needs no introduction. A concept that is continually talked about is "mass adoption",

"X will happen once we adoption for the masses happen."

"Our bags will pump as soon as mainstream adoption is here."

Wale breaks down what mass adoption will really look like 👇🏻

Made us Kek

Highlights of the Blur v OpenSea battle

Have a good week ahead, go do one thing well, and keep doing it over and over again till you succeed :)Also... are these OS volumes legit because I had to blink 5 times blankly to check myself....

–Bernie