A peek into crypto Twitter culture 🐦

A strange week of Apes, Mangos and Horses

Author

Build in Bear
October 13, 2022

This is Web3 Seems Legit, the weekly newsletter that covers the top web3 stories and what people are saying about it on Twitter 👀.

In this issue, we're taking a look at how crypto Twitter is reacting to these latest news:

  • The SEC announces investigation into Yuga Labs. When the SEC makes a statement, everyone in crypto Twitter suddenly becomes a regulatory lawyer to give their opinion. This week's hot take is whether or not NFTs are securities.

  • Attacker exploits Mango Market out of $100m. Did someone say hack? Twitter sleuths are on it to give a full breakdown on what happened.

  • Sushi Swap falls victim to crypto gossip. Some dirty rumor was leaked about Sushi Swap's new CEO, causing the price to drop. How bad could the gossip be?

The SEC announces investigation into Yuga Labs

After SEC's big PR stunt with Kim Kardashian the other week, their marketing team is back to take another swing at the crypto industry 🏌️.

This week's target is Yuga Labs, the creator of some of the biggest NFT projects, including BAYC (aka the monkey jpeg).

To be clear, this is nothing but a probe to investigate whether or not NFTs should be considered a security. The SEC is known to be slow in action and drop threats that drag on for ages *cough* XRP, ETH, you name it 🤷.

So the question is, did Yuga Labs offer an unregistered security? Well, according to crypto Twitter and the self-proclaimed online lawyers, it actually might be.

Overall, the community doesn't seem to be too concerned about it. In fact, many think that this is good for NFTs and mass adoption 👍.

Hats off to the SEC team for another good headline story 🫡.

Attacker exploits Mango Market out of $100m

When crypto Twitter folks aren't busy being regulatory lawyers, they're usually playing the role of investigators 🔍. To be fair, they're pretty good at it.

The hack to solve this week is Mango Markets, a top Solana DeFi project that accounted for almost 10% of SOL's entire TVL.

tl;dr it wasn't exactly a hack, but more of an exploit. The attacker manipulated the price of MNGO across exchanges and borrowed against their unrealized gains to drain the protocol 🚰.

What's even crazier? The attacker attempted to get off scot-free by creating a DAO proposal to let him off the hook. The thing is, he owns the majority of the voting rights 😂.

We have to say, it's pretty big brain energy 🧠.

Sushi Swap falls victim to crypto gossip

While crypto Twitter is a great place to get alpha insights, there's also a really weird side to it...

Jared Grey is only in his second week of this new role as Head Chef of Sushi Swap and he has already fallen victim to frivolous rumors. That's the thing about crypto culture - it's deeply interconnected to meme culture 🤝.

A good meme must never go to waste. Within hours, someone created a shitcoin, $HORSE that pumped 6,000% 🤯.

Enough horsing around though 🐴. Gossip aside, there are legitimate allegations against the Sushi Swap CEO and his past record as a crypto scammer.

Despite denying all the allegations, crypto Twitter won't let go of a good meme opportunity and it continues to overshadow the real concern of him being involved in not one, but multiple scams.

We might be in a bear market, but there's never a dull moment in crypto Twitter 🤷‍♀️.

In other news 🗞️

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