Hello Crypto Enthusiasts!

I’m excited to bring you the third edition of the UseTheBitcoin.com newsletter, as we strive to become the perfect pre-weekend crypto catch-up!

Before you step away to enjoy some well-deserved downtime, let's get you up to speed with today's essential crypto updates:

• KyberSwap's High-Stakes Dilemma: A hacker demands nothing less than "complete control" of Kyber Company for the safe return of a staggering $46 million.

• MicroStrategy's Bitcoin Strategy: Michael Saylor, the founder, continues his unwavering journey on the Bitcoin bandwagon, hinting at more daring moves ahead.

• AntPool's Unexpected Bounty: A user stands to receive a whopping 83 BTC in fee refunds, but there's a catch - identity verification first.

• Circle's Firm Denial: Amidst swirling rumors, Circle openly dismisses any secret dealings or connections with Justin Sun.

• Binance's Calculated Maneuver: Discover how they're strategically reducing counterparty risks to reshape the rules of institutional crypto engagement.

• The TOP 5 Airdrops According to Miles Deutscher: Miles outlined his top 5 upcoming airdrops and we boiled down all the details into bite-sized chunks.

(Editors note: Hey readers! Today I am experimenting with adding a TLDR section right at the top allowing you to read all of the top news in one place at a glance. Let me know if you like the TLDR section and I will add it to future newsletters. By the way, thanks for all of your feedback so far it’s been amazing to read your responses and suggestions, keep them coming! To share your feedback just reply directly to this email, I read each one that comes in.)

Without any more delay, here’s the top news of the day…

📰 Today's Crypto News Highlights:

 🕵️ KyberSwap's Unconventional Hacker Demands (Link)

A hacker who stole $48 million from cryptocurrency exchange KyberSwap is demanding complete control of the company in exchange for returning the money. The hacker is also demanding that all employees be given a 12-month severance package with full benefits and assistance in finding a new career.

The hacker has also made a few unconventional demands, including:

• Complete executive control over Kyber Network, the company behind KyberSwap

• Full authority over the company's governance DAO

• Access to all internal company documentation

• Forfeiture of all assets under the company's control, including tokens, shares, equity, and intellectual property

But that’s not all.. what the hackers say next is where it get really crazy!

In exchange for these demands, the hacker has promised to become Kyber's new, “benevolent overlord and will guide the company into a new dawn.”

The hacker has also said that “current non-executive employees will be retained and will have their salaries doubled.” The hacker's demands are completely unprecedented in the DeFi space and have raised a number of questions about the security of decentralized exchanges.

It's a wild ride, and Kyber has only until Dec. 10 to decide whether or not they will give into the hacker’s demands and risk seeing all $48 million disappear.

💸 MicroStrategy Continues Bitcoin Shopping Spree (Link) (Link) (Link)

In the world of corporate crypto, MicroStrategy is making waves once again.

The software giant, known for holding the title of the “largest corporate Bitcoin holder,” just added 16,130 BTC to its stash, amounting to a cool $593.3 million.

But that's not all – they're considering a fresh stock sale to raise an additional $750 million presumably this is being done so they can buy even more Bitcoin!

With an average investment price of $30,252 per BTC, MicroStrategy is sitting on a substantial profit margin, with its Bitcoin holdings now worth approximately $5.28 billion. This shrewd investment strategy has positioned the company favorably in the face of Bitcoin's current price of around $37,700, translating into a calculated profit margin of approximately $1.3 billion.

MicroStrategy's massive Bitcoin stash now accounts for nearly 0.90% of the total circulating supply, which stands at 19.5 million BTC. This impressive ownership stake solidifies MicroStrategy's status as a major player in the Bitcoin ecosystem, a position it is unlikely to relinquish anytime soon.

It's a bold move in the volatile crypto market, and MicroStrategy's Founder, Michael Saylor, is not shy to declare that they will continue to "hodl.” Talk about betting big on Bitcoin!

⛏️ AntPool's Crypto Fee Refund Drama (Link) (Link)

AntPool, the crypto mining platform, finds itself in a unique predicament.

After a user was charged an eye-watering 83 BTC transaction fee, AntPool is offering a refund but with a catch – the affected user must first verify their identity.

This isn't your typical crypto refund saga; it comes with a deadline, a signing tool, and a bit of suspense. Will the user claim the $3.1 million refund, or will this crypto tale take an unexpected turn? Stay tuned as the deadline looms!

🔍 Circle Swats Away Claims and Denies Ties to Justin Sun (Link)

Circle, the issuer of USD Coin stablecoin, is setting the record straight. In an open letter, Circle refutes claims of illicit financing and ties to Justin Sun, dismissing accusations made by the Campaign for Accountability.

TLDR: The letter categorically states that Circle doesn't facilitate illicit activities, nor does it provide services to Justin Sun. It's a stern rebuttal in the face of alleged ties, highlighting the company's commitment to transparency.

🏦 Binance's Game-Changing Bank Custody Pilot (Link) (Link)

Binance, ever the innovator, is stepping into the realm of institutional trading with a groundbreaking pilot program. This initiative allows banks to store trading collateral off-exchange, reducing counterparty risk.

Binance aims to replicate a traditional financial framework, giving institutions the flexibility to hold collateral in banks while trading. It's a strategic move to address institutional concerns about counterparty risks in the crypto market. 

Binance's pilot program could reshape how institutions engage with crypto, making waves in the ever-evolving financial landscape.

💡 Features of the Day:

The TOP 5 airdrops According to Miles Deutscher (Link)

The biggest airdrop season in crypto history is just around the corner. Many projects that delayed their airdrops are finalizing dates now that market conditions have improved.

1.  @BuildOnBase -  Base is Coinbase's L2, powered by the OP stack. Originally Base said that they wouldn't launch a token, but recently there has been a shift in sentiment, with Paul Grewal (Chief legal officer of Coinbase), saying that a token is 'not ruled out entirely'. Miles strongly believes that a Base token will eventually end up launching. And the good news is, you're early. You likely have a solid window over the next year to build up some nice transaction/bridging volume. With all airdrops, the earlier you start the better.

2. @LineaBuild -  Linea is a ZK-based layer-2 solution developed by ConsenSys. They've raised over $725m, which makes them one of the most well-capitalised projects in crypto. Typically, the higher the valuation, the bigger the airdrop. This is one is what Miles is super excited about.

3. @MantaNetwork - Manta Network is a multi-modular ecosystem for zero-knowledge (ZK) applications. In terms of an airdrop, this is one I think people are sleeping on. 

Here are some crazy statistics:

• Manta has $25M funding from Binance and Polychain

• Only 20k unique bridge users

• Mainnet has been live for only 70 days

• Bridging just over 0.1 ETH puts your in the top 83%

4. @solana - Although this isn't a native $SOL airdrop, there are many projects within the ecosystem that don't have tokens - but soon will. With the recent uptick in the SOL price + network activity, these airdrops are now more valuable than they were a few months ago.

Some of the current “tokenless” protocols that are likely to have airdrops are:

• Jupiter

• Jito

• Drift

• Pyth

• Marinade

• Tensor

5. @Scroll_ZKP -  Scroll is a Native zkEVM Layer 2 for Ethereum. They've raised $80M at a $1.8B valuation. They recently launched their mainnet, and still don't have a token. This is the formula for a nice airdrop (remember, focusing on mainnet airdrops with big backing is ideal).
   

💥 Market Movers:

Top Gainer: Celestia (TIA) up 14.59% - John Galt, head of strategy at Cosmos Stride, said that the Cosmos Interchain Foundation (ICF) invested US$100,000 in Celestia in 2021, holding a 1.6% stake currently worth US$70 million. (Note: The Cosmos Foundation also holds approximately $350 million in BTC, ETH, USD, and ATOM.)

Top Loser: dYdX ($ETHdYdX)  down 3.21% - The much loved perpetuals trading platform and layer-1 blockchain, dYdX, is set for a significant event on Friday. Founders, investors, and other key figures involved with the project will gain access to about 150 million previously locked DYDX tokens, currently valued at around $490 million. This unlocking event will increase the circulating supply of DYDX by roughly 80%. This has caused speculation that a dump will be incoming, but only time will tell.

😂 Crypto Meme of the Day:

Wednesday’s Poll Results:
Q - Do you believe that a Spot Bitcoin ETF will be approved by the end of January?

72% of our Readers say Yes a Spot Bitcoin ETF will be approved
While 28% of our readers say No it will not be approved.

I guess only time will tell who’s right on this one.

And that’s it for this week!

Thanks, for reading our third newsletter!

As you know we are just starting out so feel free to reply back to this email with any recommendations or suggestions you might have on how we can improve the reading experience, any feedback is greatly appreciated.

See you again Monday,
Jonathan Gibson
UseTheBitcoin.com