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Magic Eden Rewards Program Gets Huge Update

Colorado Pastor in hot water after $1.3M Crypto Scam

Author

Gannon Breslin
January 25, 2024

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All the NFT, web3, and crypto news you need in one Drop!

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Happy almost Friday! Let’s have a great end to this week ❤️ 

Here is the breakdown of today's newsletter:

💧 Web3 Drop
🪄 Magic Eden Rewards Announcement
👀 Colorado Pastor in hot water after $1.3M Crypto Scam
📈 Crypto Breakdown of the day

Reminder: If there is something you think we can do to make this newsletter better (content, format, etc.) please respond to this email with your feedback!

  • 21,000: The amount of Bitcoin Ordinals that was randomly and anonymously airdropped. The group goes by “Runecoin” and the ordinals are apparently supposed to be for a game launch. Definitely something worth keeping an eye on. (DC)

  • Gas Hero: NFT gaming is alive and well. The Satoshi Lab’s backed web3 game Gas Hero has generated $90 million in NFT trading volume since its launch earlier this month. Along with this there are over 10,000 active players. (TB)

  • On1Force: One of the OG ETH NFT projects announces plans for an Ordinal collection. See the full details here.

  • Luca Netz: Leader of Pudgy Penguins puts out “soonium” tweet alluding to possible a new announcement. Check out the photo here.

  • Sotheby’s: A new auction is getting underway with some heavy hitters such as Beeple, Tyler Hobbs, XCOPY and more. (@punk9095)

  • Edward Snowden: Has backed the Tornado Cash (the popular anonymous cryptocurrency address scrambler) founder Roman Storm who is currently arrested and charged with money laundering. Snowden stated “privacy is not a crime” and asks for the community to help with the campaign. (DC)

ME Rewards Are On Their Way! 🪄

The rival marketplace to Blur and OpenSea known for its foundation in the Solana community has a big announcement.

Magic Eden’s diamond reward program is going to cover multiple chains along with a Non-Fungible DAO token that rewards user for activity.

💡 Plain English Please

  • ME debut “Diamonds” in March 2023 which was a rewards program in which users could receive lower fees and and access to whitelists via the diamond tokens

  • With this new update users can receive these diamond tokens for buying and selling NFTs across multiple chains (Not just SOL NFTs)

  • Although ambiguous about the full details, Non-Fungible DAO will be open source - this is the DAO that governs the smart contracts for Magic Eden

Ambassador Program 🙌

Concurrent with this large announcement, Magic Eden also released its ambassador list.

These are various influencers in the NFT space that ME will be working with intently for community feedback and guidance. Right now these ambassadors are primarily in the ETH, SOL, and Polygon space but they are looking to expand their list to Ordinals soon.

Congrats to those selected! (some are good friends of The Drop 😄 )

Get your name or project across 23,000+ readers by filling out the form below:

Colorado Pastor’s $1.3 M Crypto Scam 👀

Yes this video is real. This is the Colorado Pastor Eli Regalados’ “apology” video for the $1.3 million crypto scam that he launched. Must watch television is an understatement.

In the video above you will see Denver Pastor Eli Regalado who launched “INDXcoin” selling it to members of his church and other Christian communities in Denver, Colorado. The sales were conducted through the “Kingdom Wealth Exchange”, an online crypto marketplace that he created and operated - which in turn ended up failing not allowing holders to sell.

After raising over $3 million in funds through sales tactics that many religious members would deem to maybe say heresy in itself, Regalados and his wife used $1.3 million of the funds to purchase lavish items such as a Range Rover, vacations, and jewelry. He even remodeled his home and stated “A few hundred thousand dollars went to a home remodel that the Lord told us to do.”

Even though Regalados (in his words) was waiting for God to make a “financial miracle” members of the community have rightfully filed civil fraud charges.

There isn’t a normal day in crypto EVER!

  • Colorado Pastor: Accused of $1.3M crypto scheme, “led by The Lord” (BBC)

  • FTX: Was responsible for dumping about 50% of Grayscale’s $2B of Bitcoin, selling 22 million shares (RT

  • Mt. Gox: The former Bitcoin exchange, is preparing to distribute 200k BTC for creditor repayment (@BitcoinNewsCom)

  • Terraform Labs: Files for Chapter 11 Bankruptcy in the U.S. (RT)

  • Crypto: Total crypto markets take a 3% dive this past week.

  • Binance Labs: Finishes 2023 with 25 investments. (CPOT)

  • Donald Trump: Will not allow for any Central Bank Digital Currency if elected. (@BitcoinMagazine)

  • Bitcoin hashrate: Has dropped 35% - the halvening is projected to occur in April. (D)

Punk6529 helps the entire web3 community by giving one of the best threads covering the best way to get a job in crypto. If you are looking for a job in the space this is a must read thread.

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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

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Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.