Avalore Dump Week 33
"Insider trading fight club" Edition
It’s been a busy week for me, so to be honest I don’t have my usual patience to give you some whimsical, informative, foreshadowing introduction here this time.
Let’s just dive inside the zoos news.
Insider Trading??
Nobs had a nice little mini-crashout earlier this week about insider trading. Thank you Nobs! More people should crash out! Be like Nobs!
Anyway, Nobs alleged that people with early information accumulated a ton of KET for cheap to sell into the FDN bids that they knew were coming.
The crashout was triggered by this insider dumping a ton of tokens even this week, draining 40% of the remaining KET LP. Well, who could do such a thing? Who would know that the FDN was going to bid KET ahead of time???
Why, a Foundation employee of course!
Honestly I think insider trading is unavoidable. If you knew that the FDN was about to buy 8 figures of KET, it would be hard not to buy some and sell into that. But in the words of Ruxin from The League: “You had to rob the THIRD liquor store?? Just go to one! I stole a Kit-Kat last week! Nobody knows, just keep it small!”
Just buy up an extra allocation and offload it for mid 6 figs like a normal person! Don’t sell TWELVE MILLION DOLLARS worth of the coin! Keep it small!
Now of course people will probably say “You can’t prove it’s a FDN employee” and you’re obviously right, but people I trust say there’s a link. It’s also not surprising at all. You’re telling me the same people that shoehorned Gecko Inu into a memecoin rewards program are insider trading??? SHOCKING.
This is also nothing new. For those of you who were active in the days of FDN buying memecoins (ancient times, I know), it’s possible you had a setup tracking the FDN buys as they did not make any effort to hide them.
However, one Hateful discord took things a bit further, and after inspecting the FDN buys they found some wallets that were consistently buying the same tokens a minute or so before the FDN.
Tactical Retreat, being the optimistic guy that he is, posited that perhaps North Korean hackers had infiltrated the FDN process and figured out about the buys before they happened. The channel was then named accordingly:
I’m personally more of an Occam’s Razor guy myself, so I’d be inclined to think it was someone associated with FDN in some way.
Interestingly enough, after the wallets were reported to the FDN, the “insider” activity stopped! Maybe they closed off the North Korean’s access! Good work!
This next bit is exciting so I will bold the run-up:
AN UNDISCLOSED SOURCE HAS GIVEN US SOME INFORMATION ON THIS TOPIC
We have sources!!!! We’re like a real news company now!!!11!!!
Anyway, a source that will remain anonymous reached out to me and told me that employees were actually fired/let go due to insider trading a while ago. They would not give me names of course, but it sounds like it could have been some people who “stepped down” last year as FDN transitioned to new leadership.
Hopefully it’s water under the bridge now, and we will have no more PvFDNEmploids moving forward. If you’re reading this, Matias, just keep your insider trading small! If it means there will be tokens to trade again, we’re cool with it!
Ferdy Sword
For those who haven't noticed, VQ has actually been grinding a ton on the FerdyFlip (sorry, FerdyBet) project!
The site was shut down a while ago but has since been re-opened and some new games have been released by VQ and his 5 Claude agents.
One of the games involved re-skinning “flip” as a fighting simulator:
This might look familiar to you if you are French and therefore a heavy user of the Capy Sword project!
People (me included) were quick to point out these similarities, and eventually baited the Capy founder to speak on the situation.
His post was long, but the relevant part is that he, like so many others, blames the “cabal.” This line of reasoning is frustrating on a few fronts, so let’s speedrun why this makes me angry:
There is no cabal. There are different friend groups and communities that support similar founders because they have built up trust over many years. If nobody in a group can vouch for you, they probably won’t blindly trust you.
Lack of support wasn’t because of lack of bribes, it was because many people came to the same conclusion that the token was being run poorly. The initial valuation was way too high (above BANDS at the time) and the team’s projections required $50k of volume per week. Many thought this was insane (currently has done around $80k over the last two months and dropping) so they stayed away.
That’s all I’ve got on this one! I think there’s just a lack of introspection here. Maybe the French community is too much of an echo chamber? Idk. Vive!
Team1 USA First Events
The newly established Team1 USA ran it’s first events this week! I can’t speak to the others, but the NYC one was fun and Vanya did a great job planning it. Yes, she has a gun to my head right now, thanks for asking.
Honestly I like these events because, at risk of sounding VERY mean, going to them is a bit like going to the zoo—there are so many weird people to observe and interact with. No shame to them! I’m weird too! I’ll highlight some of my favorite moments here. Hopefully they don’t read this (seems impossible).
One person traveled an hour and a half to this event without knowing anything about AVAX. Onboarding! I asked him what his experience with the chain was, and he mentioned that he ran a project a while back and looked for an AVAX KOL to do campaigns with.
He went with longtime AVAX lord and savior, Jesus Martinez! I asked for some details about the project, but I was shocked to hear it’s not around anymore. He seemed like a nice guy though!
My favorite person at the event approached us with his hood up (it was a dark, inside bar) and was excited to talk about why he thinks Solana has won the “blockchain wars.” It’s actually simpler than you think!
He says it’s because humans are animals (hence the zoo metaphor above) with basic needs. Solana hacker houses apparently had FULL SIZE candy bars, while other events skimped out with mini candy bars. Because of this, he thinks that people naturally flocked to Solana over other chains. Very insightful! This Team1 event actually had mini-tacos, so not a great sign for AVAX’s future.
He was also quick to show off the chain around his neck, which had two golden squares on it. Do you get it??? It’s a block chain!!!!1!!! Apparently this chain signifies his presence in the largest cross-chain DAO in crypto today (didn’t catch the name, sorry).
He also said that he doesn’t go to events unless he gets flown out and paid for. Maybe I’m angering the crypto Illuminati here? Go easy on me please, I’m just a peasant.
That’s all for the news this week! Build Games is reaching its thrilling conclusion—probably we will discuss that in more detail next article.
Also a little birdie told me that Avax Bingo will be minting this Friday (today?) so keep an eye out for that and we will talk about it next week as well. I love having content in the pipeline! So exciting! See you on the other side.
Tweet of the Week
