Today's on crypto drama, May 10th.

Something different today

Decided to do something a bit different today, this post will cover some of today’s most talked-about drama on crypto Twitter.

Let’s start with AZUKI

AZUKI’S creator Zagabond tweeted a blog post yesterday that he was the creator of a few NFT rugpulls such as PHUNKS, ZUNKS and TENDIES. The price of AZUKI started tanking and the drama ensued.

He later today posted this thread:

ZAGABOND.ETH @ZAGABOND

I fucked up. After the spaces today, I realized my shortcomings in how I handled the prior projects which I started. To the communities I walked away from, to Azuki holders, and to those who believed in me — I’m truly sorry. 1/x

Here is the original post that caused the craziness:

ZAGABOND.ETH @ZAGABOND

•Bull or bear, Azuki is building towards the future of web3. We're in it for the long term. •Builders need to experiment for web3 to challenge web2. •Azuki is built on learnings from creating Phunks & other projects. This taught me to lead, not follow.

mirror.xyzA Builder’s JourneyTL;DR

Despite the drama, AZUKI is the second most traded NFT on opensea as of this post. But the floor is dropping by the hour.

kmoney @kmoney_69

pov: you’re zagabond from azuki

foobar @0xfoobar

If it's unethical to sell a trashy NFT to a willing buyer on primary, it's also unethical to sell a trashy NFT to a willing buyer on secondary

Axo @guzeaxo

8,000 ETH just got moved by Azuki team. 9 minutes after spaces went badly.

RAGNAROK NFT REVEAL DRAMA

The much expected NFT collection and gamefi Ragnarok were revealed today and people are not happy, first many are saying that the traits are a copypasta from AZUKI, others are unhappy that it is just a “front-facing azuki”.

Keyboard Monkey @KeyboardMonkey3

Clearing up my comments on Ragnarok earlier being a front facing Azuki..apparently Azuki is actually a left facing Ragnarok from the hate i'm receiving. The point of the post isn't about 1 or the other, its about how awful the space is becoming. Dont let me lead you into web3

King BlackBored 🏴‍☠️👑 @KingBlackBored

y0 if today's Azuki spaces wasn't wild enough @RagnarokMeta jus revealed their art and it's a str8 rip off of Azuki traits jus front facing Do better project devs.

Do Kwon UST drama

Some people are pointing out how Do Kwon loved to call others poor on CT and now his network is on fire.

Tree of Alpha @Tree_of_Alpha

Current occupation: screencaping tweets while they're still up for posterity. In retrospect having the "master of stablecoins" ask "wtf is paxos" was probably the biggest red flag there could have been.

In Cow’s opinion maybe this wouldn’t happen if networks and protocols used web3 insurance protocols like unore.io.

Some are saying that the UST crash was a coordinated attack.

4484 @4484

ok here is how the $luna $ust attack was coordinated & executed. 🧵 (quoted from a friend) - attacker OTC accumulated $1bn of UST - borrowed $3bn in $btc - spread around some fud about peg and bank runs - dumped the fuck out of their $3bn $btc on market to trigger wider panic

Others pointed out that it’s not the first or last time a algo stable ponzu dies:

Mikko Ohtamaa 🐮 @moo9000

1/ The short history of algorithmic stablecoins, fractionally backed family. Some inherited unstableness goes in the blood. A thread. 👇👇👇

Others are blaming Do Kwon for the incoming regulation of stable assets by the government:

𝚂𝚌𝚘𝚝𝚝 𝙻Ξ𝚠𝚒𝚜 🌾 @scott_lew_is

big thank you to do kwon and all his enablers. your work will not be soon forgotten.

COINBASE REKT!

Apparently, coinbase has lost $450M in their last report, and the drama ensues.

Frank Chaparro @fintechfrank

COIN adjusted EBITDA down from $1.1bn in Q1 '21 to $20m in the most recent quarter

NoSleepJon 💤 @nosleepjon

Coinbase spent marketing budget on cringe wagmi fake positivity web3 tourist messaging, shilled Doge/Shib/Ape to its normie users, listed absolute bottom of the toilet donkey shit coins on its exchange, fed their users to the wolves and they wonder why growth is slowing.

Twitter was quick to point out the changes in wording on Coinbase terms.

Nick Winkler @TheWinklerGroup

1) $COIN included new language in latest 10-Q warning crypto investors what might happen to their coins should the company file for bankruptcy

That will be all for today. If you want to look at these tweets directly cow has made a thread for it here:

cow 🐮 ( 0xbluecow.eth ) @0xbluecow

Daily gossip thread! #1 MAY 10 the idea of this thread is to have a daily thread that updates with the daily drama, anyone can help by posting tweets or news into it! 👇🧵

Have a good night sers!