Research Summary
The report discusses the recent developments in the cryptocurrency market, focusing on the activities of Friend Tech and Rollbit (RLB). It highlights the security concerns surrounding Friend Tech and the measures taken to address them. The report also discusses Rollbit’s decision to move their buybacks on-chain, dispelling doubts about their revenue generation.
Key Takeaways
Market Apathy
- Signs of Market Apathy: The report notes a lack of attention and activity in the cryptocurrency market, with fewer discussions and events happening. This is seen as a sign of market apathy, which is often associated with market bottoms.
Friend Tech Security Concerns
- Security Issues: Friend Tech users have experienced a number of sim swaps, leading to losses of around $385k. The report suggests that this could be due to a data leak, although the source of the leak is unclear.
- Security Measures: In response to these issues, Friend Tech has allowed users to switch their login methods. The report suggests that the safest method is to use an authenticator app with a Gmail account, and to remove the phone number as a recovery method.
Rollbit’s On-Chain Buybacks
- On-Chain Buybacks: Rollbit has moved their buybacks on-chain, which is seen as a sign that they are generating significant revenue. The buybacks are conducted hourly and are a measure of their revenue over the last hour.
- Revenue Sources: The report notes that Rollbit’s revenue comes from three sectors of their company: 30% from crypto futures, 20% from sports book, and 10% from the casino.
Actionable Insights
- Monitor Friend Tech’s Security Measures: Given the recent security issues, it would be prudent to keep an eye on Friend Tech’s security measures and how effective they are in preventing further attacks.
- Investigate Rollbit’s Revenue Claims: Rollbit’s decision to move their buybacks on-chain could be a sign of strong revenue generation. However, further investigation is needed to verify these claims and understand their implications.
- Stay Alert to Market Sentiment: The report suggests that the current market apathy could be a sign of a market bottom. It would be wise to monitor market sentiment and activity levels for potential shifts in the market trend.
