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Solid guy, but fucked
+ Stealing your crypto
063
OVERWORLD:
-Thieves stole $1.38B in crypto this year-
ONE BETWEEN:
-Burberry is too smart for their britches-
THE DEPTHS:
-Solid guy, but fucked-
 | O |  |
What the fuck
They’re stealing our crypto — thieves stole $1.38B in crypto this year
It's a good time to be a menacing thief, apparently.
In the first half of 2024, crypto thefts, hacks, and exploits doubled compared to the same period in 2023, per TRM.
Big frickin’ dollar:By June 24, 2024, hackers had stolen $1.38 billion, up from $657 million a year earlier. The top 5 hacks account for 70% of the total stolent amount.
The one: One of the most significant incidents occurred in May when Japanese cryptocurrency exchange DMM Bitcoin was targeted, resulting in the theft of over 4,500 BTC, valued at more than $300 million at the time.
Why? The exact cause remains unknown, but potential attack methods include stolen private keys or address poisoning—a tactic where attackers create fake transaction histories by sending small amounts of cryptocurrency to confuse users into sending funds to the wrong address.
✦A good ole’ mystery✦
It’s weird, TRM has observed no real changes in the security of the cryptocurrency ecosystem that could explain this upward trend.
Meaning, there has been no significant difference in attack vectors or the number of attacks between the first halves of 2023 and 2024.
One, weird reason: It’s all kinda skewed too. The higher average token prices in 2024 likely contributed to the increased theft volumes.
✦What to do?✦
Now, calm your asshole. If you’re a single individual with crypto to your name, worry not. The victims of this are crypto projects. To protect against breaches, crypto projects should adopt a multi-layered defense strategy.
This includes regular security audits, robust encryption, multi-signature wallets, and secure coding practices. Also, staying updated on the latest threats, educating employees, and fostering a security-aware culture.
Ultimately, it’s all about being redundant, with multiple security measures against breaches.
THE KING NEEDS YOU
Human, you are a mere . Do you not seek grander ventures? A greater title? Honor? Take up arms, and help me expand my kingdom!
{{rp_personalized_text}}
Refer a friend with this link.
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✦Business & Tech✦
Down we go: Germany's government has been selling hundreds of millions in bitcoin, causing a significant price drop. Sales include 900 bitcoins in June, 3,000 last week, and 2,739 on Monday. This has impacted market sentiment and added to pressures from Mt. Gox's payout to creditors. Despite this, bitcoin's price is still up 89% over the past year.
Yikes: Boeing pleads guilty to fraud in 737 Max crashes, avoiding trial but facing $243.6 million fine. The plea deal requires compliance oversight for three years and investments in safety programs. Victims' families oppose the deal.
Cute: Copenhagen is about to reward responsible tourists with free experiences for eco-friendly behavior starting July 15. The CopenPay initiative offers access to cultural attractions for actions like cycling, train travel, and clean-up efforts.
✦Fashion & Culture✦
Grindin’: Louis Vuitton names rapper Pusha T as its latest brand ambassador, highlighting his long-term collaboration with Pharrell Williams. Pusha T has appeared in several Vuitton shows and joins other notable ambassadors, including K-pop stars and athletes.
Haha? Players of Cities: Skylines II are celebrating the unofficial mod "Bye Bye Homeless," which deletes homeless people if they can't find housing within 1.5 in-game hours, fixing a bug causing excessive homelessness. The mod has helped players manage homelessness and reduce crime in their virtual cities.
Speaking of city planners: Check out Car Park Capital — it’s like Skylines, but only parking lots. In it, players manage both city traffic and the automotive industry by building numerous parking lots. Inspired by real pro-car propaganda, the game satirizes car dependency and its negative impacts on cities.
✦Hmm… Interesting✦
Cozy 2-minute read: Finding Myself Beyond the Trading Floor
Cozy 5-minute read by Paul Graham: The Right Kind of Stubborn
Watch: Could Kanye West Save Austria-Hungary?
Holy shit: Making My Own Wedding Rings
For developers: The Zombie Misconception of Theoretical Computer Science
ONE
BETWEEN
Doing bad
Burberry is too smart for their britches.
Burberry has been eating shit lately — if you didn’t know, they had a 12 percent drop in sales during the first quarter of 2024.
Here’s the gist of it:
Failed elevation: The core of Burberry’s strategy revolves around “brand elevation,” a traditional luxury playbook that says no-no to sales and yes-yes to better design, branding, and upgraded distribution channels.
It’s flopping: This approach is struggling to convince the market that Burberry is top-tier design akin to Prada, and not an old mid-market designer brand. Because of this, Burberry continues to grapple with profitability and market perception issues.
At least they're not lonely: The luxury market is pretty weak overall, and most giants are struggling; just look at Gucci's 20% sales decline. Today isn’t really an optimal time to rehaul a design house.
This is what Burberry looks like in its ultra-luxury phase.
✦The failing strategy✦
Burberry’s ongoing brand elevation efforts are probably not tapped in with market realities. They’re also kinda half-assing it; the simultaneous increase in prices and reliance on outlet sales create a contradictory brand message.
In another half-ass case, the ambitious pricing of new leather goods collections, initially set 58% higher than legacy products hasn’t really resonated with consumers — and there are price cuts to prove it.
✦Scapegoats✦
As usual, somebody must take the blame. Luckily they have people on payroll for that; CEO Jonathan Akeroyd and creative director Daniel Lee having been under high pressure.
Critique à la CEO: The product range is both diffuse and too pricey. The price hikes on classic pieces, like Burberry check polos and trench coats, alienate consumers who once had a heritage British Coach brand, but now have Dior-level pricing without the support.
Critique à la designer: Trying to put some sort of semi-luxury avant twist on a brand that is nothing without its heritage is an uphill fight. Keep it simple, keep it useful, and keep it slightly dumber whilst maintaining that familiar British-ness.
THE DEPTHS
Lifestyle inspiration
Solid guy, but fucked
The Leatherman is fucked. He was a vagabond who roamed the northeastern United States from around 1857 to 1889. No name, no house, no English, no friends. All he had was a sick ass handmade full-leather outfit.
For over three decades, the Leatherman held to an oddly precise 365-mile circuit between the Connecticut River and the Hudson River. He completed this journey in approximately 34 days. Always on time. Always the same path.
✦Friends-ish✦
The same path means running into the same people. The Leatherman quickly turned into a respected fact of reality for the people around his route. So, they left food and supplies for him.
His past was a mystery. Again, no English; but he spoke French though. Whenever he spoke it was full sentences, just single words. Some said he was a heartbroken Frenchman, running away from his troubles.
✦Death✦
Again, the Leatherman is fucked. He survived nearly 30 years of harsh winters and blizzards. Those very same blizzards often killed other tramps and vagabonds by frostbite.
In 1889, his journey ended. He was found dead in one of his usual shelters near Ossining, New York. When he died, a French prayer book was found among his possessions.