NFTs Are Worthless? Why Gmoney Took Out a $1 Million Loan on His CryptoPunk

Gmoney tells Rug Radio’s “FOMO Hour” why he opted to borrow against one of the most recognizable PFPs in crypto.

Mainstream media reports might tell you that NFTs are dead, but the holder of a CryptoPunks NFT said he wanted to prove them wrong—by taking out a seven-figure loan on one of the rarest assets in the prominent profile picture (PFP) collection.

“Here we are, four or five months removed from an article in Rolling Stone saying that NFTs are worthless,” collector and entrepreneur Gmoney said today on Rug Radio’s live “FOMO Hour” show. “And so I was like, ‘Well, what better way to show that these are not worthless if I can get a million-dollar loan against an NFT, right?”
Gmoney, the pseudonymous founder and CEO of connected fashion brand 9dcc, is known in the crypto world as someone who has made sizable bets on high-value assets. And he’s amassed a sizable following in the process, making his PFP even more recognizable.

His CryptoPunk #8219 is one of just 24 Apes in the entire 10,000 NFT collection, and others have sold for as much as $10 million in the past. CryptoPunks start at a price of nearly $140,000 worth of Ethereum on secondary marketplaces as of this writing, but sale prices for rare assets in the collection can still deliver a sizable multiple of that.
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Bitcoin Billionaire Arthur Hayes: It's Time to ‘Get Back on the Solana Train’

The respected crypto authority predicts a significant rally for Solana (SOL) amid brewing banking sector challenges.

After the catastrophic collapse of FTX and the courtroom and bankruptcy wrangling that followed, some declared that Solana (SOL)—a favorite digital asset of convicted founder Sam-Bankman Fried—was doomed or even dead. But Arthur Hayes, the former CEO of BitMEX, has recently turned the spotlight on the blockchain, suggesting that it has a promising trajectory amid a volatile market landscape. 

"I think it might be time to get back on the train fam,” he tweeted, sharing a chart of Solana's price movements. “Maybe after a few U.S. banks bite the dust this weekend." The tweet gathered over 1,100 likes a few hours after being posted.
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$4.2 Million Worth of Stolen XRP Tokens Frozen on Binance:

It's good news, but there's still a lot of funds missing. The exploiter made off with $113 million worth of XRP.

$4.2 million worth of XRP tokens that were stolen during an exploit earlier this week have been identified and frozen, said Binance CEO Richard Teng.

"We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter's external wallets in case they deposit to Binance," Teng wrote in a post on Twitter last night.

After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP  stolen by the exploiter.
We appreciate both the communities efforts in flagging it to exchanges - as always…

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