A Tale of Two Rug Pulls | Weekly Recap

How the crypto markets got shaken up by two well known individuals
May 15, 20212 min read

Dear Bankless Nation,

We called this past week a Tale of Two Rug Pulls on our Weekly Rollup.

Rug Pull #1—Elon tweets that Tesla has “suspended vehicle purchase using Bitcoin” due to concern about “rapidly increasing use of fossil fuels for Bitcoin mining” but they’re looking at other cryptocurrencies that “use <1% of Bitcoin’s energy”

Bitcoin tumbles on the back of this tweet—oh the betrayal!

Ok, Elon didn’t you know about proof-of-work in February when you first added Bitcoin as a payment option? But also…maybe this is just the energy consumption narrative rearing its head…so does that mean it’s good times ahead for proof-of-stake? But mostly…maybe we should stop taking advice on crypto from rich guys.

Rug Pull 2 #—dog meme coins pumping (blame Elon again??)…and for some reason the doggie coins send billions worth to Vitalik (well, not really billions…there’s no liquidity) and then Vitalik sells them all to donate the proceeds to public goods…speculators washed out.

Doggie coin rug pull? Regenerative finance? Poetic justice?

Watch our version of the story.

Just another week in crypto folks. Seriously, is there any place you’d rather be?

Oh…and the Bankless DAO is humming. Wow.

Here’s what’s lined up for next week:

  • Matt Hougan is sharing his thoughts on institutions and DeFi
  • Mark Yusko is coming on the podcast to talk about crypto investing 👀
  • Exploring the Polygon ecosystem (gas fees are too damn high!!)

Let’s get to the recap.


P.S. Listen to David talk about ultra sound money at CoinDesk Consensus 2021 🦇🔊
Event starts on May 24th. Register here.

Recap for the week of May 10th, 2021


Listen in Podcast App | iTunes | Spotify | YouTube | RSS Feed


  1. Execute any good market opportunities you saw in Market Monday
  2. Earn a profit by arbitraging RAI
  3. Explore the theory of the DAO 🔥
  4. Understand the enemy: Coordination Failures
  5. Predict whether or not the flippening will happen


  1. 🎙️ Listen to Legitimacy with Vitalik Buterin
  2. 📺 Watch SotN #46: The ETH Trade | Su Zhu and Kyle Davies
  3. 📺 Watch Rollup: Vitalik rugs for charity | Elon & Bitcoin | Balancer V2


  1. Axie Infinity Builders Raise $7.5M
  2. How to appraise NFTs on Upshot


  1. 2nd Edition of “Week in Bankless DAO

Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

Launch your own raffle for Bankless Badge holders! Could be a good marketing move :)

📺 Episode 46 of State of the Nation

📺 Watch State of the Nation #46: The ETH Trade| Su Zhu & Kyle Davies of 3AC

Su Zhu and Kyle Davies are legendary crypto investors & founders of crypto hedge fund Three Arrows Capital. They join the State of the Nation to discuss the bullish case for ETH.

We premiere State of the Nation on YouTube every Tuesday at 2pm EST—join us!

🗞️ Latest Weekly Rollup.Download the crypto meta to your brain in this weekly show.

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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