GM. This is the Milk Road, the only crypto newsletter that gives you the same feelings as waking up to Saturday morning cartoons. Man, those were the days.

Here's what we got for ya today:

• Michael Saylor steps down as CEO

• Thousands of Solana wallets get exploited

• Magic Eden adds Ethereum NFTs

• Meme of the day

MICHAEL SAYLOR STEPS DOWN AS CEO OF MICROSTRATEGY

Michael Saylor is stepping down as CEO of MicroStrategy. After sitting on the throne as Head Honcho since 1989, he’s officially stepping down to serve as Executive Chairman.

Who is Michael Saylor?

• MIT rocket scientist

• Launched MicroStrategy at age 24

• Bitcoin Maxi

The news was dropped during MicroStrategy’s latest earnings call. Here were the 3 main highlights:

1/ Reported a $918m loss in Q2 from Bitcoin holdings. They still hold 129,699 BTC - bought at an average price of $30,664.

2/ Total revenues decreased 3%

3/ CEO transition: Michael Saylor out, Phong Le in. They even made it look like an NBA trade.

So what’d Big Mike have to say about it all?

Translation: He wants to go full-time Bitcoin mode

Here’s what Twitter had to say:

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THOUSANDS OF SOLANA WALLETS GET DRAINED

More than 9,000 Solana wallets have been exploited for over $4m.

Nobody knows exactly what the root cause of the hack is, but it seems to be draining random Phantom and Slope (Solana) wallets.

Reports are all over the place. It could be software bugs in the popular Solana wallets. It could be a private key leak. It could be the boogeyman. No one really knows.

But we do recommend sending any valuable assets you have to your hardware wallets. Hide yo crypto. Hide yo wife. Hide yo kids. It’s gettin’ real out here.

We’ll be keeping you updated on Twitter @MilkRoadDaily as we get more details. Stay safe out there.

MAGIC EDEN WILL NOW SUPPORT ETHEREUM NFTS

Magic Eden is the leading NFT marketplace on Solana. They control ~90% of all volume for Solana NFTs.

And now they’re taking their talents to Ethereum. That’s right, Magic Eden will now have Ethereum NFTs on their marketplace.

They’ll be looking to take some market share away from OpenSea. Which is much easier said than done.

OpenSea is in 1st place and it’s not even close. According to the Block, OpenSea had ~78% of all monthly volume for Ethereum NFTs in July.

But it’s interesting because it won’t be the first battle between Magic Eden and OpenSea either.

Remember, OpenSea released the support for Solana NFTs back in April. That was their attempt at getting market share from Magic Eden.

Some say that was Magic Eden’s “MJ” moment.

Now they’re looking to return the favor by stepping onto the Ethereum turf. It’s getting spicier than three packets of Diablo on my crunch wrap supreme!

Magic Eden vs OpenSea will be one to watch over the next few months.

MEME OF THE DAY

🤣

That's a wrap for today folks. See ya tomorrow!

If you want more, we'll be posting all day on our Twitter! (@MilkRoadDaily)

A ROADERS REVIEW

VITALIK PIC OF THE DAY

DISCLAIMER: None of this is financial 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. Please be careful and do your own research.