The global crypto market cap is $2.17T 3.03%▼ with a 24-hour market volume of $101.12B 8.92%▲. Bitcoin's dominance is currently 40.55% 0.08%▼. CURRENT PRICES BY MARKET CAP | # | Name | Price | 24h % | | 1 | Bitcoin BTC | $46,636.76 | 2.97% ▼ | | 2 | Ethereum ETH | $3,891.03 | 3.24% ▼ | | 3 | Binance Coin BNB | $526.46 | 1.53% ▼ | | 4 | Solana SOL | $177.08 | 2.85% ▼ | | 5 | Cardano ADA | $1.23 | 3.09% ▼ | Source: CoinMarketCap, 5:00 EST
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 A new report from Chainalysis found that crypto scams netted a near record high of $7.7B in 2021. The high represents an 80% increase from 2020. More: - The number of financial scams increased to 3,300, up from 2,052 in 2020.
- A higher rate of new scams is consistent with the decrease in the average lifespan of a financial scam, which has decreased steadily from 2,359 days in 2013 to 70 days in 2021.
- Nearly 75% of funds stolen in crypto scams ended up on centralized exchanges, a pattern that has been relatively consistent since 2017.
Rug Pulls: - The massive increase from 2020 was due to the rise of rug pulls.
- Rug pulls accounted for 37% of all scam revenue in 2021 ($2.8B) compared to 1% in 2020.
- The largest rug pull in 2021 was from Turkish exchange Thodex, which resulted in the loss of over $2B, or 90% of all value stolen in rug pulls in 2021.
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TOP NFT COLLECTIONS (24hr Volume) | # | Name | 24h Volume | 24h % | | 1 | Axie Infinity ETH, RONIN | $9.43M | 5.63% ▼ | | 2 | CloneX ETH | $6.33M | 25.04% ▼ | | 3 | CryptoPunks ETH | $5.81M | 8.69% ▲ | | 4 | Bored Ape YC ETH | $3.33M | 38.15% ▼ | | 5 | Doodles V4 ETH | $3.31M | 140.88% ▲ | Source: DappRadar, 5:00 pm EST
TOP ETH NFT COLLECTIONS (Floor Cap) | # | Name | Floor Price (ETH) | 24h % | | 1 | CryptoPunks | Ξ 61 | 0.68% ▼ | | 2 | Bored Ape YC | Ξ 49.69 | 0.62% ▼ | | 3 | Mutant Ape YC | Ξ 6.69 | 7.92% ▲ | | 4 | VeeFriends | Ξ 9.45 | 0.64% ▲ | | 5 | Autoglyphs | Ξ 150 | 0% | Source: NFT Price Floor, 5:00 pm EST
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 53% of millionaire millennials have 50% of their wealth in cryptocurrency. A third of the surveyed millennials had at least 75% of their wealth in crypto. More: - The data comes from the CNBC Millionaire Survey, which surveyed millennials who had at least $1M in investable assets.
- 48% stated that they would continue adding to their bag in 2022, while only 6% said they would reduce their position.
- Only 4% of baby boomers and 25% of Gen X investors surveyed hold crypto assets.
- 45% of millennial millionaires and 75% of millennials with over $5 million in assets credit inheritance as a factor in their wealth.
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Paraguay approved a new bill to regulate crypto mining and trading. The bill seeks to require miners to request a license for industrial electricity consumption. More: - Paraguay reportedly only consumes a third of the energy it produces, putting it in the rare position of an energy surplus.
- Almost 100% of energy production in the country comes from hydroelectric sources, driving the price per kilowatt-hour as low as $0.05.
- Although not mentioned in the bill, Paraguay additionally is preparing to require registration for companies offering crypto trading and custodial services for third parties.
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▲ TOP GAINERS | # | Name | Price | 24h % | | 1 | Yearn.finance YFI | $32,083.27 | 27.84% ▲ | | 2 | Curve DAO Token CRV | $4.30 | 7.05% ▲ | | 3 | BORA BORA | $1.10 | 6.54% ▲ | | 4 | Avalanche AVAX | $112.02 | 6.51% ▲ | | 5 | Helium HNT | $34.36 | 6.19% ▲ | ▼ TOP LOSERS | # | Name | Price | 24h % | | 1 | NEAR Protocol NEAR | $8.49 | 11.80%▼ | | 2 | Kadena KDA | $11.14 | 8.95%▼ | | 3 | XDC Network XDC | $0.08133 | 8.70%▼ | | 4 | Decred DCR | $62.71 | 8.21%▼ | | 5 | THORChain RUNE | $6.20 | 7.49%▼ | Source: CoinMarketCap, 5:00 EST
*Limited to cryptocurrencies in the Top 100
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 Polygon (MATIC) and Alexis Ohanian’s Seven Seven Six launched a $200M Web3 fund. The fund will be used to invest in Web3 social media and gaming projects.
More: - The fund will specifically look to invest in startups building on Polygon, backing both equity and token funding rounds.
- The two parties did not disclose the amount of capital contributed or how the funds will be deployed.
- Seven Seven Six launched a $100M fund for Web3 social media projects on Solana (SOL) back in November.
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 Kraken Ventures announced a $65M independent crypto investment fund. The fund will invest in several areas of blockchain tech, including DeFi, Web3, and consumer protocols. More: - Kraken Ventures has previously backed major crypto projects like Anchorage, Messari, Acala, Blockdaemon, and pStake.
- The fund will offer strategic guidance and source commercial opportunities while allocating investments of between $500K to $2M.
- Kraken Ventures additionally announced a new hiring round for its expansion into Europe.
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QUICK HITS - TRON (TRX) Foundation founder Justin Sun announced his departure as the Foundation’s CEO to become an Ambassador of Grenada.
- Optimism removed its whitelist and opened the project to all developers.
- Wikipedia’s 20th anniversary “The Birth of Wikipedia” NFT collection, which featured a Strawberry iMac used to create Wikipedia and the first edit on the website, sold for a total of $935,500 at Christie’s.
- Revolut Bank was granted a full banking license by the European Central Bank.
- The SEC will delay its decision on the Bitwise Bitcoin ETP Trust and Grayscale Bitcoin Trust proposals until Feb. 2022.
- Bitcoin’s hash rate has fallen over 20% in the past 24 hours.
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 |  | Griffin McShane is a New York transplant currently living in Brooklyn, NY. He is a graduate of Providence College, where he studied both computer science and business, and the University of Maine School of Law, where he earned his JD. Beyond his work at Inside, Griffin has written articles for CoinDesk and is a member of the International Association of Privacy Professionals (IAPP). |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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Velocity Global helps companies build distributed workforces in 185 countries and 50 U.S. states. | |
