Summary
TLDR: BlackRock launched a $100 million money market fund on Ethereum, which quickly attracted low-quality memecoins and NFTs. The fund now holds $84,000 worth of additional tokens and $5,000 worth of NFTs, alongside USDC. Pranksters have also tainted the fund with illegal activity. BlackRock should have stuck with bitcoin instead.
Key Points
1. BlackRock’s foray into Ethereum resulted in their wallet being flooded with low-quality memecoins and NFTs, most of which are valued at zero.
2. Despite having $100 million USDC in their suspected Ethereum wallet, BlackRock’s fund managers also found 100 other cryptocurrencies, including tokens like Jesus Coin, Cramer Coin, and more offensive ones.
3. BlackRock faced legal and regulatory challenges when a prankster tainted their wallet with ETH washed through a sanctioned crypto mixer, raising questions about the legality of holding such assets in the same wallet as investor funds.