💰 $12 Billion scam by CZ

Gm, this is the doodhwala, Wonder Woman’s FAVOURITE crypto newsletter. 😎

Don’t believe us? See for yourself.

Here’s the special for today:

• 💰 Scam CZn: More info has been revealed which might put the biggest exchange in the world in all kinda trouble

• 🗞️ Coinbase’s Biggest Fan: This person LOVES Coinabse, no matter what happens

• 😎 Kraken Doin Goood! Outwitting, outlasting, and outplaying everyone out there

• 🛠 Resourcewala: Unravelling DeFi 2.0

• 🍼 Doodhshots: Gary Gensler and Anti SEC tokens rise

💰 $12 Billion scam by CZ

This week couldn't get more interesting, I tell ya. 📰

Changpeng Zhao (CZ) just landed himself in a hot stew. 🥵

But hang on…who is he? 🤔

Changpeng Zhao, or 'CZ' as the cool kids call him, is the CEO of Binance.

So, wtf did he do now?

Well, according to a court document, Binance transferred BILLIONS of customer funds to Zhao’s personal firm through a holding company → Key Vision Development Limited (too much for an abstract name).

And how much are we talking about here? 🤑

👉 $12B (in a firm called Merit Peak)

Pause! What's a holding company? 😕

But where's the proof? 🧐

Sachin Verma, an SEC accountant, seems to have some insights.

According to Verma’s investigation, Merit Peak has no apparent link to Binance in any way.

Yet, most of the customer’s funds are chilling there. 🏝️

Here’s the kicker:

Binance says that Merit Peak is a firm that’s only used for Zhao’s personal trading purposes.

Then WHY THE HELL would a Zhao-controlled firm that was trading using Zhao’s personal funds would be the pass-through account for billions of dollars of customer funds? 🤔

And you thought your life was complicated.

More accusations? 🥴

So, there’s Binance and there’s Binance.US.

Binance is the global crypto behemoth, offering digital currencies for trading. 🌍

Binance.US, on the other hand, is its American sibling, offering a more regulated, U.S.-compliant selection of crypto-assets. 🇺🇸

Now, despite assurances that Binance and its U.S. affiliate were separate entities, the SEC claims that → Binance held custody of its U.S. affiliate's assets until December 2022.

Why would you do that if you don’t have any scammy intentions?

What's the SEC gonna do about it? ⚖️

It has asked the court for an order to freeze Binance.US assets.

That's one cold move! ❄️🔒

Doodhwala’s Take:

In the crypto world, you gotta remember: It's not always YOUR crypto (or doodh). 🥛

So, don’t do shitty things just to make money for yourself even if you plan to donate all of it.

📜 The Story of Cathie Wood

Have you ever been to a family event?

Something that you don’t necessarily like to go to—

And you end up meeting that one relative who really just says the most absurd things? 🤔

But, there’s a good chance - that they could be right? 💀

That’s Cathie Wood’s role in the crypto market.

Her combination of taking-

👉 Absurd Trades

👉 Failed predictions

👉 Sus timed positions on assets

…make her the best recipe for conspiracy theorists and memers to have their daily dose.

But who is Cathie Wood? And what’s her absurdity? Let’s spill the doodh.🥛

Who is Cathie Wood?

Say hello to Cathie Wood, part-time investor, and full-time scary teeth owner. 👇

Cathie is the

• Founder

• CEO &

• Chief Investment Officer

…of ARK Investment Management, a New York-based investment management firm.

What’s her absurdity?

Aight here we go…cracks neck and fingers….😌

Cathie is umm…How do we put this… One of a kind.🥴

She’s the kind of investor any sane person would avoid.

Because the bets she takes can be quite extreme. 🙆

Here’s a quick snapshot of her track record →

1️⃣ She gave a call (and still stands by) that Bitcoin will go to 1 million by 2030.

Ohh wait, lemme quickly check. Yup, she updated that number- it’s 1.48 million now. 🤡

If that actually comes true,

• Bitcoin’s market cap would rise to $31 trillion. 😮

• Bitcoin’s value would be more than the combined value of the entire S&P 500.📈

• We’ll all finally be ballin’ money to live the life that Andrew Tate says is possible. 👯‍♀️

2️⃣ Her strategy - Buy the dip. A lot of the dip.

She is infamous for her strategy of doubling down and buying stocks and crypto that are getting rekt.

She does this while offloading a bunch of high-performing stocks.

She has bought some of the biggest Rekt stocks possible

Roku, Butterfly, Bitcoin, Zoom. You name it, she’s got the rekt asset in her portfolio. 🤣

And she doesn’t just invest in small numbers. No ser no.

She a playaaa, and her gambles are always on 🔝.

The basic yolo.

3️⃣ She calls her fund “The new Nasdaq”

Yup, not even a joke.

She probably has every right to say that - considering her disruptive trading strategy and the fact that she owns almost everything in the market right now. 🥴

Her latest Yowza moment

If you’re wondering why we brought her story up, it’s because she is at it again.

And this time onto Coinbase. 😮

After Coinbase shares tanked following their ongoing fight with the SEC, Wood’s came out and said she is increasing ARKs shares in Coinbase by another $22 million. 🔺

ARK investment is now the second largest Coinbase Shareholder after Vanguard. 😱

This isn’t the first rodeo she’s done. When they received a Wells notice, she invested $18 million in Coinbase in March. 📅

Such a huge bet, in such uncertainty. The only question that matters now is-

Will her bet pay off? We can only wait and watch. 🤷

📈 Cheese and Charts: Kraken Krushin' It!

May was a real "ugh" moment for crypto exchanges.

With total volume dropping lower than my girlfriend’s standards - all the way to $440 billion.

This number might look BIG but it’s the lowest since October 2020 which had a volume of $222.7 billion.

But guess who rose like a phoenix from the ashes?

Kraken! 🦑

Kraken is outwitting, outlasting, and outplaying, capturing 20% of total volume even in these conditions (its highest since January 2018).

🗓 April 2023: Kraken was the DJ Khaled of crypto, moving $16 billion.

🗓 May 2023: A little slip to $13.8 billion, but who's counting?

Yeah, Kraken had a 14% hiccup, but compared to others, it was like, "Hold my doodh!”

Even Coinbase was sliding down the hill faster with a 23% decline.

And Binance.US? More like Binance.Uh-oh.

Its share plummeted from 16.05% to just 8.47% from April to May. 😬

So, what's Kraken's secret? Are they sipping on some crypto energy drink we don't know about

(REPLY and drop those thoughts, fam!)

🛠 Resourcewala: Unravel DeFi 2.0 🧩

Crypto is buzzing about DeFi 2.0!

Not just another fad, it aims to address DeFi's main woes by tweaking protocol design and tokenomics.

The centerpiece? Innovations in liquidity mining design.

What's the big deal? What does it mean for existing DeFi projects? Who are the emerging DeFi 2.0 stars? 🧐

Today's bite-sized resource unravels:

• DeFi 2.0: A fad or game-changer?

• Top DeFi 2.0 protocols

• Impact on existing DeFi landscape

🍼 Doodhshots: Gary Gensler and Anti SEC tokens rise

• ⚡ Totally Unfazed: The TVL on DeFi remained unfazed despite SEC scrutiny of tokens as securities. Now that’s what we call doodh power!

• 🗣️ Cardano’s Warning: The creator of Cardano has said that the end goal of the SEC action is to introduce a CBDC. Cardano revival arc iminent?

• 🏦 Metaverse Banks: Big banks have finally entered the Metaverse in hopes of it taking off. I need a meta-loan right now.

• 🤡 Gary Coin: The token F*** Gary Gensler is on the rise, and surged 500% in the past 72 hours. Lmao….wut?

• 🇺🇸 DOJ Action: The US Department of Justice has been told to investigate Binance for allegedly lying to lawmakers. CZ, what you been upto?

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya