👌 Atomic Wallets go to $0

Gm, this is the doodhwala, the only crypto newsletter that makes every morning seem like the night of a house party. Not the morning after tho. 😮‍💨

Here’s the party for today:

• 👛 Another wallet meltdown: Atomic Wallet Wipeout

• 🧐 Cartel Behaviour: ETH staking now a cartel?

• 🔫 Let’s move out: Counter-Strike to the Moon

• 🛠️ Resourcewala: Crypto Safety Checklist

• 🍼 Doodhshots: Elon Musk in trouble?

👛 Atomic Wallet Wipeout

Last week was brutal, guys. 🤦‍♂️

And I’m not talking about the dairy industry running out of milk. Or the billion dollar Elon Musk lawsuit. Or the memecoins pumping (and dumping).

No, the dread came from:

• A crypto wallet’s explosion (or should I say implosion)

• A staggering amount of crypto – poof – GONE 😵‍💫

• And a lot of “Where the hell did my money go?” 🧐

Atomic Wallet, the decentralized crypto wallet faced a catastrophic event.👇

Many users’ crypto portfolios balance went from $$$ to ZERO!

Users woke up to an empty wallet like they had been buying shots at the bar all night.

Imagine if your milkman delivered your milk but then made it vanish from your fridge. That's what happened here – users found their crypto portfolios emptied as if someone had a key to their fridge or rather their Atomic Wallets.

What's unique here? 🧐

Well, Atomic is a non-custodial decentralized wallet.

Read that again – N O N - C U S T O D I A L and D E C E N T R A L I Z E D.

So, who's responsible for the assets stored in it?

You guessed it – the users themselves 🫵.

No kidding, they literally woke up from their dreams to a crypto nightmare.

And to those of you who might be wondering what a noncustodial decentralized wallet is, it's a type of crypto wallet where you have complete control over your keys and your coins.

Sounds good, right? Until it's not.

Because when your wallet gets emptied, there's:

🖕 no bank to call

🖕 no insurance to claim

😭 It's just you and your empty wallet.

Now comes the twist. 🔄

This isn’t the first time users have reported their funds mysteriously disappearing from Atomic Wallet.

So, some are not surprised.👇

Kind of like how you wouldn't be if your milkman, known for forgetting deliveries, doesn’t show up one day.

But some are MAD AF at Atomic👇

While Twitter has been buzzing with past users also reporting thefts, this incident sadly adds to a growing tally of crypto hacks happening each week. 😥

Just last week, Jimbos Protocol joined the "I've Been Hacked" club.

Jimbos' loss? A cool 4,000 ETH, that's about $7.5 million! Remember Tornado Cash? Yeah, they got hacked recently too. 🌪️💰

We wrote about it here in a fun and cool way, unlike their name!

Speaking of hacking, last year alone saw around → $3.8 billion worth of cryptos vanishing into thin air, with DeFi protocols being the favorite target. 🎯

And guess who the main culprits were?

Our favorite rogue nation → North Korea.

Though the average hack size has reduced from

📈 $30 million in Q1 2022

to

📉 $10.5 million in Q1 2023

With a few mega-attacks, we could easily see the scales tip again. 😅

Doodhwala’s Take:

While there's no lack of milk (thank goodness), there's certainly a lack of security in the crypto world. So, let's hope our atomic friends find a solution to this cuz no one likes their milk (or crypto) being stolen. 🥛🔒

🔫 $ETH is run by a cartel?

Cartels.

They’re groups of gangsters mainly meant for hoarding drugs, illegal substances and waging wars with other cartels. 👊

The cartels now seemed to have moved away from high-crime geographies,

And entered into the world of crypto.🪙

They now live in ✌️ worlds →

☝️ $ETH Staking

✌️ Lido Finance

What’s up with Lido Dominance? Let’s find out! But for now 👇

1️⃣ What is Liquid Staking and what’s it gotta do with Lido?

Lido – the pioneer of Liquid Staking on Ethereum, has seen mass adoption over the last couple of months, And is on track to becoming the biggest cartel for Ethereum staking! 😈

We wrote about Lido a while back here.

2️⃣ The Dominance Problem

The issue at hand has to deal with Liquid Staking Derivatives or LSDs. (Nope - not know what you’re thinking 💊)

You see, Lido Finance dominated the LSD market early because it launched – a relevant product at the right time. 🔺

It’s like you being the first house to receive doodhwala milk. You know you got the freshest stuff! 🐄

Between 🗓️ July 2022 to April 2023 🗓️ Lido’s TVL (total value locked) increased from:

📉 $4.6 billion

📈 $13.5 billion

This was because – people wanted to lock in their ETH through LSDs (like Lido) and earn a fixed return while using the staked ETH tokens instead of use – centralized lending services and centralized exchanges that were falling like pins after a bowling strike. 🎳

And this led to a problem for everyone but Lido👇

👉 Lido currently accounts for 74% of all LSDs.

👉 Close to 7 Million ETH is locked on the platform.

👉 The lack of better alternatives has been leading to monopolization.

But the question here is → Is Lido still decentralized anymore?🤔

Because this can only mean one thing – Anyone who wants to stake through a pool “cartel” will get the best yield on their stake.🤑

A nightmare, as a staker explains.👇

3️⃣ What the community wants:

The ETH community is divided on their opinions about Lido right now. 🤼

(just like the oat milk and cow milk community)

The ideal solutions for those looking to solve this is simple:

👉 Worthy and better alternative projects to Lido

👉 A manageable county to keep a tab on the social fabric

👉 End goal → to avoid centralization and monopolies in ETH

📈 Cheese and Charts: Counter-Strike to the Moon

Remember the good old days when you and your squad stayed up all night, eyes glued to the screen, landing headshots in Counter-Strike: Global Offensive (CS:GO)?

Turns out, CS:GO is doing more than just keeping us up at night.

It's making some serious 💰

Since 2019, CS:GO has scored a whopping $32 billion in trading volume. 📈

Yes, that's right, BILLION! 😲

Oh, you thought NFTs were the big deal in the digital world?

Put it next to the top 5 NFT collections combined

👉 Meebits

👉 Dreadfulz

👉 Terraforms

👉 CryptoPunks

👉 Bored Ape Yacht Club

And you’ll be shocked to know that they've only managed to scramble together $12.5 billion in lifetime sales.

That's about a 660% disss! 🎯

So, what’s your move? Headshot or Hodl?

(REPLY and let us know👇)

🛠 Resourcewala: Crypto Safety Checklist

With the crypto market bombing like Manchester United last weekend, the scammers are having their day too. So you might be wondering - how the hell do I protect my magic internet money? 🤔

Well, my doodhs, just like you've got your mom's home-cooked food to keep you safe from the bad outside world, we've got the perfect checklist to shield you from those sneaky crypto rogues.

In today's Resourcewala, we'll cover:

• Our handcrafted, uber-secure Crypto Safety Checklist. 📝

• Top tips to spot scams like a seasoned pro. 👀

• How to keep your hard-earned coins safe and sound. 🛡️

🍼 Doodhshots: Elon Musk in trouble?

• 🤖 A.I. Criminals: Elliptic is now using ChatGPT and A.I. to track hackers on the web. A.I. better than FBI confirmed?

• 🚶Queuing-up: Celsius dropped $800M in ETH staking, pushing the validator queue to 44 days. That’s longer the queue to watch a Justin Bieber concert.

• 🐶 Dogecoin Lawsuit: Elon Musk is facing a lawsuit for Insider trading by Dogecoin investors. No more pump & dump then?

• 🏢 Institutional Trading: Coinbase is launching services for institutions to trade in BTC and ETH futures. Great! I’m guaranteed to get rekt in trading from now.

• 👩 Warren moment: Sen. Elizabeth Warren cashed in the collapse of crypto banks Silvergate and Signature. The matrix is real?

🤣 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