🚨 BIG BREAKING! Bear market winner announced

Pranam dosto! This is your favourite Doodhwala. We aim to give you that feeling of making it through (not one, but) two green signals right before it turns red.

If you’re stuck in traffic tho, here’s what we got for you to read:

• BREAKING! Bear market winner announced

• How a scam made Indians and Chinese work together

• Tweet of the day

• Doodhshots of the day

BREAKING! Bear market winner announced

The crypto markets over the past few weeks have been like a crazy South Indian movie.

It's just one twist after another, making us all us “WTF is going on?!?”

But during all this turmoil, one crypto sector has been going strong and sailing smooth.

And that is…

…drumroll…

…drumroll #2…

…Blockchain gaming.

According to DappRadar’s report, blockchain gaming has not lost interest despite the bear market.

Much like how DDLJ hasn't lost interest and still running in theatres even after 25 years.

#RajAndSimran4Eva

Some cool data from the report:

• The total investment in gaming & metaverse has remained constant in both Q1 & Q2 of 2022 with $2.5 billie (or Rs 20,000 crorez)

• The overall transaction rate has only dropped by 1% since Q1 (pssh..we drink doodh with more fat percentage than that)

• More transactions have been sent to blockchain gaming than DeFi, gambling and marketplaces

• Axie Infinity is the most searched collection in 112 countries (obvi!)

This shows that if you give users real value, be it monetary or entertainment then, they gon’ stay. (reminds you of a doodh-tastic newsletter?)

And this is another great indication that more people can be onboarded to crypto through cool games because they are just SUPER fun and exciting.

Just like reading the Doodhwala every day. 😎

How a scam made Indians and Chinese work together

Indians and the Chinese are like two siblings who don’t get along.

But if you give them an incentive, like not going to a distant relative’s house, and they’ll work together.

Well, that’s what a group of 🇮🇳 and 🇨🇳 scamsters did.

What was their incentive?

Rs 350 crore or $44 million for our Ameriki friends.

So, here’s what went down:

• Scammers sent private messages to a bunch of Indians

• They threatened them by sending morphed pictures to their relatives (like pictures of them in rival IPL teams’ jerseys)

• The scammers forced the victims to take out loans from shady looking apps.

I mean, look how shady this app looks. It just screams Akshay Kumar from Phir Hera Pheri:

Here are some of the apps the scammers forced the victims to take loans from:

Apna Paisa, Cash Machine, Wallet Pay, Payme Rupee, Money Stand, Rich Cash, Loan Cube, and Live Cash.

Some of these apps were directly run by the scammers and many of them have now shutdown.

We did some digging, and of all of these apps only one — Wallet Pay — is crypto focused. According to their very shady website, they offer crypto payments, NFT integration, staking and even have a token XPAY listed on PancakeSwap, a decentralized exchange on the Binance Smart Chain.

Doodhwala’s sidetake: Honestly, Wallet pay looks damn shady, they have no blogs since December 2021, and no social media posts since January 2022. I’d stay away from it, like it was two-day old dal.

Back to the scam:

Once they received the money from the victims, they had to launder it.

To launder the money, the scammers set up six shell companies in Mumbai and Bengaluru.

After extorting the money and laundering it, they converted it into crypto and sent it to their associate in China. They even hired locals to translate English to Mandarin.

The Mumbai police are questioning 12 people and have arrested 2.

Doodhwala’s maintake: Crypto is not at fault here. It’s used here as a way to send money globally without a bank account. That’s not a bad thing. But extorting loan-seekers of Rs 350 crore is.

We sincerely hope the victims get their money back.

And we hope there’s a Dhoom 4 that comes out of this. 🤞

Tweetshot of the day

Doodhshots of the day:

• One of the greatest rappers ever, Notorious BIG’s NFTs are coming out on the NFT marketplace OneOf, looks Juicy

• Babel Finance lost 8k BTC and 56K ETH while trading with their customers’ funds, that’s gotta be some kind of record

• Errybady in crypto is moving to Dubai, and it isn’t just to go dune-biking in the desert

• Ethereum’s godfather doesn’t think Zuckerberg is on the right track with META’s Metaverse

• 75% of American retailers look to accept crypto as payment, but when can I pay for chai-sutta with DOGE?

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

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 to buy or sell a 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.