🎉 Binance Finally Got Approval

Gm, this is the doodhwala, the only crypto newsletter that’s as good a plate of benne dosa! Our man Vitalik Buterin is definitely a fan. 👇

Here’s what we got for you:

• ⚾️ $52 Million Curve Ball: Ethereum’s Biggest DEX Hacked

• 🏡 Binance Finds A Home: You Won’t Guess Where CZ Moved

• 📈 Cheese and Charts: Meet N – F – Tease

• 🛠 Resourcewala: Unveiling Networked Liquidity

• 🍼 Doodhshots: $BALD Gets Rug-Pulled

We can’t believe we were at the same restaurant as Big-V. We couldn’t meet him, but we bought him a bottle of milk though. 🤜

⚠️ DeFi’s Most Crucial Hack!

Yesterday was one of those wild and unpredictable days. No, we’re not discussing your salary payday. (I mean, kudos to that as well) 👻

We’re talking about the hack of Ethereum’s biggest DEX – Curve Finance was HACKED! 🥷

The exchange at the epicenter of the ETH ecosystem was hit with a hack. And it’s still posing a risk of losing over $100 million. 💸

With over $52 million already lost, what does the damage look like?

And is the threat even over?

Or is there more to come?

It’s time to assess the crime scene. 🚧 🚫

1️⃣ What went wrong with Curve?

Curve got hit with a hack the same way Lil Wayne hit us with the quote —

“Real Gs move in silence like Lasagna. 🤫🍝”

On the 30th of July, Curve came out with a statement saying they'd been hit with an exploit. 👨‍💻

What was this exploit?

A bug was part of Vyper (the programming language) used to run parts of the exchange. 🐞

And the hackers used this to exploit the 💩 outta the protocol.

What pools were affected in the end?

👉 CRV/ETH

👉 alETH/ETH

👉 msETH/ETH

👉 pETH/ETH

The team assured that all other pools were safe. 👇

As a result of this hack, over $52 million has been lost so far from these pools With more than $100 million potentially still at risk of being lost. 😶

2️⃣ Babe brings back the “🤑”

Where there is darkness, there is always light. 💡

This hack happened using something called a – Re-entry hack.

This is where the bug repeatedly attacks a smart contract until the crypto is transferred. 🙄

(the same way we knock on your door repeatedly to deliver doodh🥛🥛🥛)

Now, an ethical hacker who goes by the name – c0ffeebabe.eth – decided to use the same trick to hack the hackers. 👊

As a result, c0ffeebabe retrieved 2,879 ETH back to Curve (~$5.4 million) or 10% of the hacked amount!

We tip our doodh glasses to c0ffeebabe! 🥂

3️⃣ DEX → CEX to the rescue?

With all this happening, people were speculating A LOT about the CRV token.

Where would it go? To zero!? Will the hackers sell it all? 😶

And the answer became clear after a while — Ain't nobody going anywhere. 🫂

That's because — a lot of DEXs had highly volatile movement compared to CEXs. 📈📉

Like someone pointed out —

• CRV hit a low of $0.086 on DEXes

• While it hit a low of $0.60c on CEXes.

That’s a difference of 85%!?!?!

And guess who haaaaaad to enter the party to celebrate?

The CeFi tycoon.

The SBF-FTX killer.

The “SEC please don’t sue me” dude.

CZ.

Man wants to centralize everything in life. Even fresh doodh. 🥛

Doodhwala’s take: This hack is probably one of the most alarming ones. Purely because of the importance of Curve for the DeFi ecosystem and the implications to other DEXes.

I guess no one is safe out there. 😶

Except you 🫵 if you continue to read the doodhwala. 🤝

💰 Habibi Is Coming To Dubai

Dubai has said "yes" to Binance.

Unlike your crush who wants to be just friends. 💔

Dubai recently gave Binance something called a Minimum Viable Product (MVP) license.

It simply means Binance and Changpeng Zhao can start doing their thing in Dubai. 🏁

You still might be thinking, "What's this MVP thing?" 🤔

Well, it's like a 4-step test from Dubai's leaders.

Binance has passed 3 steps. Just one more to go! 🎓

Binance's CEO, Changpeng Zhao (CZ if you're friends), is already saying Dubai is a big deal in crypto. 🎉

Cuz Dubai is pretty welcoming to crypto businesses. And it's also why a lot of crypto companies are setting up shop there. 🏠

But, it's not all good news for Binance tho. 😕

• In the US and Europe, Binance is facing some serious problems. They've got lawsuits and investigations on their hands, legs, face… everywhere.

• Apparently, some folks in Russia were using Binance in a way they shouldn't. 😓

• Europe isn't being very friendly either. 😔

• Binance tried to get a license in Germany and Austria, but they gave up.

• They also stopped trying in the UK and Cyprus. And things didn't go well in the Netherlands. 🚫

• Belgium told Binance to pack up and leave, and France wants to talk about some possible money laundering. 😰

Binance is having quite a Euro trip!

So, getting this license in Dubai? It's a BIG deal for Binance. They really needed this. 🍀

And don't worry, this is good news for all Binance users too.

Cause now you’d be able to turn your crypto into fiat money safely. 💵

As pointed out by Richard Teng, the head guy for Binance in the region - Binance is ready to follow the rules and make sure everyone has a good time with crypto. 🎈

Doodhwala’s Take:

Dubai got the hutzpah to do what no one ever did — granting an operational license to a crypto exchange. Especially one with a controversial af history like Binance. 🎯

So, here's to Binance and their new journey in Dubai!🥛

📈 Cheese and Charts: NFTs, More Like N-F-Tease

We've all had that one friend who is a bit slow to catch up when it comes to getting the jokes.

You know, the one who laughs ten seconds after everyone else? Well, it seems like ETH NFTs have become that friend. 😬

Why? 🧐

Well, it did just 11,900 ETH of volume over the weekend.

To give you the context, this volume is the lowest in years.

Comparatively, the second lowest weekend this year was ~15,400 ETH. That’s a whopping 29% higher than this weekend.

▶️ 11,900 ETH - This weekend

▶️ 15,400 ETH - 2nd lowest of the year

▶️ 148,000 ETH - Highest volume weekend in February

These numbers feel like the days of dial-up internet. Remember that? No? Ask your parents, they’ll tell ya. 😉

So what does it all mean? 🧠

Well, seeing these numbers makes us wonder if the NFT train is slowing down, or if it's just taking a small break to catch its breath. 🚂

We're still rooting for the ETH NFTs. No one likes a show-off, right? 🤞

What do you think is the reason for these small figures?

Hit reply and let us know what you think! 👇

🛠 Resourcewala: Unveiling Networked Liquidity

The crypto space is like a jigsaw puzzle, and each piece is like an alien concept from another galaxy. 🌌

Today, we're teleporting you to the world of "Networked Liquidity." 🚀

The BIG question: Wtf is Networked Liquidity? 🤷‍♂️

And why does it matter?

In today’s delicious resource menu, we’re serving:

1️⃣ A deep dive into Networked Liquidity

2️⃣ Why it's so crucial in the crypto-sphere

3️⃣ Who are the big players?

READ TIME: Faster than a crypto transaction (on a good day) ⚡️

LFG! 🔥🔥🔥

🍼 Doodhshots: $BALD Gets Rug-Pulled

• 👨‍🦲 BALD’s Nosedive: $BALD, which we covered yesterday, just got rug pulled and lost over 90% of token value. That’s a bald shave with a deep cut.

• 🔻 De-list Them!: Coinbase CEO and actual Bald boi Brian said that the SEC wanted to de-list all assets except Bitcoin. Thanks for not sending the market to zero Brian.

• 🎌 Japan’s Demand: Japan’s Blockchain Association is requesting to cut down and lower taxes for crypto and digital assets. Let’s save some money!

• 🧑‍⚖️ SEC Sues Again: The SEC is suing HEX token, its creator, and Pulsechain for the sale of unregistered securities and fraud allegations. Another day. Another lawsuit.

• 💵 Tether’s Profits: Tether released their Q2 consolidated report, and has reported a profit of over $850 million. Wow. Just…wow.

📍Web3 Events Nearby

Another weekend coming up, another meetup to attend. 😎

Check out ➡️ meetupswala.xyz for upcoming Web3 events in your city, whether you're looking for:

• meetups

• hackathons

• conferences

• or just wanna hang

Meetupswala will have something that's right for you.

Here are the top Web 3 events for this week:

1️⃣ Deciphering NFT Licenses

🗓️ This Thursday 📍 BLR

⭐️ Register here → https://www.meetupswala.xyz/events/1007

2️⃣ Kanalabs Konnect

🗓️ This Saturday 📍 BLR

⭐️ Register here → https://www.meetupswala.xyz/events/979

3️⃣ Superteam Lunch @mumbai

🗓️ This Saturday 📍 Mumbai

⭐️ Register here → https://www.meetupswala.xyz/events/1008

🌕 Terra Started With E-Commerce

🌕 Terra.

☝️ That’s a name you’ve heard too many times over the past year.

But did you know Terra was supposed to be the underlying infrastructure for an ambitious e-commerce project using the crypto LUNA?!?

That is until Do Kwon decided to launch an algo-stablecoin called UST.

Then 💩 went south.

Click the video below for the full story 👇

🤣 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