🫢 $1 billion GONE in 24 hours

Namaste, this is the doodhwala, the flyovers of crypto content. We get you to your destination in no time at all.

(and unlike Indian flyovers we finish up on time 🥲)

Here’s the road trip playlist for ya’ll:

• 🫢 $1 billion GONE in 24 hours

• ❤️ Save The Date!

• 📈 The Great Bitcoin Seizure

• 🎭 Bitcoin Maximalism Unmasked

• 🍼 Uncle Sam’s Stash

We’ve got just one rule!

🫢 $1 billion GONE from Binance

This week, the CFTC went after Binance like I go after my friend who tells me he’s broke, but then I see him going to Starbucks after class.

How has the response been to Binance’s latest legal action?

Well…err…not good.

Let’s look at the reaction to this suit (not the TV Show) across 3 categories:

• Investors

• Crypto companies

• Binance

1️⃣ Investors

Crypto investors were more spooked than the time I switched normal cow milk with soy milk. 🤢

What did investors do?

Simple.

They pulled outta Binance faster than...err...I pulled my card out of the ATM machine.  

Over the past 24 hours, investors withdrew $1.08 billion from Binance (from just the Ethereum blockchain, which comprises 41% of its reserves 🤯)

And other 🇺🇸 crypto companies are not far behind:

• Coinbase – $450 million in outflows

• Kraken – $190 million in outflows

• Voyager – $150 million in outflows

Tbf, Binance still holds close to $65 billion in customer reserves. So an outflow of $1 billion is 1.5% of the exchange’s reserves.

2️⃣ Crypto Companies

What’s worse than being a crypto exchange right now?

Being a crypto exchange in the US. 😬

With this latest action, crypto companies are convinced that this is the start of – Operation Chokepoint 2.0.

Nope, Operation Chokepoint is NOT a WWE pay-per-view event like Summer Slam or Survivor Series. 😭

Here’s what it is:

A US government operation to investigate companies that worked with companies in industries like:

• currency crypto

• cryptocurrencies

• that weird industry with digital coins on something called a block chain

You see what I’m seeing here?!? 👀

Bruh, we’re from India where the central bank and banks did a coordinated attack against Indian crypto companies. No banks wanted to work with them. 😭

Operation Chokepoint [desi edition] is already ✅ in 🇮🇳.

🏁 But seriously, what’s the goal of this Operation?

→ Prevent crypto companies from working with traditional banking partners.

The next target of Operation Chokepoint? Binance.

3️⃣ Binance

Binance had the chillest 😎 reaction to the suit by the CFTC.

The official Binance Twitter account is out there tweeting Happy Ramadan 🌙 and CZ is retweeting videos of using Binance to buy ice cream. 🤣

But seriously, Binance put out 2 blog pieces addressing this:

• A direct response to the CFTC by CZ

• An earlier response to US politicians by the Chief Strategy Officer

Both blogs said the same thing –

🤜 ’Your sources saying we are shady are incorrect’🤜 ’We’re the most secure + safe + regulated exchange in the world.’

Binance and CZ have always maintained that these attacks by the US government are – FUD.

And they’re waiting for the FUD to die down.

Doodhwala’s take:

Did Binance steal customer data? NO.

Did Binance steal customer money? NO.

Did Binance steal customer data + money and give it to their market making arm and YOLO it all away in 6 months crashing the entire crypto industry? LOL NO.

This ☝️ is bad.

What Binance is doing (or not doing) right now – is probably not bad. 

So, are regulators going after them because they did something wrong or are they going after them to take down the biggest fish in the pond? 👀

🇮🇳INDIA, Polkadot is here! 🇮🇳

Polkadot is dropping a B – B – C:

⚫️ Big⚪️ Blockchain⚫️ Conference

(wait, what did you think? 👀)

Polkadot NOW India is a conference with the thriving Polkdot community building 🔥 stuff. It'll have people like:

• Gautham Dhameja, director at Parity Technologies

• Kasper Mai Jorgensen, ex-CFO Web3 Foundation

• Anton Khvorov CEO, Nova Wallet

And of course, you can catch your doodhwala bois there repping the Indian community as well.

👀 Polkadot NOW 🇮🇳

📍 Bangalore, India

🗓️ April 1-2

❤️ Save The Date! You’re Invited 

After much delay and suspense, the date has been finally announced!

Date of what tho? 🤨

• Avatar 3? Nope.

• ChatGPT-5? Lol No.

• Doodhwala AI Engine? Shhhhh 🤫

We’re talking about something much better!

ETH Staking Rewards. 💰💰💰

Yup!

Ever since the Merge happened, when Ethereum moved from—

👉 Proof of Work → Proof of Stake mechanism

…people have been staking their ETH on the network.

But there were no concrete details about when you could actually unstake it and withdraw the rewards.

At one point, the Ethereum website even removed the whole roadmap of staking withdrawals from their official website. 😬

Luckily, it wasn't a rug pull (although it REALLY looked like one 😅)

But now the data has finally been announced!

It’s going to happen during the Ethereum Shapella upgrade on 👇

🗓 April 12th, 2023

Shapella? Is that Shakira’s sister? 😅

Unfortunately no, its the combination of:

Name of the execution layer upgrade (Shanghai) + Name of the consensus layer upgrade (Capella) 🤦‍♂️

Now that the date has been announced, it's a good time to look at the current staking numbers.

• Estimated ETH Supply → ~120 million 💰

• Total ETH Staked → 17.8 million (around $30.7 Billion 🤯)

That means 14.8% of the entire ETH supply is currently staked and immovable.

Out of this, 3/4th of the entire amount was staked before the merge. (Not bad)

And how are people actually staking their ETH? 🤨

They are mainly going for Liquid Staking.

No, it's not an anime where the hero can stack any form of liquid on top of each other. (actually, that sounds great)

It is when people pool together their ETH to stake and earn rewards. 🔥

Lido Finance is the BIGGEST player in this with almost 74% of the market share. 🤯

And then it’s:

• Coinbase

• Rocket Pool

• Frax

Kraken was another player but they, unfortunately, had to shut down their staking services due to the pressure from the SEC. 😬

So there’s a lot of ETH currently staked and some waiting to be withdrawn.

We just have to wait and see what percentage of it will be withdrawn and how this might potentially affect the market prices.

Another bull run or do we plunge deeper into the bear market? 😅

📈 Chaach and Charts: The Great Bitcoin Seizure

Cops and robbers.

Crypto's got its own version of the age-old chase. 🚓

🔒 Hackers vs Security

💸 Tax evaders vs Tax authorities

🏴‍☠️ Bitcoin launderers vs Law enforcement

But today, we're checking out Bitcoin seizures by the US government. 💼

Since 2020, they've seized at least 215k BTC, making the US one of the largest BTC whales out there.

Yes 🇺🇸 = 🐋

Here are the 3 largest BTC seizures since 2020:

🗓️ Nov 2020 Silk Road Seizure – 69,369 BTC

🗓️ Jan 2022 Bitfinex Hack Seizure – 94,643 BTC

🗓️ Mar 2022 James Zhong Seizure – 51,326 BTC

So, what's the catch? 🎣

The U.S. Government's growing BTC stash is turning heads, and we're all wondering what they're up to.

• Are they gonna HODL

• Are they gonna SELL

• Are they gonna buy DOODH?

What do you think about Uncle Sam's crypto adventures?

(REPLY and share your insights) 🗣️

🛠 Resourcewala: Bitcoin Maximalism Unmasked 🎭

Bitcoin maximalism? Sounds like some cult, right? 😅

Well, it's kinda close. Bitcoin maximalists are peeps who believe BTC is the ONLY true crypto. 💯

All others are just...meh. 🤷

Wanna know how this whole thing started and evolved? 🧐

Today's resource gotchu covered:

• The birth of Bitcoin maximalism

• The notorious "Scaling Debate" ⚖️

• Key events in its timeline 📅

• Forks, attacks, and drama in the BTC world 🎭

• Heavyweights in the Bitcoin maximalist movement 🏋️‍♂️

Unlock the secrets in this EPIC piece 🗝️

🍼 Doodhshots: Uncle Sam’s Stash

• 🎮 Cloud and Chains: Alibaba Cloud sets sights on Japan with a blockchain lab designed to level up game devs.

• 🇺🇸 BTC Behemoth: US government outshines MicroStrategy and Tesla with a whopping 205,000 BTC stash, according to Dune data. Crypto, meet Uncle Sam!

• 💸 Double Standards: Nvidia says crypto adds nothing to society, despite cashing in on mining moolah. Do as I say, not as I mine?

• 🌊 BUSD Blowback: Binance USD (BUSD) faces a $500M exodus in the wake of a US lawsuit against Binance and CEO Changpeng Zhao.

• 🤝 DeFi Meets TradFi: AllianceBlock inks a deal to add Crunchbase's traditional biz data to its blockchain platform. The best of both worlds?

🤣 Milky Meme Of The Day

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

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 you 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.