👎 Binance fudged up. Big time.

Gm, this is the doodhwala, the only crypto newsletter that makes every day feel like a holiday.

So, sit back, grab your fav glass of doodh, and join the ride. 😎

Here’s what we got for you:

• 👎 Binance fudged up. Big time.

• 🏎 Wen Lambo Porsche?

• 🍼 Play Mario, Earn Dough

• 😂 Milky Meme Of The Day

We’re bringing the BAND back together this HOLIDAY season 👇

👎 Binance fudged up. Big time.

Binance just got caught with its hand in the cookie jar Diwali mithai box.

Live scenes from CZ’s kitchen:

So, what bad thing did Binance + CZ get caught doing?

mixing paani with doodh ❌adding pineapple to pizza ❌secretly watching Big Boss ❌

moving around customer funds ✅

Yup, Binance “by mistake” mixed their customer funds with the funds of their made-up crypto.

Hmmm where have we seen this before?

Here’s the story:

👉 Binance issues a ton of tokens on the Binance Chain and the Binance Smart Chain.

👉 These are called Binance peg tokens (or B-tokens) and they’re ~94 tokens in total.

👉 But in order to issue 1 B-token, Binance holds 1 actual token in reserve.

The problem is – Binance holds these tokens in a wallet called Binance 8. That’s the same wallet that holds Binance’s customer funds. 🙈

Long story short: Binance’s proof of reserves is as inflated as Zlatan Ibrahimovic’s ego, and as true as his UCL medals. 🥶

Jk we love you IBRA ❤️

Wait, why exactly is this bad?

Tokens issued on Binance have to be backed 1 for 1:

• 1 is issued on Binance, the blockchain

• 1 is kept in reserve with Binance, the exchange

This reserve should be separated from any other funds (especially customers’ funds) like I should be separated from the paani puri guy after the sixth paani puri (my tum-tum can only handle 6 😭)

With this mix up Binance can potentially screw up with:

👎 showing proof of reserves👎 redeeming BSC tokens

Wait, what cryptos does this affect?

This affects over $500 million in B-tokens, and it’s not just teeny-tiny tokens you’ve never heard of that Binance totally issues like — $DOODH, $WALA, and $WeTookDownSBFHAHAH

It’s actually big cryptos like:

• TUSD: $113 million

• MATIC: $100 million

• SHIB: $92 million

• DAI: $85 million

• AAVE: $43 million

Tbf Binance is not going all, “we don’t know what you’re talking about” on this. They’re owning up (cc: SBF)

Here’s what a Binance exec (Binancians? Binancers? Changpenoors?) said:

Doodhwala’s take:

Binance fudged up. Big time.

They mixed up customer funds with collateral funds, and were caught doing it. Here’s how it probably went down:

Now we trust proof of reserves as much as we’d trust a week-old milk with a weird smell and a green layer on top of it.

You shouldn’t either. ✌️

💥 Plinth- India’s first Web3-focused college fest!

Colleges are evolving pretty fast.

But probably none faster than LNMIT, Jaipur. 🤷‍♂️

Why? Do they let you skip classes without attendance?

Probably not THAT evolved yet. 😅

But the students are bringing web3 🤝 college and through PLINT, a web3-focused college fest 🔥

Yup, you read that right.

There’s gonna be TONS of super fun events like:

• DeFi Hours

• Web3 Gaming Hours

• Shark Tank startup pitches

• Unlimited doodh drink-a-thons

And so much more!

So if you are in 💕 The Pink City 💕 between January 27-29 drop by and be a part of web3 history! If you aren’t there, then WHAT ARE YOU WAITING FOR?!?

👉 Register here.

🏎 Sorry Porsche, Lambos are still our FAV car

Porsche launched a new SUPER sportscar this week on Monday. 🔥

What is it this time?Is it electric?

Does it have yet another crazy un-spellable name like Cariennette or some crap like that? 🤦‍♂️

Actually no.

Porsche re-launched its 911 Sport Classic but this time…as an NFT! 💥

So how did it go? 🤨

The project launched on Monday with a total supply of 7500 NFTs.

Was it gobbled up in less than 2 hours by all the Porsche fans like it was hot jalebi during Diwali?

Lol no.

Even after 36 hours of the launch, only 1800 NFTs were minted. (yeesh. that’s a bigger flop than Brahmastra 😬)

The mint price was 0.911 ETH or rather close to $1,300 (cuz 911 and all)

$1,300 for a brand NFT that just entered “Web3” with a few tweets and a Discord server (so frickin’ innovative!)

So obviously, very few people bought into this B.S.

Apart from the crazy mint price, the supply was also pretty high for that price.

7500 NFTs at 0.911 ETH is a lot!!

We saw 2 BIG problems with the Porsche NFT drop:

1️⃣ Secondary Sales Fail2️⃣ Bad Timing.

💰 Secondary Sales

After the community complained about the price and supply, Porsche said that they will be stopping the mint.

So people went and listed their minted NFTs on OpenSea. (because the supply will be ⬇️ and the price will go ⬆️) 😎

This move shot up the floor price to almost 1.3 ETH! That's a 44% gain in less than a day.

But here’s the catch – Porsche didn’t actually stop the mint. 🤦‍♂️

And people realized this quickly.

They started minting the NFT and immediately listing on OpenSea until the floor price came back to the mint price of 0.9 ETH.

⏱ Bad Timing

2️⃣ Two aspects of timing went wrong:

1. The timing of the launch 🎉 NFT sales are low even without the burden of such a high price!

2. Time to market 📈 Porsche took less than 2 months to build out this whole project and bring it to market. (come on bros! 🤦‍♂️)

So who won? 🤑

• Smart NFT traders

• Porsche! They managed to sell 160+ NFTs in one hour because of this miscommunication!

Doodhwala's take:

Web2 brands capitalizing on Web3 trends is not a new or a bad idea.

Nike did it well with SWOOSH, their platform to create and purchase digital wearables like shoes and jerseys. 🔥

It took years before they made the final product that went out.

And the community loved it and rewarded it with A LOT of 💰💰💰

So Web2 brands should take a page out of Nike’s playbook.

They need to think about how they can truly add value to the community before they drop another crap NFT collection priced at 69ETH because “web3 is the future”! 🤦‍♂️

🎮 Gameswala: SeedPhrase Searcher

Finding Alpha 🦄 on CT is tough, about as tough as finding the humor in the doodhwala newsletters.

So we thought we’d make it simple, as simple as a Word Search

• Words can share letters as they cross over each other

• Words can go in any direction

The words you’re looking for are:

👑 Bitcoin♢ Ethereum🐶 DOGE🧬 Polygon🥛 Doodh

(👇 answer at the bottom of the email 👇)

🍼 Crypto doodh shots: India at G-20 and Meme Coins Surge??

• 🇮🇳 Jai Hind: India is given an opportunity to shape the G-20’s policy for everything involving crypto. Please be good to us Mrs. Sitharaman.

• 📈 I want you! Whatsapp Exec poached by the blockchain project, Algorand Foundation.

• 🤯 Crypto Mario Bros: Developer mods of Nintendo to earn Bitcoin by playing SuperMario.

• 🐵 Sir Meme-A-Lot: Nansen data shows heavy DEX trading on meme tokens. No wonder we’re in a bear market.

• 💰 Big Money: Wormhole Bridge Hacker moves funds worth **$**155M

🛠 Resourcewala: How does Bitcoin Really Work?

Most crypto bros who act like they’ve read the Bitcoin Whitepaper, haven’t ACTUALLY read it. (guilty as charged 🙈)

We’ve got the perfect video to learn from a Math OG! 🔥

(don’t worry there’s not a lotta MATH here)

It’s everything you needed to know about Bitcoin like:

• Ledger = currency

• Tf is Decentralization

• Is proof of work actually important?

• What is all of this block times and halvings business?

Let’s understand Bitcoin my Doodhs! 👇

😂 Milky Meme Of The Day

💰Answer💰

Let us know what you think 👇

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

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.