🤝 Binance is working WITH the SEC

Gm, this is the doodhwala, the only crypto newsletter that will always cover up for you when your girlfriend calls us up. 📞

Here’s what we got for you today:

• 🏆 Winning like Johnny Depp: Crypto influencer ZachXBT hires Johnny Depp’s lawyers

• 🤝 The SEC x Binance US: The two finally come together for a deal. Or did they?

• 📊 The NFT market ain’t dead: A few anime NFTs are going cray cray

• 🛠️ Resourcewala: Cracking the Ethereum Code

• 🍼 Doodhshots: Do Kwon’s passport wasn’t fake?

Walking into Monday be like:

🍿 Another Johny Depp Case?

Yesterday was wild, dude. 😎

Crypto Twitter had an absolute meltdown.

It was about → ZachXBT getting sued. 🚀

Wait... ZachXBT? Who’s that? 🧐

He's a crypto on-chain analyst who spends his free time probing financial mischief in crypto – all for the love of the game. 🕹

Now, our man ZachXBT isn't your regular Joe. 🕵️

He's been playing detective in the crypto community for years, hunting down financial scams and giving the bad guys a run for their money, literally! 💰

So here's the deal.

In June last year, Zach pointed his finger at Jeffrey Huang (a.k.a Machi Big Brother) accusing him of stealing a whopping 22,000 ETH from a now-defunct crypto platform that Huang himself co-founded.

At today's rates, that's a whopping $37.8M! 😲

Who's Machi Big Brother? Well, let me fill you in. 👀

Machi Big Brother is Jeffrey Huang's online alter ego, a name he carries as a successful musician and tech executive.

This guy is a BIG SHOT:

• he co-founded his own crypto treasury platform. 🎹💼

• he’s also one of the largest BAYC NFT holders (like we are, doodh’s largest supplier).

And he didn't just throw the accusations in the wind.

He backed them up with on-chain data. 🔗

So, guess what happened next?

Huang threw a counter-punch — a defamation lawsuit, in a Texas court. 🏛️

Claims? ZachXBT slandered him with baseless accusations. 😖

According to him, the whole thing is a fabrication and now Zach's gotta pay up for the damage to his rep. 👀

And here comes the kicker — they found out who ZachXBT actually is! 🕵️‍♂️

Yep, the mystery man's name and address are now as public as your favorite meme coin. 🪙😅

Years of anonymity - poof! - gone. 😱

So, what did ZachXBT do next? 🤔

He did what anyone with 400k Twitter followers would do — tweet about it!👇

In his words, "The lawsuit is baseless and an attempt to chill free speech." 🗣

Sad? Sure. Surprised? Nah.

ZachXBT saw it coming — truth often ruffles feathers, after all.🦚

Now, the guy needs some serious moolah 💰 for his defense.

A cool million bucks should do the trick. So, he's asking his peeps to chip in.

Guess what? In just a few hours, he's already sitting on $320k in crypto donations. 😲

And now that number has increased to $1,000,000 (just like my portfolio but in negative).

People are donating:

• ETH

• USDC

• and even memecoins like – $JESUS, #PEPE, $GENSLER

Gensler with a coin 😂 (if you didn’t get the joke, you gotta read this).

Even our man CZ with a famous haircut promised $50k to Zach👇

And who's gonna represent our guy Zach in court?

It's Brown Rudnick, the same firm that once represented our fav pirate, Johnny Depp, and won him his defamation case against Amber Heard. 🏴‍☠️

So grab some popcorn, sit back, and get ready for the drama. 🍿

This is gonna be epic! 💥

🤝 Binance and The SEC strike a deal

You know what they say – Even the worst of enemies can come to find common ground. 🤼

That’s what happened over the weekend with the SEC and Binance US. 🤝

(YES BINANCE IS WORKING WITH THE SEC!)

But the question arises – Is this deal good for the crypto industry?

Or is it more like a deal between Hitler and Mussolini? 🧐

Let's jump in to understand how they found common ground (we helped them👇).

No more frozen funds

Remember when the industry was in Chaos mode because the SEC ordered Binance US assets to be frozen?

Yeah, that’s not happening anymore. 🤷

The US courtS asked the SEC to drink a glass of oatmilk and GTFO coz their action to freeze assets was:

👉 Illegal.

👉 Based on allegations.

👉 They don't like Gary Gensler.

Here's what Binance had to say👇

According to the new order by the court —

👉 Assets will not be frozen and the Temporary Restraining Order (TRO) ain’t happenin’. Instead business will operate as usual. 📈

👉 The SEC will still be able to probe Binance US as it runs its business. 🔎

👉 Customer deposits and withdrawals will be managed and accessed by select Binance employees and SEC members.

This deal has been agreed by both parties. 🤝

Well, it’s almost as if the SEC had nothing to throw against Binance in the first place. 🤷

Does this mean Binance US is back in action?

Not exactly. But kinda yeah. 💀

The current deal is still just a temporary deal ordered by the court. It could be revoked at any time based on the unfolding situation.

The deal also implies that a lot of probing will be happening in terms of business expenses and cash flows into and out of Binance US. 📤

So, in a way, Binance US is back in action, but not exactly away from all the regulatory hell.

But hey, when were they NOT in regulatory hell? So, this is an improvement. 🤷

📈 Cheese and Charts: The NFT Shake-up

The NFT space is feeling a bit like that friend who just came back from Goa, all chilled out and relaxed.

Trading activity? Not much. 😴

BUT!

There's a new kid on the block - Blend.

Wtf is Blend tho?

We're seeing some serious trading volume on Blend!

With Azuki, the Picasso of NFT collections, leading the pack, with a daily lending volume of a whopping 97k ETH. 🤯

97k ETH = $170 million.

Talk about painting the town red!

Next up, we've got Bored Ape Yacht Club (BAYC) cruising in at 47.4k ETH.

Last, but certainly not least, is Wrapped CryptoPunks, making the art world punk again with 46.9k ETH. 🤘

Who knew lending could be this much fun?

What's your take? More volume, more innovation or more volume, more problems? 🤔

(REPLY and let us know👇)

🛠 Resourcewala: Cracking the Ethereum Code

Listen up, code-crackers! 🎧

So you’ve leveled up from being a Solidity newbie and now you're chilling in the intermediate zone. Now what? 🧐

Sure, you can whip up a smart contract like Gordon Ramsay whips up a Beef Wellington, but can you do it securely? No? Didn’t think so. 😏

That’s where this guide to Ethereum Smart Contract Security Best Practices comes in. 🚀

Inside this resource, we unpack:

• Why do you need to get smart on smart contract security?

• How to ensure your Ethereum smart contracts are Fort Knox-level secure?

• The dos, don’ts, and the "Oh no you didn’t" moments of smart contract security!

🍼 Doodhshots: Do Kwon’s passport wasn’t fake?

• 🐶 Elon’s Dogecoins: Billionaire Elon Musk’s lawyer denied the allegation stating that Elon Musk was a dogecoin whale, calling it baseless. So the pump and dump was by crypto bros?

• 🎨 ETH Inscriptions: Capsule 21 to introduce ETH inscriptions, similar to the rise of Bitcoin’s inscriptions. Thanks, there goes my gas fees again.

• 🪙 BUSD Nightmares: DAI flips BUSD as the third largest stablecoin by market cap, while BUSD faces regulatory nightmares. Will BUSD ever recover from this?

• 🛂 Kwon’s Passport: Do Kwon says that he had no idea his passport was fake when he was caught in Montenegro. Sure bro, but is that Trezor wallet still up your butt tho?

• 🥊 Coinbase Strikes: Coinbase said in a letter that the SEC is deliberately trying to avoid the framework that Coinbase is trying to propose. Yeahhhhh lesssgoo Brian!

🤣 Milky Meme Of The Day

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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