🫢 Binance's $12 billion outflows, but it gets WORSE

Gm, this is the doodhwala, the only crypto newsletter that’s as cute as a puppy’s eyes 🥺

You open us every day no?

Here’s what we got for youz today:

• Binance’s PROBLEMS in 5 numbers

• SBF is going away for HOW MANY years?!

• Chaach and Charts: The only NFT survivor

• Milky Meme Of The Day

Binance’s PROBLEMS in 5️⃣ numbers

People are talking about Binance like it’s a celeb on Big Boss.

“Did you see what CZ said in that CNBC interview? HaiiiReee”

“I can’t believe what’s going on in the Binance house?! AhhhmaahhGAWD”

“Binance totally like went around bitching about FTX, but it’s got praaabblams too! Like totally”

But seriously, WHAT TF is going on at Binance?!?!

CZ didn’t pick up our calls. So we had to look at some numbers. 🔢

So, here are 5 numbers around the problems with Binance:

$12 billion — Outflows from Binance

Over the past 7 days, over $12.2 billion in crypto has been moved out of Binance.

That’s massive for 2 reasons:

• this is 3x as much as Coinbase’s outflows and 10x as much as Kraken’s outflows

• this is just on the Ethereum blockchain, which comprises ~55% of chain-based volume on Binance

39,600 — Bitcoin withdrawn from Binance

Of all the outflows, the ones that caught our eye was the Bitcoin outflow.

Binance is the single largest exchange holder of Bitcoin with a massive 250k in Bitcoin worth $4.4 billion.

This recent BTC outflow comprises 0.1% of all BTC moved outta Binance, and it happened in just 7 days.

$2.1 billion — Stablecoin withdrawn from Binance

Another massive concern was the stablecoin outflow, which included ALL stablecoins, including BUSD, the one issued by Binance and Paxos. 🫣

And this gets weird for another reason — during a price crash, people tend to deposit MORE stablecoins in an exchange to buy crypto.

But, like, the opposite is happening.

What’s worse? People are withdrawing BUSD Binance’s stablecoin 😂 like who tf do you think owns most BUSD bruh?

3 — of the largest outflows from Binance were made by:

• Jump Trading, a crypto algo trading fund, withdrew ~$103 million in stablecoins and ETH

• Oapital, a crypto lender, withdrew $32 million in stablecoins

• Wintermute, an institutional market maker, withdrew ~$10 million in WBTC

Putting on our BIG BOSS hates, and getting some gossip! 💅

There's a rumor going around that big institutional firms know something's UP with Binance that we don't and they're pulling out funds. 👀

OMGG right? 😬

99% — of people will lose their money in self custody said, Changpeng Zhao.

If your entire business model is based on people NOT using self-custodial wallets what will you say about self-custodial wallets?

You’ll say something like, “For 99% of people today, asking them to hold crypto on their own, they will end up losing it.”

And that’s what CZ said.

Do you agree with him? REPLY to this email And settle a debate for us — how do you say his name?

Time to start countin', SBF!

Sam Bankman-Fried (SBF), is finally facing the jailtime music. 😬

SBF was arrested in the Bahamas this week.

This was after our man was absolutely convinced that he wasn’t going to jail and even talked about it on a Twitter Spaces session, just a few hours before his arrest. 🙃

And now, his BAIL has been denied.

SBF will have to stay in custody until the next hearing in February and will be held in Fox Hill.

Wait…he’s being taken to a RESORT??!

Lol no. 😂

Fox Hill is the name of the ONLY prison in the Bahamas and it’s known to prettay, prettay, prettay, notorious.

Even more notorious than The Notorious Conor McGregor or The Notorious B.I.G. 😅

Here’s why:

• Super overcrowded with almost 3-4 cell mates in one tiny cell

• Super rat and insect-infested

• Super unhygienic

Damn. Is this true justice being finally served? 😅

But what exactly is SBF being charged for?

I mean, we all know it's fraud but how many counts exactly? 🤨

This will determine his total jail time if convicted.

So let’s begin counting! 1️⃣ 2️⃣ 3️⃣

Count 1- Conspiracy to commit wire fraud on CUSTOMERS (SBF took money knowing that it was being funnelled to Alameda)

Count 2- Again, related to wire fraud on customers

Count 3- Conspiracy to commit wire fraud on LENDERS (SBF got finances by giving out false info and misleading people)

Count 4- Wire fraud on lenders, similar to #3 (FTX bros lied about how their assets and holdings were actually doing)

Count 5- Conspiracy to commit commodities fraud (Basically FTX took money for something and used it for something else)

Count 6- Conspiracy to commit securities fraud (SBF sent an email with potentially wrong info about the business to an investor)

Count 7- Conspiracy to commit money laundering (FTX did transactions that they knew were for money laundering)

Count 8- Violation of campaign finance laws (Our man, SBF, made contributions to campaigns in other people’s names)

Oof. That’s A LOT of charges!

This is just 6 short of Pablo Escobar’s 14 charges. 😅

If SBF is convicted on all these charges then, he will be in prison for a very, very, VERY long time.

Almost 155 years worth of time. 🤯

Just enough time for RCB to win an IPL, or for Arsenal to win the UCL. 🥲

Chaach and Charts: The only NFT survivor

Blur.

Nope, I ain't talking about your Youtube video when you’re on your phone hotspot.

I’m talking about the NFT marketplace that’s killing it.

Since November, Blur has accounted for close to ~50% of all ETH trading volume.

Earlier this week, NFT volume in ETH jumped to its highest level in 3️⃣ months with over 36k ETH traded.

Blur → 26k ETHOpenSea → 5.6k ETHX2Y2 → 1.6k ETH

Damn, we just gotta remove the wash trades to see how much are real and how much are fake 👀

What do you think?

Milky Meme of The Day

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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.