🌊 A Crypto Criminals’ Fav Holiday Destination

Gm, this is the doodhwala, the only crypto newsletter that’s like a bright rainbow after a rainy afternoon. 🌈

Here’s what we got for you today:

• 🏖️ REVEALED: The crypto criminal’s favourite holiday destination

• 👋 REVEALED: The crypto VC’s next big investment market

• 📊 The Great Flooding Begins: Bitcoin miners made a big move

• 🛠️ Resourcewala: Who is the Fattest (Protocol) of them all?

• 🍼 Doodhshots: The 68% drop in this app’s trading volume

🌊 Crypto bros (doing weird things) in Bali

3AC (Three Arrows Capital).

The crypto hedge fund that went bankrupt last year.

Why?

Imagine your company owing a massive $3.3 billion to creditors and then watching the crypto market collapse.

That's what happened to founders Kyle Davies and Su Zhu.

But instead of being sad pandas 🫤, they decided to become Instagram influencers. 🏖️

They've got their:

✅ flip-flops

✅ sunscreen

✅ and a super tan in sunny Bali. ☀️ 🌴

You'd think it was a vacation, but they just moved their office to the beach. Like us 👇

So, that’s why☝️ Kyle and Su Zhu choose Bali. Or maybe they really like beaches. I mean who doesn’t? 🤷‍♂️

So, just to recap:

• 3AC owes $3.3 billion to many companies

• 3AC triggered a collapse that brought down several crypto lending companies, exchanges, and even DeFi protocols

• 3AC’s founders – Kyle and Su Zhu – are chilling in Bali

WELCOME TO CRYPTO. 🫡

And both the founders are doing some weird weird things.

While the world struggled with the collapse of Three Arrows, Kyle Davies was busy chilling on the beach, reading Hemingway novels, and painting in cafes.

And if you thought that was wild, wait till you hear what else he’s up to:

• Meditating ✅

• Tripping on shrooms on a rooftop ✅

• Flying to Bahrain for a Formula 1 event ✅

I mean, how else do you deal with the collapse of your billion-dollar company, right?

With alcohol flowing, Davies describes his life as a series of "magical experiences." 🍻

And if you're following Davies on Twitter, you would have seen some exotic captures of him with tigers.👇

His love for oysters is making us wonder if there's some deep philosophical message behind it. 🐚

Just when you think things couldn't get any crazier, Su Zhu entered the chat.

So, Zhu delved deep into the gaming world. 🎮

From hitting the gym and taking hard walks to learn new languages, his journey to personal development looks like something out of a Tony Robbins book.

And, oh, did I mention the permaculture farm he installed at his Singapore mansion with:

👉 Ducks

👉 Chickens

👉 Dragonflies (yes dragon flies 😲)

Because that's how you deal with financial distress, right? 🦆🐔🐉

They're both so chill; it's like they're on a permanent vacation. 🕶️

Though, their liquidators would beg to differ.

They were throwing fits about not being able to locate them.

And when they did pop up for a Zoom meeting, they played the silent game. 🤫

What's even crazier is they're being investigated in the US and Singapore.

But hey, they aren't bothered. I need some of that 3AC energy at 4 pm on a Friday when my boss tells me there’s a quick task that needs to be done.

Instead, they’re all set with their new venture → Open Exchange.

It's a platform for those who lost money in the crypto collapse to buy and sell bankruptcy claims. We’ve written about it here.

Now, isn't that a sly move? 🦊

Whether this venture works or not, it doesn't matter to them.

The duo claims they have enough in savings to never work again. It’s true tho, they’ve been one of the most successful hedge funds during two crypto bull market cycles.

Well, we know that just when we heard – dragonflies in a farmhouse.

🇬🇧 London Bridge isn’t falling down

Well..well..well…

Who knew that of all places in the world—

The next crypto hub would be the city where people love drinkin their “cuppa tea” and “bottol of wotah.”🍾

London is becoming the next technology hub, and big money has started to move there.⬆️🤑

With a16z announcing their new setup in London, what could this indicate for the future of the biggest crypto investor? 🤔

It’s time to dive into the city of London, and why their bridge ain’t fallin’ so soon.😵

Wtf is a16z?

Andreessen Horowitz, a.k.a., a16z, is one of the biggest Venture Capital firms in the US.

They are pretty much part of the companies that you would remember when you think of “f* you money**.” 💰

They have been early investors in some of the biggest names in tech.

👉 AirBnb

👉 Twitter

👉 Facebook

.. and many more.

Not just that, they’re also highly passionate about cryptocurrencies and blockchain tech - and are investors in the big names.

👉 Ripple

👉 Filecoin

👉 Coinbase

You can rest assured that the doodhs who work here probably know where to put their funds. 🥴

Why are they moving to London?

a16z is done being the Wolf of Wall Street and is moving on to be a part of the Gangs of London.🚶‍♀️

When the big money comes into town, even the prime minister is excited about its growth story.👇

Their bet to have an HQ built in London is quite simple:

1️⃣ Cryptocurrency regulations in the US are 💩

2️⃣ London is now opening up their economic borders for investments 📈

3️⃣ London has an optimal framework for incubating new businesses in UK and Europe 🆕

Not just that.

The UK government plans to bring crypto into its existing financial services regulation. 🎛️

This is an approach supported by the All Party Parliamentary Group (APPG) for crypto assets.

Not that there ain’t any backlash, 9 outta 10 things seem pretty cool. 🤷

Can London be the new crypto hub?

An interesting question with a simple answer → Yes. ✅

Their combination of having a – sandbox approach to regulating crypto + with opening borders to new investments seems like a giant move toward innovation. 📲

If nothing, the movement of a giant VC like a16z to London should be a testament to their welcoming nature. 🫂

Will everything be smooth af? Nah IDK. 🤷‍♂️

But hey, we always appreciate geographies welcoming innovation.

Could London and UK lead the route for global crypto adoption and regulation?

Will the Doodhwala set up our HQ in London?

Who knows friend? Let’s hope for the best and God save the Queen King! 👑

📈 Cheese and Charts: Bitcoin Miners Flood Exchanges

In crypto, every player has their own role.

🤝 Some like to hodl

📊 Some like to trade

⛏️ And then there are those that mine

These miner dudes aren't just digging Bitcoin, but they're also taking part in the game of supply and demand. 🎮

But just last week, they started sending buckets of coins to exchanges.

We're talking 'Make it Rain' kind of buckets, not the ones you use to water your tulips! 💰💦

The largest inflow reached a whopping $70.8 million! 🤑

This crazy influx is the 3rd largest on record.

Only $30.2M less than the peak inflow of $101 million seen during the peak of the bull run in 2021, when Bitcoin was over $60k.

So, is this a signal of a sell-off or just miners cashing in on current prices? Or is this another pit stop in the roller-coaster ride of Bitcoin? 🎢💨

(What's your take? REPLY and let us know below. 👇)

🛠 Resourcewala: Fat Protocol Theory is Phat 💥

The blockchain vs. internet debate is as old as time itself...well, at least as old as blockchain tech. 😏

One key difference between these two revolutionary techs is the way they distribute value.

Don't get it? 🤔 Well, no worries! Today's resource is here to save the day:

• What is the Fat Protocol theory?

• How does it reverse the Internet's value distribution?

• What are the implications for investing in blockchain vs internet technologies?

🍼 Doodhshots: Robinhood trading volumes drop

• 🎮 Minecraft Bans: Minecraft NFTs didn’t get banned last year, but they could be soon. Can I still take screenshots tho?

• 📉 Robinhood Robbed: After banning trades on select tokens, trading volumes fell by 68% on Robinhood. Damn, just 1% more is all we ask.

• 🥷 Sturdy Steal: Lending protocol Sturdy has been hit with an exploit, over $ 750 has been stolen from its wallets. Stay safe and sturdy y’all.

• 💸 Tether Prints: Tether minted $1 billion, then clarified that it was for ETH chain swaps. This new money printer is concerning.

• 🧍‍♂️ Cuban Comeback: Mark Cuban joins the fight against SEC, says decisions impacting real lives. Heck yeah Mark, welcome back!

🤣 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