😬 Binance Is Getting Sued For Destroying FTX

Gm, this is the doodhwala. The crypto newsletter that keeps you GROOVIN’ in the middle of the week.

Don’t make a MOVE, till you hit the GROOVE! 🕺

Here’s what we got for you today:

• 💩 Deep Shit: Binance Is Getting Sued For Destroying FTX

• 🥲 Where Are They?: Crypto Devs Are Leaving The Ecosystem

• 📈 Cheese and Charts: Where Are They Swappin’?

• 🛠️ Resourcewala: Secure Your Coins Like a Pro!

• 🍼 Doodhshots: Solana’s Getting All The Love

  

💩 Binance In MORE Deep Shit

Got your doodh ready?🥛

Cuz we've got some chocolaty news for you.

No, it’s not about your crush wanting to marry you.

It’s about Binance.

We know it’s become a habit for Binance to get into trouble every week but it is what it is. 💩

Meanwhile Binance👇

So wtf really happened?

A class-action suit.

A lone star named Nir Lahav, from California, has sued Binance in the District Court of Northern California.

And the allegations?

Binance’s trying to monopolize the crypto market by harming a competitor → FTX. 😱

And it all started on Twitter (yaa Elon was not in the picture at that time). 🐦

Not just any tweet, but a tweet from Binance CEO Changpeng Zhao aka CZ. 😉

Here’s the full story:

So, CZ talked about selling all of FTX’s utility tokens → FTT tokens on Nov 6, 2023. 📅

The very next day, he said Binance might buy FTX. But then, just a day later, he changed his mind. 🔄

After all this, the price of FTX's coin dropped a lot.

It fell from $23 to $3. 📉

Nir thinks that the CZ’s tweets were a calculated move to manipulate the market and ultimately lead FTX into a collapse. 🌪️

What else does the suit say? 🧐

• The suit claims that CZ’s proposal to acquire FTX was never in good faith. 😱

• It also says CZ's tweet about selling FTT was misleading because Binance had already sold them. 🤯

• Basically, CZ's messages were meant to make FTX's coin price drop on purpose. 📉

Now, they want Binance to pay for the harm they think was caused.

They're asking for money and other things in return. 💵

But wait, there's even more!

Both Binance and FTX are being looked into by the SEC. 🕵️‍♂️

And the criminal case against FTX CEO Sam Bankman-Fried is set to begin on Oct. 4 in New York. 🏛️🗽

CZ, on the other hand, denies any accusations of unfair competition.

But the crypto community is left star-gazing, thinking about the true intentions behind those tweets. 🌟🔭

So, there’s a LOT going on.

What do you think? Did CZ REALLY do it to collapse FTX?

No matter what you think, CZ’s gonna be CZ.

See ya tom, keep HODLing!

To the moon or at least Mars. 🚀

🥲 Where Are My Devs?

It's kinda ironic - Every Asian household pushes their kids to pursue engineering—

But then Developers after a while choose to leave any ecosystem that they're in! 🤷‍♂️

Now, Crypto Devs, the backbone of our system and the ones who make sure your money stays in your damn wallet—

These folks don't seem to want to work anymore on anything. 😔

So they're leaving work, and probably heading off into the woods where they can have their own farm to get fresh milk. 🐄🥛

But why are they leaving?

And how bad is the situation? 🤔

☝️Why is everyone leaving?

We need to ask Devs the same question that I used to ask myself in my early dating life—

Why is everyone leaving? 😔

Let's first take a look at the numbers.

The total number of Active Developers in crypto has gone all the way from 9000 in the beginning of the year → A little more than 5000 today. 😵

There's only 3 broad level reasons we can come up with—

• They're being pushed out of their roles

• They're not getting what they want from their role

• There are more Devs doing work in the shadows than in public repositories like GitHub

Our take?

It's probably a combination of all 3 of them. 😶‍🌫️

It's kinda evident based on how much money has left the ecosystem this whole year. 😵

✌️ Are Devs not getting paid?

Okay one more important thing. Money.

That's why we all work, even though we choose to hide it from our employers. 🤭

There is a good chance that Devs are being pushed out of their jobs based on the lack of new money in ecosystem. 🤔

Prolly why a lot of Devs are unpaid for the insane work that they're doing! 😮

How is this possible?

Well it's because VCs chose to stay quiet in the crypto space in 2023 and have chosen to take the Artificial Intelligence path. 🤷‍♂️

We wrote about it a while back here.

What can we do about this?

Simple.

• Get proper regulations and funding back in Crypto

• Make sure there is good environment for Devs to thrive

• Inject them with news from the doodhwala

You do that, and you'll have your Devs back! 💯

📈 Cheese and Charts: Where They Swappin’?

Have you ever used a DEX and thought —

Damn, I wish it was this easy to swap my feelings for her? 💔

No? Is it only me? Okay fine. 😭

Anyways, folks who are native to crypto and have been using DEXs are quite well aware of how important it is for the functioning of the ecosystem.

And there has been a huge shift to DEXs after stuff like—

👉 CEX YEETing ft. Samuel Bankman Fried

👉 Stablecoin YEETing ft. Singapore Jail Enjoyer Su Zhu

👉 SEC YEETing ft. Bald Bois Brian and CZ

But here’s what we need to ask - where the frick are people swapping?

Let’s take into consideration ✌️ ecosystems - Ethereum and Solana.

☝️ Ethereum:

• 37.8% of people prefer Uniswap, making it the biggest in the ecosystem

• 1inch comes second, carrying out over 10.66% of all transactions

• Finally, we have the new entrant Metamask, taking up close to 10% of transactions

✌️ Solana:

• Jupiter Aggregator is a giant, carrying out a whopping 76.38% of all transactions in Solana

• Next comes Raydium, which holds a sizeable 10% of transactions destination

• Openbook, StarAtlas, and a bunch of other DEXs cover up for the rest of the volume

Now that you know where they swappin’—

Hit reply and let us know where you made your last transaction! 👇

🛠️ Resourcewala: Secure Your Coins Like a Pro!

In a world where crypto hacking is more common than common sense, we need to play it safe.💀

People lose millions to scams, and it's all cuz they’re treating their crypto like it’s some sort of game! 🕹️

No, it’s not. It’s the future! 🚀

Enter, the Cold Hardware Wallet! 🙌

Today’s resource is all about it:

1. What’s the PERFECT Cold Hardware Wallet? 🧐

2. Why do you even need one?🛡️

3. How to use it to protect your coin? 🤑

READ TIME: Quicker than you can say “I wish I knew this before!” ⚡

LFG! 🔥🔥🔥

🍼 Doodhshots: Solana’s Getting All The Love

• 🌞 SOL Lovers: Solana emerges as the favourite altcoin for institutional buyers. Solana is like doodh cuz everyone loves it.

• ⚖️ Kwon's Calm: Investors retract their class action against Terraform Labs and Do Kwon. Peace out?

• 🤝 Friendly Figures: Friend.tech rakes in one-fifth of the fees for Layer-2 chain, Base. Friends with benefits, huh?

• 🏦 Silvergate Sinks: A Fed report points fingers at Silvergate, blaming its collapse on a cozy relationship with crypto and internal nepotism. Too close for comfort?

• 📉 Venture Valley: The crypto venture scene sees a 33% fall in deal-making, marking the worst quarter since 2020. Bumpy roads ahead?

🤣 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