🚨 CZ and Binance dump BTC to pump BNB?

Gm, this is the doodhwala, the only crypto newsletter that will let you sit in the front seat, even if you didn’t call SHOTGUN. We’re nice like that 😇

Here’s what we got for you today:

• 🚨 Big BTC Dump: CZ accused of dumping the king to push his prince

• 💰 $1 million lost: This crypto influencer’s Bitcoin bet is OVER

• 📊 Let’s play a GAME: Crypto VCs are hot-n-cold with Web3 Gaming

• 🛠️ Resourcewala: Demystifying Blockchain Governance

• 🍼 Doodhshots: Weird Vitalik song NFT

Let’s HIT it! 🚘

CZ Shouts “Fake News!” 😱

Yesterday, CZ delivered a big NO. And it wasn’t to people asking him where he gets his hair cut from.

Changepeng Zhao or CZ was squashing rumors like:

👉 Binance sold Bitcoin to pump Binance Coin (BNB)? No way, José!

👉 Binance becoming a market manipulator? Nah, bro!

👉 CZ saying "YES" to any dirty game? Hell NO! 🚫

FYI, Changpeng Zhao aka CZ, is the CEO of Binance (the platform we all love and sometimes hate). 🌐

The whispers started when a few market commentators (yes, a few not just one) suggested some sneaky behavior going down at the Binance HQ. 🧐

Market commentators accused Binance of manipulating the market to artificially inflate the value of BNB. Analysts claimed Binance is engaging in "wash trading".

Wtf is that now?

Basically, a naughty trick to make something look more popular than it really is. 🧼 🔄

An analyst spotted something "fishy" with BNB's price, finding the "$220 level" defended like it's the last piece of cake in the refrigerator.

He suspects it might be a safeguard for loans collateralized by BNB (yeah, like a loan, but with BNB as the collateral!) 🚧

Cuz if BNB goes down, then many bad things can happen like:

👉 Margin call

👉 Negative equity

👉 Forced Liquidation

👉 Potential loss of collateral

Basically a bunch of bad bad things!

So, what’s the solution? 🧭

Simply saying, “It wasn’t us” ain’t the way to address these rumors.

A straightforward, audited statement from Binance declaring no BNB-collateralized liabilities (easy-peasy, right?) is what is required. 👇️ 

Did CZ pull out the audits? Lolno.

CZ filled in his Twitter feed but denied any shady trading with Bitcoin or BNB. 🚫

He was like – How on earth could anyone know exactly who sold what from a price chart?! 🤷‍♂️

Right? Can't argue there, CZ. 🤔

Sure, we all know he's a big crypto whale with plenty of Bitcoin and BNB in his pocket (just like we’re a doodh whale).

But we don’t do this👇

The plot thickens: 🎬

Binance US, the American offspring of Binance, got sued by the SEC.

Wait for it…

The allegations? Breaking securities laws and indulging in wash trading through its 'market making' trading firm Sigma Chain, owned by none other than CZ himself. 🚨

But CZ and Binance US stand their ground: 🛡️

They deny any misconduct and are ready to fight tooth and nail against the charges.

So, that’s bout it.

Same time, same place tomorrow for more gossip. 😉

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⌛ Time’s up Balaji

It’s been 3 months since our beloved Balaji Srinivasan made his infamous Bitcoin bet.📈

His bet time is officially up, and Bitcoin is still hovering around $25k.🥲

So, let’s go through:

👉 Wait, what’s the bet?!

👉 Why it didn’t play out?!

👉 His response to the world!?

But for now, his time’s up!⌛

A quick recap of his prediction

Balaji’s prediction was as simple and pure as Cow milk 🐄🥛:

👉 The Federal Reserve will keep printing money.

👉 Hyperinflation will be inevitable.

👉 Bitcoin is the only solution

When did he make this bet? March 15

What are the stakes of the bet? $1 million to the winner.

Whom did he bet against? Some random Twitter account.

What is the final date of the bet? June 15 aka TODAY!

All of this came at a time when Silicon Valley Bank, Credit Suisse, and the whole banking sector were in turmoil. 😨

We wrote a detailed story about his bet here.

How it played out

Well, it didn't. And not just because it was unrealistic.

But because it was extremely unrealistic. 🤡

If the situation that Balaji painted actually took place, that means the only thing we could see today would've been chaos + mayhem.

People would be running around the street drinking just oat milk. 🤮

Balaji, therefore, conceded to the bet earlier last month by paying a million in BTC to the random Twitter account.

My man also added an extra 500k to charity, Giga Chad move.🗿

But by doing so, he ended up giving one of the best speeches the world should hear. 👇

But tbh the level of cope in that video.💀

Seriously tho, Balaji’s mission was extremely successful, in almost every other measure:

👉 He grabbed everyone's attention and addressed the problem.

👉 He gave an ultimatum to Bitcoin’s use case and pinpointed economic problems.

👉 Kept everyone wondering about the possibility of his prediction coming true.

BUT the problems still exist

None of the problems he said has been solved.❌

And that was the whole point of his follow-up video as well.

His argument now extends to – It's not a question of how, it's a question of when. ⌚

So his argument about:

👉 Hyperinflation

👉 Reckless spending

👉 Money printing to the 🌕🚀

…still exist and are damaging the economy.📉

So, yes. Balaji might've taken a big L on his prediction, but ain't nobody callin - 🧢 on his reasoning or motivation.

Doodhwala’s take:

Just…don’t bet a million dollars if your win rate is anything less than 100%. 🥴

📈 Cheese and Charts: Game Not Over for Web3?!

In the high-stakes world of VC funding, it’s not all about winning; it’s also about knowing when to play your cards. 🎴

May 2023 saw investors double down on their bets (like a caffeine-addicted teen downing energy drinks at a LAN party). 💥

Comparing April 2023 to May 2023:

💰 66% surge in total funding amount.

📊 Whopping 240% rise in deal announcements. 🚀

Sounds like a loot box full of coins, right? Not so fast! 🛑

Total investments in Web3 games are still lagging, down 37% compared to February. 😕

That's like trying to win a Fortnite match with a dial-up connection – not happening!

VCs, caught in a crossfire of market uncertainty, are acting more like cautious noobs than seasoned gamers in 2023. 🎮

And with no Web3 breakout success yet, that worry isn't going anywhere.

A sign of tough times, or just the calm before the game-changing storm? 🌩️

(REPLY and let us know👇)

🛠 Resourcewala: Demystifying Blockchain Governance 💡

Thought blockchain is all about the Benjamins, or just NFTs of burned paintings? 🤑 Nah fam, there's more. Much more. 

Like the dopeness of governance on the block(chain).

But, like those cryptic maths problems from high school, governance in blockchains can be a lil’ head-scratcher. But fear not, 'coz we got you covered!

Get ready to deep dive into:

• WTF is blockchain governance anyway?

• How does this governance shebang actually work?

• Real-world examples and use-cases. 🎯

🎙️ The Web3 Normies: What’s up with Web3 Gaming?

Crypto and AI.

Everyone is talking about it. But do you know what connects crypto with AI?

We'll give you a hint, we've all played this as kids.

We're talking about – G A M I N G.

The normies talk to Aakash Kumar, principal partner at Matrix Partners, a venture capital fund with over $5 billion in invested capital:

• Is Web3 Gaming all hype or is there some potential?

• Can Web3 gaming ever look as cool as Web2 gaming?

• How does a crypto founder go from 0-1, and from 10-100?

PLUS: Prashanth talks about his trip to London to watch Arsenal win the Premier League. Oh, wait...

🍼 Doodhshots: Weird Vitalik song NFT

• 🏦 Bankrupt Banq: Banq, a subsidiary of Prime Trust, the issuer of TrueUSD, has applied for Bankruptcy. Not the first bankrupt bank we know, amirite?

• 🏝️ Cyprus Shenanigans: The Binance unit of Cyprus is seeking to de-register as a crypto service provider from the island. UnSAFU funds in Cyprus?

• 🤑 Flash Loan: Some doodh flash loaned $200 million from MakerDAO, just to make $3 in profit. I mean…he can still buy a carton of doodh for $3 right?

• 🎵 Vitalik Anthem: There’s a song about Vitalik Buterin that you mint for free as an NFT. Petition to make it the anthem for crypto bros?

• 🛒 Flipkart NFTs: Flipkart partners with Polygon to release a Web3 brand loyalty program. Is this what the next big billion days are about?

🤣 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