🌕 Do Kwon just MOVED $250k

Sab badiya bhaiyo aur bheno? We’re the doodhwala, you can call us the web3 Horlicks cuz we make you taller stronger sharper about crypto 🥛

Alrighty, let’s get into it:

• Is Do Kwon making a comeback?

• Whales moved $5 billion ETH after THE MERGE

• Crypto Doodh Shots

• Milky Meme Of The Day

Is Do Kwon making a comeback?

Ya’ll remember Do Kwow?

We call him the South Korean Harshad Mehta, but instead of Scam 1992, we’ve got Stable 2022.

Do’s the guy who:

• created the Terra Luna ecosystem

• bragged about its infallibility

• pumped it to $40 billion

• disappeared when it crashed

Now, Do’s making big moves. Not that he’s building another “to the moon project.” But he’s moving big money around.

Just how much? 👀

About a quarter of a million dollars or nearly Rs 2 crore.

That’s not much, given that his net worth was estimated to be $50 billion + at the peak of the Luna-mania. 🤯

But its interesting given the timing of events and his wallet's other transactions.

Let’s take a closer look.

Gone full Kwonvict

Last week, the South Korean authorities pulled out an arrest warrant for Grand Master Do.

And this week poof he disappeared.

Now, the SK 🚓 have called the international cops to arrest Do when they find him and bring him back to 🇰🇷.

This reminds me of the time the Physics teacher complained to my headmaster about me. I was scared 💩-less.

Even with global police on his tail, he couldn’t stop himself from shitposting on Twitter.

Where’s The DOugh?

This address (WALLET 1) is tagged as Do’s by on-chain sleuths and it holds:

• $250k in USDC

• $1.3 k in ETH

• $850 in USDT

It received this ☝️ from this address (WALLET 2), which has:

• $29.2 million in USDC

• $1.9 million in WBTC

• $6.7k in ETH

WALLET 2 has been inactive for over 110 days.

The last time it signed a transaction was way back in May 2022, when Terra Luna started to implode like my mother when I call upma “quinoa.”

Since then there has been no transactions!

The last inflow to WALLET 2 was in March 2022 for $42 million in USDC from a wallet that was active on the Ethereum and Terra blockchain.

Doodhwala’s take: Do’s moving big money around. What is this for? Hell if we know, but we’ll be keeping a close 👀 on these wallets. But one thing is fo Do’s physical trail can be covered but his crypto trail cannot with the transparency of the blockchain. 🤌

Who LET the ETH out?

Last week was the historic ETH Merge and everyone expect The Queen was around for it.

While it was a pivotal event for crypto, ETH holders didn’t like it.

And now they’re acting out like that kid that didn’t get a boondi ladoo on Diwali. 😭

In the week since the Ethereum Merge:

• Addresses holding 100-1k ETH moved out 1.3 million ETH

• Addresses holding 1k-10k ETH moved out 2.7 million ETH

That’s ETH worth an estimated $5.5 billion moved out of whale wallets.

When such a big amount is moved out, you gotta ask 3 questions:

• Where did it go?

• Who moved it?

• Is the doodhwala on top of it?

Yes, yes we are. 😇

Where did it go?

One guess 👉 Exchanges.

A day before The Merge the number of ETH on exchanges tripled as more than 2.5 million ETH moved to exchanges from private wallet.

But this is only 60% of the ETH moved from whale wallets.

Where tf is the other 40%? (phew! at least this was easy math)

Possibly could be to different non-centralized exchange wallets.

Who moved it?

One guess 👉 Miners.

After the merge, the miners holding onto ETH couldn’t really mine…because…well ETH moved to its consensus mechanism to PoS.

So, what did the miners do?

They SOLD. BIG TIME.

Leading up to The Big Merge, miners sold nearly $20 million in ETH.

And even after The Merge, miner addresses holding a ton of ETH dropped like CRAZY.

Take a look:

That’s nearly 30k addresses wiped clear.

Oh damn.

Big selling ✅

Big sellers ✅

What’s next? 👀

Crypto Doodh Shots

➕ After Solana, OpenSea is integrating yet ANOTHER blockchain, and it’s one you never woulda guessed

🧼 USDT finally has to come clean with actual court documents proving it’s backed by dollars not faith

🎩 White hat hacker got $53k for discovering a bug that could cost Arbitrum $475 million. Really Arbitrum? Really?

🙈 Microstrategy buys $6 million in Bitcoin! The first buy without Michael Saylor as the CEO. Ahh shit, here we go again!

💸 This investment bank with nearly $500 billion in AUM is launching a crypto newsletter crypto VC fund

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.