🃏 Meet the FTX puppet master

GM, this is the doodhwala. The crypto newsletter that’s like Joey from Friends. Yeah, we’re charming, we have “some” knowledge and we never forget to ask you “How you doin’?” 😉

Here’s today’s taaza crypto doodh:

• SBF was a puppet. Meet the puppet master.

• DeFi is SUPER fine feat Uniswap, GMX and...

• Lassi and Lists: Top Dapps minting money

• Milky Meme Of The Day

SBF was a puppet. Meet the puppet master.

You gotta ask yourself, “how does SBF, a 29-year-old, orchestrate the biggest scam in the world?”

But what if I told you — SBF was a puppet?

We’ve got a 🌶 story for you today, from the deep webs of the internet. It might just be a wild theory. So, put on your tin-foil hats and babaji-scarf for this one.

The coordination between an exchange, a market maker, an offshore entity, political contacts, and a pump-and-dump token, is hard to pull off for one man.

Even if that man was an ultra-smart MIT graduate, not Manipal Institute of Technology, the smaller MIT in the US.

So, let’s meet the puppet master.

The puppet master is Daniel Friedberg (DAN), the man who was behind the biggest scandal in online gambling and then became the chief regulatory officer at FTX.

YES! GAMBLING IS MAKING CRYPTO LOOK BAD!!

In 2008, Ultimate Bet, an online gambling company scammed its users of $50 million (Rs 400 crore).

And the scam was sneaky AF!!

This is how it worked:

👾 Ultimate Bet created a poker card-reading software

👀 The software reads players’ cards and sends the data back to the server

🃏 The dealer-bot plays cards that decrease the chances of the user winning

🔁 Repeat

You know what they say — “the house always wins!”

In Ultimate Bet saying goes — “the house always wins because the house always cheats.”

DAN was involved in covering up the Ultimate Bet scam before moving into covering up the FTX scam

The game of poker is similar to the game of crypto trading.

There are — poker chips, bets, and odds.

But no one sees everything at once.

No one, except GOD.

And that’s exactly why the Ultimate Bet scam and the FTX scam go by the same name — the name given by DAN — GOD MODE.

GOD MODE can see:

• The card: FTX

• The bets: Alameda Research

• The chips: FTT

God damn. 🤯

Nobody has heard from DAN since. Even his LinkedIn profile was recently deleted.

Meanwhile, SBF hasn’t said a word except:

Doodhwala's take: We get this whole DAN the MAN doing the SCAM this is wild. But just because it rhymes doesn't mean it's right. We'll keep an 👀 on DAN if we can find him.

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DeFi is super fine feat Uniswap, GMX, and...

Since FTX collapsed, the ripple effect has hurt almost everyone and everything.

Everything seems to be going down like a fast-paced version of Titanic. 🚢

But one particular part of crypto seems to withstand the whole FTX contagion.

That’s because it’s the EXACT opposite of what FTX is. (or was?)

It’s Decentralized Finance (DeFi). 🔥

Yup, its the same thing the governments and the banks told you to worry about.

I’m sure all of you might have come across tweets like this in the past week:

or This:

But you might have been wondering, “How exactly is DeFi fine?”

Well, that’s what we at the doodhwala want to show you.

We are all about the decentralized doodh. 😎

Let’s start with the big one:

🦄 Uniswap, the mother of all DEXes

What’s a DEX?

It’s a decentralized exchange i.e. no single person controls it. It is governed by code.

It’s the exact opposite of FTX.

The amount of USDC traded on DEXs reached an all-time high and Uniswap facilitated a huge chunk of those transactions.

Uniswap makes money by charging a small transaction fee on each transaction.

So a spike in transaction volume would have definitely added to their revenue.

🔹 GMX, the decentralized perps exchange.

Since the FTX crash, the volume has just been going up and up.

It has gone up from $400 million in October to almost $1.1 billion this month.

Seems like GMX doesn't give two sats about FTX. 😎

The overall volume of across DEXs in the past week has reached a whopping $32 billion! 🤯

Apart from Uniswap, most of the other DEXs are also seeing a huge increase in their daily volume.

• Sushiswap

• Curve

• Balancer

and so many more!

One of the main reasons why DEXs like GMX or Uniswap might be doing so well is because a lot of cash is being withdrawn from CEXs.

The low trust in CEXs is making people opt-in to DEXs where there are self-custody solutions.

This is exactly what DeFi was built for. It's a total trustless ecosystem.

Your money is yours. Nobody can use it buy stadiums except you. 💰

Lassi and Lists: Top Dapps + Blockchains minting 💰

This is the top 10 list of dapps and blockchains with the highest earnings in the last 24 hours.

Go through the entire list. How many of them are truly decentralized projects?

Quite a lot, right? 😎

Ethereum is leading the way with dYdX is second place.

Its decentralization over centralization, any day of the week kids! 🥛

Milky Meme of the Day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

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.