😲 FTX Hacker Makes A Big Move

Gm, this is the doodhwala! The crypto newsletter that’s like your friend who you call before anyone else when your crush finally accepts your friend request.

SHE MIGHT BE THE ONE.

Here’s what we got for you today:

• 😏 He’s Back!: The FTX Hacker Just Moved Out All The Money

• 💎 $338 million: Solana Just Hit A New High

• 📈 Cheese and Charts: Someone Stop The Staking!

• 💰 ALPHAwala: LSDs On The Big L1

• 🍼 Doodhshots: SBF Paid Off Trump?

  

😏 What Are You Doing Exploiter?

How can a Monday begin without someone in crypto getting exploited? 🤭

But this time, there's a twist. 🔀

Y'all know FTX right?

• Remember when they were getting REKT back almost a year ago.

• When they were hit with an exploit and customer funds were frozen? 🤔

• Yeah well the guy who “stole” money from FTX is back. 🙅‍♂️

And he's cleared out his entire wallet at the time of writing this! 😵

Who is this guy? And where's the money gone? 💰

1️⃣ Bro rugged his own wallet.

So this doodh was inactive for over 6-9 months, then decided to wake up and drain everything out.

And even during that time, this doodh hadn't done any huge transactions. 🤔

But over a series of 6 transactions, this wallet is now become non-existent. (Just like my dating life😔)

The total money sent out? →A whopping $25.2 million. 😨

Truly a living example of “Woke up one day and chose violence” 💯

Check out the snapshot of the transactions done 👇

2️⃣ Where did the money go?

There are 3 things that every crypto bro has a routine of:

• Wake up to losses on some shitcoin

• Keep scrolling on Twitter for the next best shitcoin

• Give up on everything and thank the world for transparency in Crypto

And yes, we can check on-chain data to see where the money is being sent to. ↗️

So most of the money is being sent to a Thorchain router through Railgun contracts. 🥷

Simply put, there are cross-bridge transfers happening on Zero Knowledge Anonymity wallets.

So we can't check any further hops of the money from these wallets. 😵

Gotta love crypto and hate it sometimes as well. 😤

Here's what on chain tracker SpotOnChain had to say—

3️⃣ Did SBF do this?

Goodbye, boring money transfer data. 👋

Hello, conspiracy theory. 🙋‍♂️

Trust the doodhwala, we have access to almost every conspiracy theory brewing out there. ☕

And this one?

Well, there was always speculation that SBF covered up the whole “hacked” FTX story—

But did Sam Bankman Fried transfer out the money? 😮

Idk man, but bro really be returning to every story like Toby Maguire from Spiderman 2. 💀

Now why is this theory brewing on the streets?

3 reasons.

👉 FTX trials are set to begin in October

👉 SBF does not have enough money to cover lawyer fees

👉 There's a good chance that ETH ETFs will get approved this month according to analysts.

So?

This is a good time to remove that money before 💩 hits the fan.

Idk man, this theory sounds pretty convincing!

But we're just fresh milk deliverers. 🥛

Who knows, you can’t believe anybody these days! 🤷‍♂️

✊ Crypto Is Not Dead! We’ll Show You

Is crypto dead? 😭

Uhhh despite what your uncle tells you on WhatsApp, it isn’t. It’s very much alive.

Don’t believe us? 🤔

Head on over to – Unfold 2023 by CoinDCX – to find out more.

Unfold 2023 is India’s biggest crypto event. But it’s not like every other networking (read:boring) event.

It has:

🔥 A hackathon with $100K+ in bounty rewards

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Register now using the link below and stand a chance to win some very cool prizes (not just doodh lol 🥛).

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🔥 Big News For Solana

Solana.

The world’s fastest chain.

Even faster than Koenigsegg Jesko Absolut. IYKYK.

Solana’s been doing great for a long time now.

Then why the party all of a sudden? 🤔

Well, Solana’s Total Value Locked (TVL) hit a huge – $338.82 million yesterday.

And this is the highest since 2023 started.

And guess what? 🤩

Solana has been also partnering up with big names like Visa to allow transactions in USDC on its network! 💳💰

This means quick payments for merchants and no more annoying credit card fees! 💰

Here are some crazy numbers: 🕵️‍♂️

• Solana’s SOL token had its best week since mid-July! 🌟

• It went up 29% in just the past week! 📈

• It’s jumped 39.08% from its lowest in September! 🚀

And also it saw a 65% jump from its lowest price in 2023!

That’s REALLY huge.

Tho not as huge as my dating expectations.

But, let’s be real.

These numbers are still not as high as they were during the good times. 📉

Solana’s TVL was over $10 billion in November 2021 before it went down so much.

Now, let’s talk about the cow in the room.

You know we love doodh, right?🥛

People are worried about what will happen to SOL's price after the FTX estate gets the green light to sell its crypto holdings. 🤑

The estate is rumored to have about $1.2 billion in SOL! 💰

That’s almost 4% of all the SOL out there! 😱

And a whopping $17 million worth of SOL will be unlocked every month for the next 4 years! 🗓️

So, let’s hope for the best.

Cuz that’s all we can do other than HODL and BUIDL.

📈 Cheese and Charts: Someone STOP The Staking

“Where there is too much opportunity, there are too many troubles that follow” - A random regular cow milk-drinkin’ Chad. 🥛🐄

Hey…remember when people were flocking to stake their ETH on LIDO and other liquid staking protocols? (LSDs ftw?)

Yeah - It’s becoming too much now. ✋

Dass right— ETH staking has come to a point where today almost 25% of all ETH is being staked! 😮

But there is a problem - And that’s LIDO.

You see LIDO is the pioneer in Liquid staking, and their whole business just skyrocketed after SHAPELLA…a.k.a. ETH’s protein-packed doodh upgrade.🥛💪

And everyone who was interested in liquid staking? → Started using LIDO.

It’s scary because LIDO is now entering a zone where they could control over close to 33% of all staked ETH. 😨

Well, there are 3 solutions in place that are coming soon (we hope)—

• EIP-7514, and ETH upgrade, will slow the max growth rate for ETH staked

• Lido is becoming more decentralized and will be providing incentives for the same using the EigenLayer

• Ethereum's social layer is activated to limit Lido's share to below 25% in the market.

How well can this work?

We’re unsure. There’s always something more to worry about in the market! 🤷‍♂️

But hey, just frikkin read the doodhwala and stay updated with it then!? 🤌

💰 ALPHAwala: LSDs On The Big L1

Welcome to Alphawala, a section where we bring you one top alpha straight from the depths of the Crypto Gulag aka Crypto Twitter 🔥

Liquid Staking.

Ya’ll thought it was only on Ethereum?

Guess again.

The big dog Solana has been getting in on the liquid staking.

Lido Finance, the biggest LSD staker in DeFi also has a strong presence in Solana. But it’s not the largest.

Check it out 👇

🍼 Doodhshots: SBF Paid Off Trump?

• 🫂 Friendly Fire: Nearly one-fifth of Base’s transaction fee came from friend tech in the summer. What else is on Base?

• 🤬 Blame Crypto: The Federal Reserve, which increases and lowers rates like it’s an Etch-a-sketch blames crypto and nepotism for the fall of Silvergate. Nepotism? Too hypocritical?

• 🤝 Solana Lover: For 27 weeks in a row, institutions have been buying up Solana. Is this a sign? 

• 📉 Down A Third: Venture funding in the crypto and web3 sector fell by 33% in Q3. 33% that’s not that bad right? right?

• 👱🏻‍♂️ Trump Out: Not only did SBF fund Trump’s opponents, but he also wanted to pay off DJT to give up his presidential run. AND WITH OUR MONEY!! 

🤣 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