🚨 Multichain Is Shutting Down

Gm, this is doodhwala, the crypto newsletter that’s almost as iconic as a 20-year-old winning the Wimbledon. (Congrats to Carlos Alcaraz 🥇)

Almost. We’ll get there. 😎

Here’s what we got you today—

• 🚨 Multichain Closed: Multichain is winding down after CEO and his sister arrested in China.

• 🏦 JP Morgan’s Opinion: JP Morgan thinks that XRP’s win is a Coinbase win too.

• 📈 Cheese and Charts: BEAR the pain and suffering.

• 🛠️ Resourcewala: Bitcoin = Decentralized Organization.

• 🍼 Doodhshots: Van Gogh X Crypto

🚨Multichain Is Shutting Down

The weekend was chained up y’all!

Maybe not for you- But surely for the Multichain CEO Zhaojun and his sister! 🤐

That’s right!

The multichain saga has finally come to an end with an arrest.👮

And it doesn’t have the happy ending you think it does!

What are the consequences? And what is the team warning us about?

Time to check out. One by one. For now tho - Jail is inevitable.🥲

1️⃣ CEO Zhaojun and his sister are arrested.

The rumours were true this time.

Multichain CEO Zhaojun and his sister have been arrested by Chinese officials.👮

We wrote about that rumour a while back→

Let’s have a quick recap of the whole story tho—

👉 Multichain isn’t functioning and transactions aren’t processing.

👉 The team comes out with a statement saying they’re unable to reach out to the CEO.

👉 Turns out the CEO is missing and has access to the main server where these problems are occurring.

👉 CEO allegedly rug pulls from the server. (And gets arrested)

👉 Mysterious movements happening across wallets of stolen money.

👉 CEO’s sister is now the one making business decisions for Multichain.

Soooooo now…the CEO AND his sister are arrested. 🤡

The team has put out their understanding of the situation on Twitter.👇

2️⃣ Got the money? Done. 💁‍♂️

Kinda evident that it was a rug pull at this point!

We know why. Coz this was the plan from the beginning.😮

Here’s what happened—

Zhaojun’s sister was in charge of the business after he was arrested. 💼

And after seeing multiple drains and attacks on multichain—

She decided that she would “MOVE” the remaining user funds to a different wallet.

What did this lead to?

Her getting arrested and the team not knowing wtf to do now. 💀

And the weirdest frikkin’ part!?

This happened 2 months ago!!!!

And no one from the team announced it.

Now that 💩 has hit the fan and they have no choice but to wind things down - They casually admitted to —

👉 Using and having access to user funds.

👉 Not telling the community about the arrest.

👉 Making the Doodhwala prove conspiracy theories!

3️⃣ The team wants to shut things down.

Speaking about winding things down—

Now that basically everything is out about the Multichain exploit + Rug pull, the team has no choice but to shut down the business. 📉

But here's the thing- They don't exactly know how tho. 💀💀💀

Why you ask, my doodh?

Well, the server access is still in the hands of the CEO.

And to shut down the website and app means that they'll have to — Hack their own website?

🤣 🤣 🤣

They have no choice other than this right?

Nope. They're asking something even worse. 🥴

They want the website’s hosting service GoDaddy to shut down the website.

Which, in our opinion, is the weirdest thing to ask a domain hosting site. 💀

Wtf this mean now then?

Well, the Multichain team has asked users not to connect and use Multichain. 🔗

Other than that, they have no choice but to wait to get access to the server to shut things down officially.

If nothing, this goes to prove that— a lot of the projects you think are completely fail-proof and outstanding can get Rekt anytime. 💯

Doodhwala's take: So all our theories have come true? Can we give a hand at astrology or something then? 🤷

💰One Dashboard For ALL Your Crypto

When June moves to July and umbrellas come out, you know what season is approaching right?

It starts with an M.

I’m not talking about Monsoon. ☔️

I’m talking about Money. 💰

Yup, it’s the Money season. For the government.

With Tax Day (July 31) fast approaching, you may be wondering – HOW TF DO I MANAGE TAXES ON CRYPTO?

We got you fam. 🤝

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• Even that scammy website you used to mint that NFT that’s now worth 0.0003 ETH 😭

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🫨 Win For Coinbase, Too?

Every crypto bro partied 2 days ago.

Not for Bitcoin reaching the top or for Coinbase becoming decentralized, and definitely not because the US Government cheered for crypto.

But for something much cooler → Ripple's XRP ruling. 🍾

Yep! Ripple, the company behind XRP, the crypto that keeps us guessing. 🚀

Hold on… what’s this ruling thing, and how’s Coinbase related to all this? 😉

Check this out:

The court says XRP is not a security when sold in retail investors, but it is when sold to big boys.

So what? 🤨

Well, if this ruling stays, it's tough for SEC to say these 13 tokens are securities, and that Coinbase is a 'bad' unregistered securities exchange. 🥸

This means Coinbase has fewer rules to follow and escapes some future license and regulation stuff. Freedom! 🕊

But it's not all good news for Coinbase. 😟

The ruling doesn't really mean ‘big profits’ for them.

It's like winning a marathon and the prize is just a lollipop (atleast give ‘em a glass of doodh).🥛

The SEC lawsuit also includes Coinbase's staking and wallet products. So Coinbase isn't totally safe yet. More drama! 🍿

To sum up, JPMorgan thinks the Ripple judgement brings a bit of clarity to the messy U.S. crypto regulations.

And that makes them very excited about crypto's future. 🤠

Tho I’m also excited about which shitcoin I’m gonna invest in now.

While we're here, let's enjoy the ups and downs of the crypto ride:

Trading Ripple’s XRP 💹

Waking up to court rulings 😅

Stashing your coins in a wallet 🏦

And of course, the non-stop memes: 🥲

"When Lambo" memes, HODL memes, “To The Moon” fun.

Crypto is a wild place, but that's why we love it, right? 🚀

So cheers to Ripple's small win, and all the fun it brings! 🍾

Until the next big crypto news, keep HODLing and stay chill! ❤️

Doodhwala’s Take:

Who knew writing about court rulings could be THIS interesting?

📈 Cheese and Charts: BEAR the Pain

Y’all know what the Buddha said? 🧘

“The root of suffering is attachment.”

Doodh, what are you even saying?🤷

Hear us out now—

The crypto bear market has been looming over all of us officially for over 490 days now! 😱

Feels like it’s been forever since we’ve seen some greens in our portfolios. 🥲

(Not surprising considering our portfolio is full of 💩-coins)

Guess what, this ain’t the first time Bitcoin or crypto is seeing a bear market.🙅‍♂️

In fact—

👉 The Covid bear run of 2020 lasted for 37 days.

👉 The 2018 ICO bust-led bear run of 2018-19 lasted for 204 days.

👉 The Chinese crackdown and Mt.Gox hack-led bear run of 2015 lasted for 386 days.

Where are we going with this?

What we’re saying is - Sometimes life needs to be as simple and flowy as fresh doodh.🥛

Having a solid philosophy is essential to sustain in the markets.💯

Maybe sometimes - we should be like the Buddha, not be attached to the output of the markets, and stick to innovation.

A.K.A - HODL the frick outta your bags no matter what! 😤💰

You cannot give up! The longer you suffer, the better the output! 💪 David Goggins intensifies

K. Check this chart now👇

🛠 Resourcewala: The Inevitable Demise of The Firm 😱

Everyone's yakking about Bitcoin being the new gold. 🤑

But that's just the tip of the crypto-iceberg! ❄️

What if I told you Bitcoin might just be the sword that slays the corporate dragon? 🐉

Oh yes, it ain't just about making you richer than Bezos (though who wouldn't mind that? 😉)

Bitcoin is more. It's a DECENTRALIZED ORGANIZATION.

And guess what it might do? Usher in the SLOW DEATH OF THE FIRM. 😵

Now, now, don't spit out your coffee! ☕️

Your favorite Resourcewala's here to spill all the tea:

• How is Bitcoin a decentralized organization?

• Why might Satoshi’s creation kill the traditional firm?

• And what the heck does "the slow death of the firm" even mean?

🍼 Doodhshots: Van Gogh Goes Crypto

• 🎤 Jay-Z's Jam: Roc Nation and Puma debut an NFT-sneaker mashup. Time to strut your stuff, in the metaverse?

• 📃 BlackRock’s Golden: SEC green-lights BlackRock's Bitcoin ETF application, hinting at regulatory re-evaluation. Change of heart, Gary?

• 🕹️ Mermaid Mania: 'Space Mermaids' reels in gamers with an addictive arcade-style XRP game, dishing out NFT goodies. Time to dive into some fun?

• 🚧 Staking Stopped: Ethereum, Solana staking gets the cold shoulder in four US states on Coinbase. What's cooking, Coinbase?

• 🎨 Spanish NFT Splash: Spain's National Museum Thyssen set to mint an exclusive Van Gogh NFT collection. Will the Sunflowers bloom in the blockchain garden?

🤣 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