🇱🇰 PADOSI’s 300 crore crypto scam

Gm, this is the doodhwala. We are like the Michael Scott of newsletters:

🤓 1% knowledge😓 1% desperation😎 98% cringe

Welcome to the cringefest!

Here’s the horoscope for today:

• New Crypto Call of Duty just dropped

• 14 billion scam at the padosi’s house

• Top 10 most profitable protocols

• Milky Meme Of The Day

Monday energy be like:

Call of Duty: Marketplace Warfare

The new Call Of Duty is dropping soon!

Are you ready for it?

And no, we are not talking about Modern Warfare 2 with the INSANE graphics! (seriously, go chegg it)

We are talking about Modern Warfare: NFT Edition.

And this features the best of the best along with a few newcomers. It has:

• Open Sea

• Looks Rare

• X2Y2

• Magic Eden

• And so many more you don’t even know about

So wtf is happening?

The warfare is happening on TWO fronts (at least for now)

💰 The Battle of Fees

📡 The Battle of APIs

💰 The Battle of Fees

NFT marketplaces are trying to reduce fees like Sanjay Dutt trying to cut down on smoking.

Last month, Magic Eden announced that they are making creator royalty optional and also removing platform fees.

This meant that NFT traders on the platform didn’t have to pay anything to the creators of the NFT collections.

The noble ones, like the doodhwala, can choose to pay the creators at checkout if they want to.

Now, LooksRare is doing the same by removing creator royalty by default and making it optional. 😬

Why are they doing this?

For the same reason as Magic Eden, X2Y2, Sudoswap and all the other NFT marketplaces that took the same action- to bring on more users to the platform.

Less fees ⬇️ bring more users ⬆️

But unlike Magic Eden, they’ll still have platform fees and give 25% of that to the creators.

The war, however, doesn't just end here.

Doing away with fees is just one battle. 😅

📡 The Battle of APIs

Recently, X2Y2 didn’t allow another NFT trading platform, Blur, to use its API.

What’s an API?

API basically lets you take data from another website or application and lets you use it in your own application.

So some NFT platforms use data from other NFT aggregation platforms like Gem or other marketplaces for various functionalities on their own platform.

But X2Y2 straight-up said HELL NO to Blur using its data because it's a direct competitor.

Makes sense but I thought web3 was supposed to be open and all. 🙃

And the major players understand the value of the data that these APIs can pull.

This is why OpenSea acquired Gem and Uniswap acquired Genie earlier this year.

No, Gem and Genie are not the names of two Nickelodeon characters.

They are two NFT aggregators that have a TON of data on all the NFT activity out there. 😅

The marketplace war is certainly reaching closer to the boiling point and there’s no cooldown in sight.

Who will emerge victorious?

We’ll just have to sip on some doodh and watch 🥛

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Register by clicking on the banner below and tell them doodhwala sent ya! 👇

14 billion CRYPTO scam at the padosi’s house

I know we talk about scams a lot at the doodhwala.

But this one’s 🌶

Here’s what this one’s got:

• 8,000 people scammed

• Over Rs 300 crore lost

• A cryptocurrency Ponzi scheme

• The World Trade Centre

This one’s not in India, but it’s at our padosi’s house.

🇵🇰 Pakistan? Nope.

🇧🇩 Chota Pakistan? Nope.

I’m talking about Sri Lanka, the country you think of only when India plays a cricket match against them.

The scammers? 😈

A Sri Lankan named — Lamahewage Shamal Keerthi Bandara (let’s call him Lama 🦙) and a Chinese couple.

The process? 😈

• Lama would call up rich Sri Lankans

• Invite them to their office👇

• Lama would post as a legitimate cryptocurrency investor.

• Lama said the Chinese couple is his counterpart for overseas investments

• Promise monthly returns of 10-20%

• Return the money from new investors to early investors

• Keep the cycle going a few times

• vanish

They played this classic ponzi scheme since 2020.

And they duped over 8,000 investors. That’s still less than the number of people who saw Laal Singh Chaddha, yikes what a movie that was 🤢

I’m still tryna figure out why Lama needed the Chinese couple to prove legitimacy.

Like wtf, the only Chinese couple I trust is this one:

The scammers managed to dupe 8,000 investors of 14 billion SLR ($38 million)!! 😱 😱 😱

Btw, Sri Lanka is the same country:

• which owes $50 billion in debt

• where the Prime Minister and President quit

• the people stormed the presidential palace and swam in the pool

Oh, and when the people were storming the palace, banks in Sri Lanka (which were broke) told Sri Lankans that they can’t engage in ANY cryptocurrency-related transactions.

🤣

Since the start of the year, and despite the 💩 crypto markets, BTC and ETH have outperformed the Sri Lankan rupee:

Lassi and Lists: Most Profitable Protocols

There are over 10,000 protocols and Dapps out there.

But not all of them are profitable.

Some don’t even have decent revenue. 🥲

So which are the most profitable ones then?

Here’s a list of the 10 most profitable ones since last year according to our bros at Token Terminal. 😎

Which ones have y’all used? (reply and let the doodhwala know!) 🥛

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.