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- ⏪ Doodhwala Weekly Recap: 30th July
⏪ Doodhwala Weekly Recap: 30th July
Aakash Athawasya & Arvind Krishna
July 29, 2022
Kemcho my fellow degens!
How’s the weekend going so far? Not good? Long Friday night, huh?
Well, you’re in luck.
Four out of five doctors recommend Doodhwala’s weekend shots to cure those Saturday morning blues. The fifth doctor was lactose intolerant. Don’t listen to her.
Let’s get into what went down this week:
Monday: Voyager and FTX saga
Tuesday: Someone just sent THIS MUCH Ethereum to a wallet
Wednesday: Are VCs really betting on crypto?
Thursday: Sanctions investigation released on Kraken
Friday: Celsius lands in trouble…again
Monday: Voyager and FTX saga
Voyager is a crypto lending company that filed for bankruptcy last week.
FTX is a big crypto exchange bailing our crypto companies.
And they both have beef (sorry Yogi ji!)
FTX is giving funds to Voyager to continue operations and pay back customers. So far, they’ve given around $200 million in cash and USDC and 15,000 BTC.
That’s more than my pocket money for sure.
Voyager came back on the bid and said it was a “low-ball bid dressed up as a white knight rescue” or in words we understand, “it was like SRK dressing up as Big B to host KBC.”
This tussle is between which party would control most of the assets. Voyager claims FTX would get a big chunk of the ownership. On the other hand, FTX says this route would resolve the lending’s sinking business.
Yikes, sounds like an episode of Kyunki Saas Bhi Kabhi Bahu Thi.
Tuesday: Someone just sent THIS MUCH Ethereum to a wallet
Earlier this week, a shit ton of Ethereum was sent to one address.
How much?
This much → $2.3 billion (Rs 18,200 crore).
That’s more than I have in my bank account for sure.
In case you’re wondering which address, it’s this one: 0x0716a17fbaee714f1e6ab0f9d59edbc5f09815c0
I’m looking at this account on Zapper (a DeFi protocol to see an address’ crypto and NFT holdings, it’s pretty cool, check it out here).
The account owns:
Nearly 2 million ETH
485k in CHEDDA tokens (no clue what these are tbh)
Some ETH dust on Arbitrum and USDC
Get this, this dude recently registered an ENS with the name: pleasesendethineedtopaymedicalbills.eth
If you’re squinting to read, I’ll save you the time. It’s: Please Send ETH In Need To Pay Medical Bills.
So, either someone just donated $2.3 billion for a good cause, or my dude’s moving money under a dope name.
Wednesday: Are VCs really betting on crypto?
A VC is like your dadaji.
If you score well in exams, he’ll give you a thousand bucks. 👍
If you don’t, he’ll give you his ashirvad. 👎
VCs are betting big on crypto, but crypto companies that are already VC-funded, aren’t getting much.
On one hand, VCs bet $17.5 billion (Rs 1.4 lakh crore, do ya’ll know how many zeros are in this?) on crypto companies between Jan-June 2022. This is 65% of the VC funding crypto companies received last year.
On the other hand, VC-backed crypto companies received just $9.3 billion (Rs 74,000 crore) in the first half of this year. That’s 26% less than what they got last year.
If we’re reading this right (hold up, lemme get my reading glasses) crypto companies are getting decent funding, but those with VC funding aren’t getting much more doodh.
Maybe if you start reading the Doodhwala, you’ll get some…doodh.
Thursday: Sanctions investigation released on Kraken
Kraken is a big dawg cryptocurrency exchange.
And like any crypto exchange, they allow users from all over the world to trade cryptos.
Including countries like — Iran, North Korea, Cuba, Syria, as well as some parts of Ukraine.
These are “sanctioned” countries according to the US Treasury Department. And because Kraken allowed users from one of these countries to trade crypto (Iran), they’re coming under the hammer of the Treasury Dpt.
Oh damn.
Kraken is not the first (or last) crypto exchange to allow people from restricted countries to buy crypto. After all, crypto is a global and unrestricted asset.
Oh well.
Friday: Celsius lands in trouble…again
Remember Celsius?
Yeah, that crypto lending platform that went bust last month?
That’s the one.
They’re in trouble again.
Apparently, a phishing attack exposed their customers’ data.
So, what happened is an employee accessed a bunch of email IDs through their email delivery platform and sent them to an unauthorized party.
Apparently, these attacks are called phishing attacks — or when fraudulent comms appears to come from a reputable source. It’s like when someone says they watch “News at 9PM,” it’s more like a shouting match.
The good thing is apart from the emails, nothing else was leaked.
Phew.
Thank god Celsius’ users funds are safe.
Oh wait. 🥲
That’s all for today folks! Monday Milenge!
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 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.