😨 SBF Crashed BTC In 2021

Gm this is the doodhwala! The only crypto newsletter that gives you the same feeling as free shots on a Friday night!

Just make sure it’s a shot of doodh with extra doodh! 🥛

Here’s what we got for you today:

• 🤯 Mystery Revealed: The Biggest Mystery Of 2021 Is OUT

• 🪙 A.I. Memecoins: ChatGPT Is Helping Create Memecoins

• 📈 Cheese and Charts: Ranking Protocols

• 🛠️ Resourcewala: P2E Games Are Dying

• 🍼 Doodhshots: Binance Brings The Gas on Ethereum

📉 Decoding The Bitcoin Flash Crash Of 2021

You know my Mom always says this –

Some people are taught by harsh words, others are taught by a tight slap on the face. 👊

In retrospect, we firmly believe that the second method must have been used to teach Sam Bankman Fried. 🤷‍♂️

This dude in his lifetime has been involved in:

• Drowning a Multi-Billion Dollar Exchange

• Having 💩-y Risk Management with his esteemed Hedge Fund Alameda Research

• And new revelation…The Bitcoin Flash Crash of 2021! 🤯

What everyone thought would forever remain a mystery—

Has now turned out to be decoded by a former Alameda employee. 🤫

If given the chance, we think everyone would want to throw a punch on SBF. 🤬

1️⃣ Alameda Engineer spills the tea.

Allow us to introduce you to Aditya Baradwaj, a former engineer who used to work at Alameda Research. 👨‍💻

Aditya steered away from the whole FTX and Alameda chaos last year.

But recently decided to be vocal about his experience and instances that used to happen when at Alameda and working with SBF.

He's already released secrets about—

• Working conditions at Alameda and FTX

• How SBF wanted to move to the Bahamas before FTX was even formed

• How he promoted Veganism and drinking Oatmilk 🤢

And now, he's probably revealed one of the biggest mysteries of 2021.

Here's his thread on Twitter👇

2️⃣ The Flash Crash of 2021 ft. Alameda Research.

Remember the flash crash in 2021 that happened on Binance US? The effects of which trickled on other exchanges as well?

If you don’t know this, In October of 2021, there was a flash crash of Bitcoin—

That led to the price of the coin going from $65,000 → All the way to $8000 on some exchanges. 📉

Yeah well, now we know the culprit behind it. 😷

According to the story provided by Aditya, the flash crash was caused by a trader at Alameda Research. 😠

At the time, Binance & other exchanges came out with the news that there was an “Algorithmic bug” by an institutional investor on the platform.

Look at how much noise it made on Twitter back then! 👇

3️⃣ How Alameda used to trade.

We don't know if you know this, but the traders at Alameda were considered on par with Wall Street back in 2021. 😮

Everyone really thought they were institution-grade traders—

Sitting and making top-tier profits from their lousy desks in Berkeley. 🥱

Well, of course, this is without considering their oopsie with FTX and taking stupid positions there. 💀

But now with this new evidence that’s come out, it seems like they never were skilled anyway.

Like who Dafaq places one whole block of orders to wipe out the market?

They’d literally burn their own bags. 🤷‍♂️💰

What was the mistake that they made?

The Alameda Oatmilk drinkin’ m’fer missed a decimal while pushing an order on the block trade.

Really?

A frikkin decimal?

Might as well give a baby access to the trading terminal huh? 🤬

4️⃣ Alameda’s Risk Management = 🤡

If nothing, this story just proves how stupid risk management at Alameda was. 👎

It also shows how big exchanges like Binance were able to cover up for Alameda without revealing one of the most mysterious events of the year.

Not only that, it also brings out so many questions for the public—

• Are we at the mercy of stupid decisions by these Institutional Traders?

• If we trade on a CEX that has HFTs (High-Frequency Trades), then will we have the liquidity to exit if there are such huge block orders?

• Is SBF the “A**hole” version of Oppenheimer?

Now that one of the biggest mysteries of 2021 and crypto history is solved—

What else will Aditya reveal next?

We just hope that SBF hasn’t left traces in every single major crypto event in history! 🛐

Doodhwala’s Take: Say it with us - Off to jail, Sam Bankman Fried! 😇

✊ 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

🔥 A fire speaker panel of top web3 founders

🔥 The one…the…only…the doodhwala

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

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• 🗓️ October 19 to 20

• 📍 KTPO, Whitefield, Bangalore

• ⏱️ Takes < 5 seconds to register

Hurry now, use the code – DW5 – to get 5% off and some v v cool merch!

ChatGPT x Crypto = Meme Mania?

ChatGPT. Crypto.

ChatGPT + Crpyto = Shitcoin Memecoin that makes degens millionaires.💰

And you don’t even need to have the Plus subscription for it to name some hit meme coins.

Let’s break down the whole thing:

So, an anonymous Ethereum developer, known as CroissantEth had a cool idea.

He asked AI to come up with a name and launch a memecoin.

Cmon dawg, don’t make AI a part of your scam (if you intend to scam).💀

So, a coin, called AstroPepeX, was created by ChatGPT.

This isn't just some random name.

ChatGPT analyzed top tokens on Uniswap and checked out market data from CoinMarketCap and CoinGecko and then came up with this name.

But wait… how's it done? 🤔

So he combined ChatGPT’s API with his code scripts to let it create real digital coins.

Basically, it asks ChatGPT to whip up an ERC20 token using Open Zeppelin standards.

Open Zeppelin is an open-source framework for making secure smart contracts on Ethereum. 🛠️

And what came out of it?

AstroPepeX (APX).

Doesn’t it sound like someone saying Astrophysics after getting too drunk?

Just a thought.

In fact, it’s now available on Uniswap, pulling in a big-ass $12.9 million trading volume in just one day! 💵

Many degens made crazy money too.👇

ChatGPT didn't stop at naming.

Here’s the cool bit:

• After giving the coin a name, ChatGPT used DALL-E to make a cool icon for the coin. 🎨

• Croissant ensured that ownership of any contract made by ChatGPT is instantly revoked, and all token supply goes straight to Uniswap liquidity, along with 2 ETH. 🔄

If this sounds a bit familiar, it's because digital artist Rhett Mankind did something similar with ChatGPT earlier to create a memecoin named TURBO, which went to a $50 million market cap! 🚀

But Croissant took it up a notch, making the process even more automated. 💻

I wish dating could be as easy as automating the process of making memecoins.😭

What's Next? 🚀

Croissant's got big plans!

He's working on a user-friendly interface, so even if you're not a tech nerd, you can launch tokens using ChatGPT.

And guess what? Some of his tech-savvy bros have already jumped in.

So are you gonna buy AstroPepeX or wait for another shitcoin memecoin so that it can make you broke?

📈 Cheese and Charts: The Best 3 Protocols?

You know how in school there's always that one kid who's good at EVERYTHING? 🤓

Sports, studies, arts... you name it.

Well, in crypto, we've got some protocols that are good on all fronts. 💪

And by fronts we mean their TVL (Total Value Locked) is growing on all timelines:

🕒 24h

🗓 7d

🗓 30d

🗓 90d

🗓 180d

So what are those protocols?

1. Friend Tech

• A revolution in SocialFi (we wrote all FT here)

• TVL? A whopping $37.3m! 💰

2. Stride

• Doing Liquid Staking for Cosmos

• TVL? A solid $37.5m! 💵

3. Jito

• Bringing Liquid Staking to Solana

• TVL? An impressive $38.3m! 🤑

But wtf is Liquid Staking?

1. You lock up your crypto assets in a staking protocol to earn rewards.

2. In return, you receive a token representing your staked assets and earned rewards.

3. This token can be traded, used as collateral for loans, or utilized in other DeFi protocols, maintaining your liquidity.

And no you can’t stake doodh yet tho it’s very valuable.🥛

So is it just a phase or are these protocols here to stay and slay? 🗣

Let us know what you think!

(REPLY and drop your thoughts👇)

P.S. It’s not about the hype, it’s about staying informed.

🛠 Resourcewala: The Grim Reaper of P2E?

You know how you LOVED that one game, logged countless hours, just to see it fade away?

Ever wondered, why? 🧐

Enter the "GameFi Cycle" and its lethal touch on those Play To Earn (P2E) games.

We've all been there, grinding in-game, racking up those rewards, dreaming of that Lambo, only for the game to turn into a ghost town. 👻

Is there a curse? A gaming witch? Or just bad game economics? 🎮💸

Dive deep into today’s resource as we cover:

• The Life and Death of P2E Games 🎢

• The dreaded "GameFi Cycle" - What is it? 🔄

• Why good games go bad 🥀

Plus: Can YOUR favorite P2E game survive? 🤔

Game On! 🔥🔥🔥

🍼 Doodhshots: Million Dollar Gas

• 💨 Gassing Up: A Binance wallet has just spent over $1 Million for gas fees on Ethereum in just one day. Bro’s using more money for gas than I’ll ever earn.

• 🗑️ NFTs Trash: According to a new report by dappGambl, more than 95% of NFTs are now worthless. So you’re saying that my jpegs are trash?

• 😨 De-Listing Stablecoins?: The new E.U. rules are apparently pushing Binance to remove all stablecoins from their market. Euro > Euro Stablecoin?

• 🇺🇸 Crypto President: GOP Presidential Candidate Vivek Ramaswamy has pledged that he will be implementing a comprehensive crypto framework if elected. Crypto is now a tool for votes.

• 💸 Tether’s Lending: Tether is lending out stablecoin loans in 2023, even after they said they would stop it by the year. One more de-peg and I’m done!

🤣 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