🚛 Someone's moving Silk Road's BTC

Gm, this is the doodhwala, the only crypto newsletter that’ll be your helmet in this wild ride that is the crypto market. ⛑️

Here’s where we’re riding to today:

• 🕵️‍♂️ New Crypto Task Force: All the big PO-POs are coming together to fight crypto crime

• 💼 Wall Street Yolo-ers: More institutional people jump on the Bitcoin train and why it matters

• 📊 Silk Road Seized BTC moves: And no one knows where!

• 🛠️ Resourcewala: Wtf is a fork?

• 🍼 Doodhshots: Polygon integrates…ChatGPT

🕵️ New Crypto Crime Task Force

A crypto detective, a police officer, an IRS official, and a drug enforcement officer meet at a bar.

What do they do? 🧐

They form a Crypto Crime Task Force. 🦸

Are they superheroes? Or will they end up like Thanos snapping the industry out of existence?

Find out if they’re here for your crypto. 🥷

1️⃣ DMDCCTF

No, my cat didn’t step on my keyboard. That’s the actual name of the task force. 🐱

The Darknet Marketplace and Digital Currency Crimes Task Force (I think I’ll stick to the cat name, thanks) is a new collaboration between 5 US law enforcement agencies.

👉 Homeland Security

👉 Office of US Attorneys

👉 Postal Inspection Service

👉 The Drug Enforcement Administration

👉 The IRS (Internal Revenue Services) Criminal Investigation Division

I guess it’s gonna be tough to MOO stuff now.🐄

2️⃣ Why was this committee formed?

Kinda simple.

As the name says, the committee will be overseeing how criminals would be involved in managing crypto and dark web-related crimes like:

• Drug trafficking

• Money Laundering

• Data Theft and Exploitation

Not just that.

The team was formed after a failed setup in 2021, the first time some form of state-based crypto regulations were kicked off.

It mainly failed because of 👇

👉 High monitoring and reporting to Washington

👉 Required coordinated efforts from the SEC, CFTC, and the Federal Trade Commission

👉 They weren’t subscribed to the Doodhwala🥛

But guess what, the new committee is ready to kick butt.

They’re here to police the lawbreakers and protect the innocent. Kinda cool tbh. 🤷

3️⃣ The Backlash. And hope.

Just as the committee begins to gain some relevance, the backlash has begun to pour in.

And in all fairness - A lot of it makes sense. 🫢

Let’s consider a few facts:

• Will crypto crime stop with the implementation of this agency? → No.

• Do they have a track record of doing good work? No.

• Will it scare criminals? → Absolutely No. 🙅‍♂️

But…the new committee seems well structured and comes with a proper framework for monitoring risks. (After billions were lost, but hey better now than later)

I guess we can only hope for the best.

Let’s hope they end up being actual superheroes of the industry. 🦸

We'll hold that title till then. 😤✌️

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Bitcoin ETF To the Moon 🚀

Bitcoin ETF, what's that? Oh, just the next big thing! 🚀

Right after the investment Goliath, BlackRock, knocked on SEC's door for a Bitcoin Exchange-Traded Fund (ETF), more U.S.-based asset managers are joining the line.

How BIG is BlackRock tho? $9 TRILLION (read that again).

So, a Bitcoin ETF?

Yeah, it's an investment tool that tracks Bitcoin's price, giving you a feel of the BTC without actually buying Bitcoin.

Kinda like enjoying the feel of good hot doodh by just reading your fav newsletter…doodhwala.🥛

Rather than buying and babysitting Bitcoin, you can own a piece of the ETF, which is essentially a pool of Bitcoins the fund has gathered. 🏊‍♂️

And this thing called a 'spot' ETF, is all about following the exact price of Bitcoin, instead of betting on its future price.

So, after Blackrock filed an application for a Bitcoin ETF, another bigshot asset manager did the same.

Who?

WisdomTree (manages a whopping $87 billion dollars).

WisdomTree, after 2 failed attempts, is back for round three. I guess the third time is the charm huh?

They re-submitted their application to create the WisdomTree Bitcoin Trust.

They're aiming to list this bad boy on the CBOE BZX Exchange under the ticker symbol “BTCW”. 😎

The goal? 🏁

To soak up the wild ride of Bitcoin's price while managing the operational expenses and obligations of the ETF. 💰🔥

Will the SEC finally say "Yes!"? Or will it be another "Better luck next time, champ"? 😅

Cuz let's not forget they were shown the SEC's exit door twice before in

• December 2021

• October 2022

No harm in trying, right? 💪

Wait, there's more.

Invesco, another heavyweight with $1.49 billion managed assets wasn’t going to sit this one out. 👊

Joining the rat race, they too submitted their own application for a spot Bitcoin ETF.

According to them, not having a Bitcoin ETF means U.S. investor assets are at a "significant risk." 😟

Because they're forced to seek alternative, riskier exposure paths. (Yikes!)

They're like those protective parents, aww! 🙏

Just like we are of our doodh.🥛

Their main argument?

Investors holding digital assets in accounts at different centralized exchanges have been left high and dry when these exchanges blow up. 😵

Doodhwala’s Take:

So now, the question on everyone's minds is...will the SEC finally say yes to a physical Bitcoin ETF? 🤷‍♂️

The past says no, citing the crypto market's volatility and “manipulation.” 😬

But with this fresh wave of applications, fueled by BlackRock's filing, there’s hope. 🙏

📈 Latte and Lists: Silk Road BTC is moving

Have you ever had a scenario where you bought chocolate only for yourself? 🍫

And your mom asks you to give it to your brother coz he’s young and naive (and annoying af)?👶

THAT’s ☝️ the strategy used by the government to move seized crypto.

We’re talking about the story of James Zhong.

Who dafaq is James?

Today, it’s worth over $3 billion!!

Why are we bringing this up?

Well, the seized BTC is moving to new wallets for security, but also to unknown wallets.🧐

A dashboard on Dune confirmed the rumor that:

• Over $40 million was transferred OUT of US Govt wallets. 😱

• The statement was that it could be a “label error”. 🤡

• Rumors are that it’s a Coinbase hot wallet where a user’s money is moving. 🔥

We know this is tin foil hat territory, but it was too spicy to let go of. 🌶️

🛠 Resourcewala: What the Fork?

Blockchain technology is always buzzing with new concepts and "forking" is one of the popular ones! 💯

No, it’s not about how to efficiently eat with a fork.

It's all about how we can upgrade the blockchain protocol. Tho it's not as simple as a software update on your smartphone.

So, today's Resourcewala gives you a crash course on:

1️⃣ What is a Hard Fork? 🛠️

2️⃣ What is a Soft Fork? 🌿

3️⃣ Defaults and Coercion – What's the Fuss? 🙄

Let's Forking Go! 🔥🔥🔥

🍼 Doodhshots: Polygon Gets Chatty

• 🧠 PolyGPT: Polygon unveils a ChatGPT-powered AI interface to lend a helping hand to app developers. Code smarter, not harder, devs!

• 🌌 Meta-Bit: Bitmap Theory boldly ushers Bitcoin into the metaverse. Next stop, the Bit-verse!

• 🏛️ Maker's Mega Move: MakerDAO bolsters its U.S. Treasury holdings by a hefty $700M to anchor DAI Stablecoin with real-world assets. Now that's what we call 'backing' it up!

• 💔 Heartbreak for Shorts: Over $100M in Bitcoin, Ethereum shorts wiped clean as the crypto king sets its sights on the $29K territory. A short-lived dream, maybe?

• ⚙️ Poly-Upgrade: Polygon eyes an upgrade to zkEVM validium for its PoS chain. Layer two, level up!

🤣 Milky Meme Of The Day

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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