🔥 The Tinder Swindler Of Crypto

Top of the morning to you 🎩 This is the doodhwala, the crypto newsletter that’s as exciting as transfer deadline day!

What’s happening today:

• Crypto’s Tinder Swindler

• Metaverse CEO degen-ed $2 million away

• Crypto doodhshots

• Milky Meme of the day

Crypto’s Tinder Swindler

If you’ve been in crypto for 5 minutes or 5 years, ya know there’s a ton of scams.

Scams like:

• Rug pulls

• Phony airdrops

• Wallet drainers

• Pump-n-dumps

• Unfunny newsletters

And a bunch more.

But what’s the biggest one of em all?

In 2021, crypto scams jumped to $650 million, and in the first three months of this year $330 million was siphoned from crypto investors.

And this is all in the freakin’ bear market.

I mean, what are you even CHASING here?!

Of all the losses in crypto scams in the past 18 months, 63% came from investment fraud.

This seems understandable, like BHAI beating Usain Bolt in a race.

But the second biggest scam came from romance scams!

Yes, nearly $200 mil was siphoned by casanova cons, romantic robbers, and phony prems.

In fact one of the romance scams that’s going around in crypto is called — The Pig Butchering Scam.

Don’t worry ain’t no haram going on here.

A pig butchering scam is a common typa scam:

It’s like the crypto equivalent of The Tinder Swindler:

• Scammer drops a DM on WhatsApp, Telegram, or a dating app

• Gains the trust of the victim by promising high returns

• Convinces victims to invest in shady projects

• Gives an initial sum of returns to victims

• Victims pour more money and can’t withdraw

The Kedi thing is the victims trust the scammer because they’ve seen high returns and they know the scammer “personally.”

You know how the script goes.

Doodhwala’s take: If someone with a picture of a hot and generic white girl DMs you on Telegram talking about a crypto investment opportunity, don’t believe him.

Stay safe.

A Metaverse CEO degen-ed $2 million away

Here’s a list of five companies:

• META

• Microsoft

• JP Morgan

• McDonald's

Can you guess which one isn’t thinking of launching in the Metaverse?

McDonald’s?

Nope. McDonald’s filed a trademark to launch virtual burgers.

Their coke floats are already “virtual” so they’re halfway there.

But our story is not about McDonald’s.

It’s about a Metaverse project called Ragnarok and how its CEO made a BIG BIG blunder losing $2 million (Rs 8 crore) in the process.

If you’re an OG, you’d have played the old Ragnarok on the PC back in the day.

You can — level up, ascend in-game social classes, slay monsters, loot people, and steal money.

You know, the usual stuff.

Now, they’ve slapped WEB3 on it, made the characters into NFTs (available on Opensea for 0.12 ETH) and put the whole damn thing in the Metaverse.

This attracted a TON of funding.

In April 2022, Ragnarok:

• Raised $1.7 mil (Rs 13 crore) in seed funding

• Raised $17.5 mil (Rs 140 crore) through NFT sales

And what did the CEO do with all this dough?

He traded it all away.

No, I’m serious.

The CEO — Fanfaron (that’s his name lol) — admitted that he lost $1.82 million (Rs 14 crore).

Did he do this by:

• Apeing into Baby Shib? NO

• Flipping Digital Farts? NO

• Riding LUNA to 0? NO

He did this by buying ETH.

Yes! E T H

He basically bought and sold ETH for USDC as it went from $4.8k in Nov 2021 to $1k in July 2022.

His bad degen trading is not all that’s wrong with Ragnarok.

My man said that “We’re a scrappy startup trying to build a kick-ass metaverse that our community of users can have fun in”

Scrappy? Here’s what they paid themselves:

• $3.7 mil to the founding and core team after the mint

• $1.6 mil salaries to the team for 1 year of work

• $1.5 mil to buyout a co-founder

We have different definitions of scrappy.

So, did the “scrappy” hustlin’ and apeing in and out of ETH pay off for Ragnarok?

Not so much.

They still have $8.2 mil from the seed round and NFT sales left.

Let’s see if they can pull off a KL Rahul kinda comeback.

Crypto Doodhshots

• 💰 From Coinbase to KuCoin, 5 crypto exchanges look into $1 billion lost to crypto scams (follow the money honey)

• 🖼 You can now move your NFTs from Instagram → Facebook (and hopefully outta Meta altogether)

• 🐱 GameFi project HeroCat pulls the rug, swoops $151k and the $HCT token loses 99% value (from HeroCat to ZeroCat!)

• 📉 Speaking of down 99%, NFT trading volume on OpenSea crashes, down 99% in four months (pop goes the bubble?)

• 💵 Back to cash, this group of adult professionals are ditching crypto as the bear market continues (give us all your crypto plz)

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! See ya tomorrow!

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.