- Doodhwala
- Posts
- 🙅♂️ Why FTX Won’t Affect The Market
🙅♂️ Why FTX Won’t Affect The Market
PLUS: How North Korea Made $3.4 Billion Using Crypto
Gm, this is doodhwala, your favourite crypto newsletter, say it after me, “my favorite crypto newsletter!”
Why thank you! 🥰
Here’s what we got for you today—
🙅♂️ No Damage: Why FTX Won’t Affect The Market According To Coinbase
🇰🇵 Korean Ninjas: How North Korea Made $3.4 Billion Using Crypto
📈 Cheese and Charts: Goodbye Solana?
🛠️ Resourcewala: Magic With Solidity
🍼 Doodhshots: Binance Is In Deep Trouble
😬 Coinbase’s Not Worried About FTX
FTX.
That massive crypto exchange we all hate know just got the green light! 🚦
What for? 🤔
To sell their crypto. 💸
Wait. They still have crypto left? Didn’t SBF give all of it to charity?💀
Anyway, before you jump to conclusions, let's break it down:
This decision means they can pay back their customers in U.S. dollars and avoid big changes in crypto prices. 🎢
Bankruptcy Judge John Dorsey said it's okay for FTX to sell up to $100 million in crypto every week.
Plus, they can do some hedging and staking.
Some people were worried.g
They think if FTX sells a lot of their crypto, the prices for everyone might drop. 📉
But FTX said they have a plan.
They're working with a U.S. crypto company, Galaxy, to keep things stable.
And there's more: If needed, they can sell up to $200 million per week if everyone agrees. 💸
Let's see some numbers:
How much crypto does FTX have? About $3.4 billion.
How much of that is Solana? $1.16 billion.
Bitcoin? $560 million.
Eth? $192 million.
Last year, FTX faced some heat for misusing and losing billions in customer deposits. 😬
Tho they've managed to get back over $7 billion to pay back customers.
But But But…
Our dear SBF aka Sam-Fried Bankman still says he didn't do anything wrong.
Like we believe that.
Now, you might be thinking, "Will this shake up the market?" 🌪️
Well, Coinbase has something to say.
They're pretty sure FTX's sales won't cause any market crash. 🌊
Why?
Volume Limits:
FTX won't sell everything at once.
They'll start with $50 million a week, then maybe go up to $100 million.
If everyone agrees, they might even go to $200 million. So, the market should be okay! 🚫
Insider Info:
There are some rules about selling "insider-affiliated" tokens.
They need to tell people 10 days before.
So, everything's above board!
Locked Up:
A lot of FTX's Solana can't be sold until 2025.
So, they can't just sell everything.
Fortunately, SBF isn’t involved in all these processes.
Till next time. Keep HODLing and To The Moon! 🌕
💼 Job Update - You Got Hacked
Are you an Engineer on the lookout for a job?
Well, we’re NOT hiring right now for sho. 💀
However, when you’re applying for your next job, make sure you double-check for malware—
Coz you might just be applying to a job put out by the Supreme Leader of North Korea Kim Jong Un himself!
How?
Kim has an elite group of people. People trained to scam you out using Social Engineering and mind tricks! 🧠
Who are these people?
And more importantly, did you get the job? 💼
☝️ Let’s Understand Social Engineering
Social Engineering is just a fancy way of saying “I got tricked without knowing it.”
The usual reaction post getting Social Engineered is the surprised Pikachu face. 😮
But Social Engineering is a skill that’s acquired mainly for malicious activities. Activities like—
Phishing scams
Installing Scareware
Stealing your crypto and that fresh doodh in your refrigerator! 🥛
People trained with this skill mainly know how to tap into a person’s brain and extract sensitive information from it. 🤯
How many Milky secrets - Lost to these scams? 😨
✌️ How Kim Jong Un sent out offer letters
I mean, he didn’t send them out personally. 🤡
He’s using an elite hacker group called the Lazarus group to execute his multi-million dollar crypto heists. 🥷
How are they doing it?
Well, they’re targeting candidates on job portals like LinkedIn and Indeed for Engineers trying to find a job.
Man.
Haven’t engineers suffered enough already? 💀
Also, what are they gonna do if they don’t accept offer letters? Cry? 🤣
The steps to getting scammed are simple—
You see a job on LinkedIn or Indeed
You click on apply, but it leads to an external site
The Lazarus group collects your info there and pushes multiple passwords to get into your systems and wallets.
You get rekt, and your wallets are drained. 🌀
🤟 Damage done so far.
The Lazarus group has done so many hacks now, they’re pulling stats equivalent to country GDPs. 😮
In total, they have stolen more than $3.4 Billion since they began scamming in 2007.
And they’ve drained over 1/10th of that (>$250 Million) in just the last 100 days. 😱😱😱
Woah! That’s—
Its almost seems like North Korea’s biggest source of income at this point is from these scams.
Billions of dollars getting lost—
And we don’t see governments taking any sizeable action against them. 🤷♂️
How long before we see some investigation and hopeful returns?
Who knows, we’re all just pawns in the matrix. 😶🌫️
📈 Cheese and Charts: Goodbye Solana?
The Bald dude’s chain is hitting new numbers on the chart y’all! 👨🦲
In just a couple of months of the launch of the chain by Coinbase, BASE has surpassed—
Optimism
Arbitrum
And now….Solana 😱
…in terms of daily transactions and TVL. (TVL = Total Value Locked)
Solana is out right now facing some top-tier FUD because of FTX selling its assets, but it was on a downhill anyway. 📉
Why is BASE winning tho?
Backed by a listed entity ✅
Great Tech for Scalability ✅
Brian is Bald ✅✅✅
And we doodh chuggin folks don’t have nuthin to say bout it.
We let the numbers speak for themselves👇
👉 BASE hit an all-time high of 1.88 million daily transactions.
👉 BASE surpassed 136,000 daily active users of the chain last month.
👉 BASE surpassed Solana in TVL briefly, inching close to $445 million in compared to $420 million by $SOL.
Solana is on an extreme downtrend rn. 👎
But is this an opportunity for BASE to establish its base? (Pun intended)
Hit reply and let us know what you think! 👇
Source: DefiLlama
🛠 Resourcewala: Becoming a Web3 Expert? Say Less!
In the era of the decentralized web, coding is that's wassup.
Introducing: Blockchain, Solidity, and that Full Stack Web3 Development course 😎
Maybe you're sitting there, scrolling mindlessly, thinking, "Web2 is sooooo 2020."
Well, doodhs it's time to leap into the future! 🌐
In today’s resource you'll decrypt:
- The coding that goes behind Blockchain? ⛓
- Doing magic with Solidity! 📜
- Full Stack Web3 Development using JavaScript! 🖥
Dive into this 32-hour masterclass.
LFG🔥🔥🔥
🍼 Doodhshots: Binance In Deep Trouble
🇺🇸 New Bills: Over 9 US senators are backing up a new bill by Elizabeth Warren to crack down on crypto scams. Can we have one for Congress trading stocks in the meantime too?
🥹Binance Woes: The SEC has ordered US courts to rip into Binance US over sus reserves and backing for collateral. I’m not ready for another exchange.
🛑 PolkaPause: PolkaWorld suspends operations as its founder throws shade at Polkadot's governance shift. Dot drama, anyone?
🏦 HK Wordplay: The central bank of Hong Kong raises the red flag against crypto firms playing the banking terminology game. A call for clarity or a step too far?
🗽 NY's New Norm: New York steps up the game with stringent standards for coin listings and delistings. Step up or step out, exchanges!:
🤣 Milky Meme Of The Day
How are you liking the doodhwala |
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.