August 22, 2022

🥛 Inside FTXs leaked numbers 👀

GM. This is the Milk Road, your coach for everything crypto.

We make sure you’re ready when you walk out the tunnel for game day. Which in crypto, is every damn day.

Here’s what we got for ya:

  • FTX grew 1,000% last year

  • A bank run on BendDAO!

  • Meme of the day




Those 3 letter acronyms have been everywhere in crypto. And some numbers were just leaked showing that revenue grew 1,000% over the last year…


Now I know what you’re thinking – how legit is the leak? Well, who better to verify than the man himself…

The Crypto Fro has spoken.

Alright, now that we got that out the way let’s jump into the details:

  • Revenue jumped from $90m in 2020 → $1.2b in 2021

  • Operating income spiked from $14m$272m in 2021

  • ~$2.5b in cash at the end of 2021 with a profit margin of 27%

  • Acquired ~15 smaller companies around the world to expand global footprint (Surprisingly, FTX US only makes up ~5% of total revenue)

Wowza. Those are some big numbers.


Houston, there’s a problem. BendDAO is going through a bank run and NFT holders are getting liquidated.

  • BendDAO funds went from $30m —> $30k in the span of 48 hours

  • Lenders can’t withdraw any ETH (since there’s barely any funds left)

  • NFT holders have been getting liquidated left & right, with others in danger of being next

So how’d we get here? BendDAO is an NFT liquidity protocol. It lets people lend out ETH to earn interest and lets NFT holders use their jpegs as collateral to borrow ETH.

It’s been getting popular recently. ~$60m worth of NFTs were put up as collateral on BendDAO.

It all sounds cool.. until the NFT prices start dropping. If the NFT loses enough value, the owner has 48hrs to pay back the loan or else they lose the NFT.

Which is what happened over the weekend. NFT prices dropped and holders started getting liquidated. And it’s just the beginning…

  • There are still 175+ NFTs with a health score <1.2 (aka they’re in danger of getting liquidated next)

  • On top of that, lenders withdrew 14k+ ETH from the protocol in the span of 24h and there’s no money to pay back any lenders

So, what’s next? The BendDAO founder just proposed an emergency change to the protocol.

TLDR – if the vote passes there is a high likelihood of 600+ blue-chip NFTs getting liquidated and put up for auction. This would give the protocol ETH to pay back depositors.

Good for depositors. Bad for NFT holders on the platform.

If you’ve ever wanted to get your hands on a BAYC, Doodles, CloneX, or other high-end NFTs, you might get an opportunity to get some deals soon.


We just took our first Road Trip to the metaverse. That’s right, we finally found it.

It’s called Decentral Games (DG), a metaverse poker game. Some cool things about it:

  • 8k daily active users

  • Players get 3000 free poker chips every day. (~7 free games)

  • $36M+ in revenue. It’s the highest-grossing NFT project on Polygon this year

Decentral Games lets you play poker and earn crypto. And the better you do, the better the rewards. It’s that easy.

Plus we’re teaming up with the Decentral Games team to make the first Milkman NFT. 

It gets you:

  • free access to their new Tournament Mode (normally costs $$)

  • a skin that makes your avatar look like the Milkman

The best part? It’s free!

Today’s the last day to claim one! All you have to do is reply to this email with your ETH address. And we’ll airdrop it to you in 3 weeks when the new game drops.



That’s a wrap for today, ladies & gents! See ya tomorrow.

If you want more, be sure to follow our Twitter (@MilkRoadDaily)



Señor Vitalik rocking the sombrero during his presentation at ETHMexico.

And this is exactly why I put my net worth in his hands.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.