Dogecoin (DOGE) Foundation Member Sounds Alarm Over BUSD Mess

DOGE Foundation’s Mr. Cannoli tips off the DOGE Army on how to keep its beloved canine coin safe.

Dogecoin mascot in a black hat calmly sitting on a rock as a big dinosaur keeps spitting Binance USD stablecoins.
  • Dogecoin has been holding above the $0.08 key support level since January 13th.
  • A few months ago, Dogecoin Foundation set up a $5M DOGE development fund.
  • Mr. Boar advises the DOGE Army to keep the memecoin in self-custodial wallets.

Mischa ‘Cannoli’ Boar, the chair member of the Dogecoin Foundation, took to Twitter to express his concerns regarding the recent Binance USD (BUSD) controversy. The worried crypto whale explained in a long thread that, despite Changpeng Zhao downplaying the role of BUSD in the Binance Ecosystem, it ‘de facto’ is the official stablecoin of the leading CeFi crypto platform.

Not Your Keys, Not Your DOGE?

In fact, the concerning message from member of the Dogecoin Foundation Mischa Boar is inspired by the latest events, putting a dark cloud on Paxos-issued Binance USD (BUSD), as Gary ‘Top Cop’ Gensler and the SEC launched a probe into the popular stablecoin.

On January 13th, 2023, the New York State Department of Financial Services legally ordered to seize all production of BUSD, which is likely to gradually decrease the enormous market cap of the stablecoin. However, Binance Boss Changpeng ‘CZ’ Zhao assured that all current Binance USD (BUSD) assets are backed 1:1, and the issuer Paxos agreed on that at least till 2024.


Going into further detail in his Twitter thread, Mischa ‘Cannoli’ Boar repeatedly wrote, “never invest in stablecoins long-term,” arguing that as a long-term investment, it might bring additional layers of risk, for instance, issuer company liquidation and changing regulations.

Last but not least, the intense monologue by Mr. Boar ended with the catchphrase “not your keys – not your DOGE” and even urged his followers to withdraw the funds held in CeFi.

On the Flipside

  • It has been proven that the SEC was heavily persuaded to dig deeper into Binance’s stablecoin by its main competitor. Circle has been issuing USD Coins (USDC) since 2013. USDC ranks just below, with a $6bn lesser market cap than Binance USD (BUSD).

Why You Should Care

Trust in CeFi has plunged since FTX, once the second-largest crypto exchange in the world, was shredded to pieces due to Sam Bankman Fried’s backdoor shenanigans. Ever since then, all the leading centralized crypto platforms have been under the magnifying glass of investors and analysts.

Track the latest moves of DOGE:


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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.