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Nov 17 • 13 tweets • 5 min read
Here's a peak at the stories (first-hand accounts) from the ghosts of SBF's past

The FTX/Alameda situation still has us shook!

SBF decimated the markets, let's take a look at the skeletons in his closet

🧵👇
An early trader for Alameda Research spoke about the evident mistakes made during their time at Alameda and how there was a clear lack of money coming in both ways:
Another employee under SBF cited his tyrannical nature as the main reason for the overall collapse of the SBF empire:
An early FTX market maker tried to provide SBF with some friendly hygiene advice aiding him to look neater when representing FTX, it’s clear he ignored that:
FTX employees also have recorded accounts of a supposed back-door implementation to the exchange's codebase

This was reportedly led by...you guessed it, SBF in an attempt to swindle auditors and cover the exec's tracks:
The contagion…unimaginable, however, an FTX insider hinted at more centralized exchanges being in major trouble:
Looking at the internal notes, we can see evidence of FTX hedging and exiting $USDT via multiple trades with no intention of holding assets:
The return of Su Zhu's significance comes into play as tweets recirculated regarding his concerns about Alameda in 2019 and explains how their pamphlet said “High Returns, No Risk":
An anon account added on a forum that SBF was losing money on Japanese arbitrage trades, but this was just another barricade of lies from SBF as he claimed to be profiting:
Outside opinions provide different insights through speculation

@0xdoug suggests the scheme of Alameda’s exit plan:
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More from @0x_illuminati

The Crypto Illuminati Profile picture
Nov 17
Yesterday, @mrjasonchoi released 'The Definitive Thread on FTX'

He met @SBF_FTX before FTX started, and witnessed their rise and fall

We loved the thread so much that we condensed the 60 tweets down to 20 tweets for easier consumption:

🧵👇
From the very start, @SBF_FTX wanted to bet BIG

Acquiring more leverage was the main strategy from the inception

This included deceptive fundraises, financial engineering, and ultimately, fraud

Starting his fund named @AlamedaResearch, promising "HIGH RETURNS WITH NO RISK"

/1
@FTX_Official raised its first seed round of $8M in 2019

According to @mrjasonchoi sources, FTX started as an easy way to access capital for Alameda

Employees told him that Alameda had a trading API key that gives faster access - allowing them to front-run client trades

/2
Read 26 tweets
The Crypto Illuminati Profile picture
Nov 15
In the wake of FTX's historic collapse, we've begun to see more shady behavior from exchanges begin to be unearthed

Everyone is rightfully paranoid

Gate exchange was hacked 4 YEARS AGO AND SWEPT UNDER THE RUG

Non transparency can't keep happening

We need change 🧵
1/ First of all, it was @zachxbt who brought the Gate exchange hack by North Korean hackers to light

$230M stolen and quietly swept under the rug until now

It's obviously bad optics and publicity for the exchange but that's no excuse for keeping it quiet
2/ The biggest issue that we find ourselves repeatedly facing is that of transparency - something that users unanimously want but entities are reluctant to fully embrace

We're seeing a rush of exchanges attempting to show their proof of reserves but can even that be trusted?
Read 9 tweets
The Crypto Illuminati Profile picture
Nov 9
Clash of the Titans

Binance and FTX Ordeal Explained by Crypto Twitter

The Crypto world has been absolutely floored by recent events...

What seemingly started as some Twitter drama between the billionaire CEOs of two of the world’s largest crypto exchanges...

🤯🧵🔥
1/ escalated into fears, rumors and speculation of insolvency, bank runs and a blackswan liquidity crisis to dwarf the Three Arrows Capital and Terra Luna crash.
2/ All of it seemingly has culminated in Binance agreeing to acquire FTX - the implications of which will be massive. Let’s rewind and observe how the story played in real time… as immortalized by Crypto Twitter.
Read 23 tweets
The Crypto Illuminati Profile picture
Nov 8
Game theory often gets spoken about with minimal detail about what it is and what it means

It is applicable in multiple fields, including business, finance, political science, and economics

Even more importantly, how we can use it in blockchain

🧵👇
Game theory involves studying strategy, decision-making, and their impact on parties involved

The invention of game theory is to create optimal decision-making of free competing actors in a strategic environment

It pulls together mathematics, psychology, and philosophy

/1
Before we get started...

You can read the unrolled thread here:
0xilluminati.com/p/how-we-apply…

/2
Read 9 tweets
The Crypto Illuminati Profile picture
Nov 7
@Aptos_Network is a Layer 1 blockchain that received heavy criticism for its recent launch

Let’s look at why

🧵👇
Aptos is developed using Move, a Rust programming language

With a team of over 350 developers, Aptos aims to revolutionise the L1 space with more efficient methods for consensus mechanisms, smart contracts design, enhanced security, improved performance, and decentralization

/1
While there was high anticipation for this new cryptocurrency, its trading debut shocked the community on October 19, 2022

After listing in the $9 range, the native token declined significantly by over 30% within its first trading hour



/2
Read 13 tweets
The Crypto Illuminati Profile picture
Oct 17
As more and more dApps switch to app-specific blockchains, monolithic blockchains could become the "Yahoo" of blockchains

Are you unsure whether to bet on monolithic or app-specific blockchains?

Here's everything you need to know about app-specific blockchains

🧵👇
In this thread we will discuss:

1. What are app-specific blockchains?
2. Features of an app-specific blockchain
3. Benefits of app-specific blockchains
4. Drawbacks of app-specific blockchains
5. As a builder, should you use an app-specific blockchain?
Before we get started...

You can find the full call notes here:
thecryptoilluminati.substack.com/p/monolithic-v…
Read 21 tweets

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