Discover and read the best of Twitter Threads about #BlockFi

Most recents (24)

1. Sadly the experience of #crypto investors in the likes of #Celsius and #BlockFi is similar to what could have happened to depositors at $SBNY, $SI and $SIVB.…
2. Most investors/depositors don't realize that when you deposit money with a bank or anything that looks on the surface to behave like a bank, all you have is an unsecured claim against that entity.
3. Banks at least have FDIC-insured deposits up to $250,000, but "crypto banks" look like banks, behave like banks, but are not banks.
Read 5 tweets
#Bitcoin has reversed and confirmed its trend change as the majority of #crypto experts still fail to accept it and will be missing out.

The question is, will you ❓

Find out why in this thread below 🧵👇

Nearly all major longer-term tools a lot of people use such as market structure, moving averages, supertrend, RSI, MACD, MVRV, Puell, % drop, and so on are pointing out to a trend reversal

That by itself wouldn't matter that much, it's the CONFLUENCE that matters here

So first of all it's important to realize the time spent during each bear market + the percentage drop!

Diminishing returns each bull = diminishing drop each bear

With higher market capitalization the volatility will also diminish.

Read 24 tweets
1/13 The bussin LSD Narrative: Will Lido's share of ETH stake skyrocket after the Shanghai upgrade?

What will happen to the withdrawn ETH? 🧵
A quick mention to @ViktorDefi for pointing out this narrative! 💪

Give it a read if you haven't yet 👇
ETH's staking ratio isn't too great compared to other chains and a few reasons include:

- High risk associated with the inability to withdraw stake
- Capital inefficiency of having >32ETH.
Read 15 tweets
To find a glimmer of hope in the bear market, you need to follow stablecoin trends.

Following this trend will lead you to Y2K Finance (@y2kfinance)

The Ultimate Guide to Y2K Finance🧵 Image
Before I dive in, a quick mention to @BanklessHQ since I wouldn't have found @y2kfinance and written this thread without them.

Here's what I'll cover:
- Stablecoin trends
- Overview of Y2K
- Thesis
2022 saw a significant rise in stablecoin hodlers

When the total crypto market cap dropped, the stablecoin market cap is bound to drop. But stablecoin dominance paints a different story: Image
Read 23 tweets
🚨.@GenesisTrading laid off 30% of its employees and is "considering" filing for bankruptcy according to @WSJ.…

1. How did genesis end up here?
2. How does this gonna affect the market and why should you care?

A explain thread.
Now, Who is #Genesis?

Genesis "was" a leading CeFi platform that provides mainly lending services for institutions.

A lending platform usually borrows money from one side and lends the borrowed money to the other side to profit from the interest gap.

That's what CeFi does.
But #Genesis is not independent, it is under the control of @DCGco and @BarrySilbert.

#GrayScale is also part of the group.

That's why you see @cameron battling Barry on CT with an open letter.
Read 21 tweets
1/27 This top 10 TVL chain has been secretly BUIDLing since 2017🐱‍👤

NOBODY on CT is talking about the Mixin Network

So here's CT's very first DEEP DIVE into @Mixin_Network

Mixin has been working on exactly what Telegram is trying to achieve - Superapp status.

A quick primer on super apps:
If I had to take a stand on the super-app race situation:

Mixin is FARRR.. far.. behind

A key metric for chat apps is user adoption.

Telegram has 700M+ users, Mixin has barely 0.015% of that.
Read 29 tweets
In 2022, #coinbase lost more than $2bn, settled for $100mil deal for breaking the AML laws and lost 85% in their stock price 📉.

Is #coinbase going bankrupt?
Are your funds SAFU?

The answer might scare you, a 🧵

Its been a horrible year for #coinbase -
-Stock lost > 85%
- > 2B$ net income loss
- Fined by regulators once again
- According to @Protos S&P Officially downgraded the #stock to “junk”
-A new #WallStreet powerhouse is tackling them head on

Let’s cover everything 1 by 1 👇

Let’s begin with the revenue according to the latest report (Q3 2022):

#Coinbase’s Total Revenue in 2022 until September was 2.5B$, less than 50% of the matching range in 2021 (5.3B$) 📉 Image
Read 23 tweets
2022 was an INSANE rollercoaster year for #DeFi -

TVL dropped by more than 150B $ and > $1T wiped out from crypto markets this year!🩸

As 2023 approaches:
Should you still be bullish on #crypto?🤔
Who is the new KING to hold onto this year?

Uncover the answers in this🧵 Image
Unlock the Future of #DEFI and Find Out Who's the KING in 2022! Here's Our Summary of What is to come:

- How Big Has DEFI Gotten?
- Which Token Rules Over All?
- Could Bankruptcies Spell the End of #Crypto?
- What's The Potential of Crypto in The Next Few Years?

Dive in👇

First of, I would like to thank the following pillars of crypto for their continued work and market research this thread is based on

@nansen_ai & @coingecko @GrandViewInc @DefiLlama
Read 20 tweets
1/20 EMURGO's $USDA could be Cardano's very FIRST live stablecoin.

And how the XRP Lawsuit could affect Cardano and $USDA. 👇👇

A New Year Deep Dive🧵
EMURGO is the commercial arm of Cardano formed in 2017

EMURGO builds partnerships and business ventures with organizations globally to educate people about Cardano and support dApp development.

Overall, the goal of EMURGO is to promote the growth and widespread adoption Image
EMURGO recently introduced $USDA, the first USD-backed stablecoin for the Cardano ecosystem in Nov 2022.

It is backed by cash & govt. debt.
Read 22 tweets
1/34 The Ardana and Orbis catastrophe.

Was it a rug or poor strategy & planning?

The 2 Cardano projects swept under the rug while CT was focused on the FTX saga 👇

Cardano is a public blockchain focused on providing a secure and scalable platform for developing and executing smart contracts and dApps.

Being in development since 2015, Cardano has one of the most diverse ecosystems with over 1,000 active dApps.
Cardano's decentralized team is spread across 3 entities:
1. EMURGO - commercial arm
2. IOHK - tech & engineering
3. Cardano Foundation - oversees Cardano
Read 36 tweets
1/31 Telegram's $TON has been outperforming $ETH yet nobody on CT is talking about it... So here you go!

Telegram has been quietly developing the @ton_blockchain ecosystem💎

🧵Here's a DEEP DIVE on Telegram's positioning in Defi and what I think their strategy is ->
Messaging apps are a part of people's daily lives and many are now looking to integrate with payment solutions to offer more convenience, becoming superapps

Superapps provide multiple services for personal and commercial use - think a swiss-army knife.
Particularly in Asia, superapps are dominating the tech space - WeChat, Line, Gojek, Kakao...

However, regulations overseeing superapps are very strict, especially when payment data is involved
(US: Federal Reserve, EU: PSD2, APAC: PS Act)

But Telegram is dodging that..
Read 34 tweets
Telegram's Wallet Bot and Cryptobot 🤖

Here's how they are lowering barriers to crypto

A thread🧵->
Traditionally, crypto wallets can be a hassle and have a high barrier to entry for the general public. Image
Some reasons include:

1. Complexity -

New users find it difficult to navigate the UI, generate and manage addresses, and securely store and transfer their assets.
Read 18 tweets
People have been calling out @kucoincom and @cryptocom to be next CEX downfall. Trust in CEXes has hit all-time lows and CEX outflows have hit highs.

Here's a thread on how you can on/off-ramp without CEXes🧵 ->
Traditionally, you had 2 options:
(1) CEX
(2) Non-CEX

With the risk of CEXes being a ticking timebomb, we'll focus on non-CEX on-ramping
MoonPay 🌖

@moonpay enables users to purchase #stablecoins (TRC & ERC20), #BTC, #ETH (Arb, Op, Polygon, zkSync) and a bunch of other Altcoins using various payment methods.

The following are countries not supported for on-ramping:
Read 19 tweets
1- Crypto Winter is here Cryptocurrency Exchange fires 1,100 global workforce
#cryptocrash #cryptowinter…
2- The world’s third-largest cryptocurrency exchange laid off more than 1,100 employees and declared a crypto winter. The company said in a blog post that the weakening in crypto markets was caused by slowing macroeconomic and geopolitical factors.
3- Kraken, which is the world’s third-largest cryptocurrency exchange by volume, is letting go of about 30% of its staff, according to the company’s CEO.
Read 8 tweets

Caso #BlockFi🔵⚖️🇺🇸

El día de hoy se realizó la 1era audiencia de la compañía ante la corte.

Algunos de los puntos más relevantes de la más reciente QUIEBRA en el mundo #cripto

En este👇🏻🧵 (HILO:
Primero debemos entender:

▫️¿Qué es el capítulo 11?

▫️¿Y por qué la mayoría de las compañías en procesos de insolvencia (deben más de lo que tienen) solicitan a la corte 🇺🇸 acogerse a este procedimiento?
En palabras sencillas, la empresa solicita a un tribunal, la protección para dejar de pagar momentáneamente sus deudas mientras la empresa se reestructura.

O sea:

▫️ La empresa puede seguir operando

◽️ Sin pagar deudas, hasta que se reestructuran.
Read 9 tweets
Good morning folks. The New Jersey Bankruptcy Court will be holding @BlockFi's First Day hearing at 11:30 a.m. ET. The general public can tune in via the Zoom link at the bottom of this page, and of course I will be tweeting for @CoinDesk:… #BlockFi
@BlockFi @CoinDesk Chief Judge Michael Kaplan is opening with some housekeeping; Michael Sirota introduces himself on behalf of BlockFi
@BlockFi @CoinDesk BlockFi cofounders/execs Zac Prince and Flori Marquez are in attendance; US Trustee's office has a representative; Eric Winston representing West Realm Shires (dba FTX US) is appearing virtually
Read 30 tweets
🚨🚨Nexo High-Yielding Crypto: The Next Luna After the #FTX Collapse?

#Nexo has come under the microscope for its high-yield-bearing crypto products.
$nexo #BlockFi
1- The concerns come a month after the co-founders assured that the platform is solvent.
We all Know about #Luna $UST 20% APY is also not sustainable, Nexo’s double-digital yields can’t be sustainable.
2- Crypto lender $Nexo is being sued in the London High Court by a group of investors. The investors allege that the firm blocked them from withdrawing over $126 million worth of crypto.…
Read 12 tweets
1/ Today #BlockFi filed for bankruptcy.

And #BlockFi suspended user withdrawals on November 11.

After suspending withdrawals, #BlockFi transferred 27,806 $ETH ($33M) to #Gemini, and transferred stablecoins worth about $3.8M to address 0x22ff.👇…
2/ BlockFi 6 transferred 27,806 $ETH ($33M) to #Gemini.…
3/ BlockFi 3 and BlockFi 4 transferred a total of $3.8M worth of stablecoins to address 0x22ff.……
Read 4 tweets
As @WatcherGuru muted my tweets. Here again without any censorship. 🤡

#MoonstoneBank #Farmington #FTX #Alameda #Tether #Deltec #crypto #SIG Image
Interesting. SIG invested in #Voyager, bankrupt. SIG invested in #BlockFi, bankrupt.…

Why does that matters? Where is the connection?

Jean Chalopin is the connection. Who is that? Chairman of Deltec Bank Bahamas (banking provider of Tether and FTX). /1
Jean Chalopin was director of SIG Investment II Limited SIG Investment I Limited

But Jean is also former CEO (2020) and current director of FTX Farmington State Bank or Moonstone Bank. The bank with few staff but with a huge vision. 🤡 /2 Image
Read 8 tweets
Why has @defichain's dUSD been DEPEGGED for more than 5 months?

1/19 🧵 on the Top10 TVL chain that CT doesn't talk about
Defichain was created by Julian Hosp and partnered with his company, CakeDeFi.

With Hosp's history in TenX and Lyoness, many have wondered if this is the next Cefi rugpull.

Interestingly, CakeDefi is compared to other defunct lenders on their own website. Up to 23.9% APY!
For a chain that's called "Defi"chain, its TVL seems overly reliant on just two Dapps. Even His Excellency's Tron has 10.
Read 20 tweets

The Seven¹ Seals of #TheCryptocalypse
The signs are all around us. Read on below.

Have doubts? At least make sure you know what's actually happening out there.

RT/QT for great justice.
🂇 🂁 🔜 🁡 🁡 🁡

¹ maybe more than 7


I. @GenesisTrading, by far the biggest portal between Wall St. money and the crypto verse and the biggest trading desk handling the off market trading of very large amounts of money for very large amounts of crypto, is going to declare bankruptcy on Monday at 10 A.M. Image

II. Prosecutors at the Southern District of New York Will Indict Sam Bankman-Fried Very Soon Image
Read 15 tweets
#FTXscandal is sending shockwaves through crypto sector.

What is the long-term effects of #FTX's #bankruptcy❓ Will the domino effect happen❓

🤮Let's explore firms with exposure to #FTX's fall

Threat🧵👇 Image
1/ #BlockFi - the world’s largest crypto lenders files for bankruptcy.

BlockFi had a $600M+ loan to FTX/Alameda and SBF was unable to repay. Image
2/ Crypto lender @SALTLending halts withdrawals citing #FTXScandal impact

CEO of SALT said that "the collapse of #FTX has impacted our business." However, the full extent of the exposure was not disclosed

Read 12 tweets
BREAKING: A potential bank run on may be in progress.

Nearly 90,000 unique transactions have been processed in the last few hours, suggesting that users are scrambling to get their funds off the exchange 👇

#CryptoCom Image
Read 5 tweets
There were several investments that led #BlockFi to be on the brink of bankruptcy.

1- Investing in #GBTC
In July 2021 Blockfi is the second largest holder of GBTC with 19.8 million shares ($500 million) Image
They received deposits in #BTC from investors (with 5% interest) and reinvest in #GBTC for better interest

Due to reduced demand for GBTC, the GBTC premium, in March becomes negative.

#BlockFi had to sell GBTC because many investors wanted to withdraw their BTC. (Loss $100m)
Read 10 tweets

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