Discover and read the best of Twitter Threads about #FlexUSD

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🧵about stuff I've learned about @CoinFLEXdotcom and @MarkDavidLamb. started looking into these characters in depth a few days before they became a hot item so this is an attempt to consolidate what i've learned.
Q: What is CoinFLEX?
A: It's not an average crypto exchange.

Start with the fact that this mostly unknown CEX does huge volume. Some days its volume makes it the 3rd largest #CEX in the world on CMC.

Nums are manipulated but Binance owns CMC. I'm sure top 10 spots aren't free.
Many days CoinFLEX's volume makes it a peer of major exchanges like Coinbase, FTX, and Huobi. See yesterday's CMC rankings in pics.

Retail traders think of CoinFLEX as a small market mostly built around a small altcoin, $BCH (Bitcoin Cash). $BCH trades can't create this volume.
Read 34 tweets
Updated the stablecoin depeg bingo for the month of June with #flexUSD from @CoinFLEXdotcom

PS if you want to be added to this prestigious leaderboard you need >50M circulating supply Image
flexUSD has currently 200M outstanding and trading at 0.87$ Image
flexUSD is backed by USDC, they are used by users to trade on margin on the platforms (mostly perp swaps)

Read 5 tweets
🧵#Coinflex situation getting... weird. see @DougPolkVids tweet.

telegram groups have gone berzerk.
- wallet phishin bot takeovers
- 1000s of banned users
-pinned msgs about being hacked

see reddit link for details.
🧵👇for more

@CoinFLEXdotcom / @CoinFLEX_US #MarkDavidLamb
@DougPolkVids @CoinFLEXdotcom @CoinFLEX_US #CoinFLEX_US telegram (VIDEO)
(only #CoinFLEX telegram that's not a bot warzone)

(6/10) 0:00 @DougPolkVids in chat
(6/13) 0:17 Coinflex 6th biggest CEX by volume?!?
- 0:28 withdrawal issue earlier than known
(6/14) 0:41 Market makers vanish
(6/15) 1:36 $USDC liq pool issues
- Non US #CoinFlex / CoinFLEXdotcom telegram pinned msg: ⚠️SCAMS⚠️
- MarkLamb (?) in weird "coiinflex" grp (May)
- so many deleted users in official channel
- wallet hacking spambots ImageImageImageImage
Read 11 tweets
and there goes another exchange. @CoinFLEXdotcom has not just limited withdrawals, they have shut them off altogether.

@coingecko puts #Coinflex as ~30th largest by vol.
@CoinMarketCap has it at #3 (!!)

exchanges are really falling like dominoes now
coinflex.com/blog/coinflex-…
@CoinFLEXdotcom @coingecko @CoinMarketCap here's what @CoinMarketCap and @coingecko have to say about size of #CoinFlex / @CoinFLEXdotcom / @CoinFLEX_US.

tl;dr coingecko says it's roughly the size of @krakenfx, coinmarketcap says it's way bigger than #FTX.

all numbers in this market are fake... but this is huge ImageImage
kind of a serious LOL at those @CoinMarketCap / @coingecko rankings of the size of @CoinFLEXdotcom / @CoinFLEX_US though.

the ratio of trading volume to weekly visits (AKA "the one un-fakeable number") CMC/CG are showing is... kind of hard to believe/bordering on preposterous
Read 11 tweets
#USDN depeg
#USDD depeg
#MIM depeg
#FLEXUSD depeg
#ALUSD depeg
#USDX depeg

is it stablecoin on crisis?
On this list, we saw some of 20 big cap stablecoin is depeg
The most safety stablecoin are full backed by US dollar, such as:

#USDC
#BUSD
#GUSD
#HUSD
#USDP
#TUSD
Read 3 tweets

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