Discover and read the best of Twitter Threads about #SBF

Most recents (24)

1/12 Unraveling the IRS Administrative Priority Claim in the #FTX bankruptcy case: how this impacts the restructuring process in a case involving massive fraud.

Writing this because I'm seeing a lot of bad takes that are likely confusing a lot of creditors.

2/12 In the FTX case, with allegations of massive fraud, the IRS claim becomes a critical component of the plan of reorganization.

This claim, due to its priority, can significantly shape the debtor's restructuring roadmap.

That means things will take longer. 🕕

But why?
3/12 Typically, a significant portion of the IRS claim is settled quickly. However, with massive fraud, the landscape changes drastically.

The IRS may take a stricter stance to deter fraudulent activities.

Sound familiar to other US agency tactics with crypto?

Read 12 tweets
#FTXUS shareholder analysis thread part 2
Yesterday I punched out a bunch of tweets re: the ownership of FTXUS aka #wrssilo I'm still working through the filings. I'm just going to post as and when I've got time....its going to be untidy but you know ...thats the I roll.
One thing I've scratched my head about is how did the FTX muppets end up with the shares in WRS directly in their name....since its the US operations of #FTX?
I haven't worked out why but I think I've worked out how.
Kroll scratched out a timeline and note that SBF, Gary and Nishad founded WRS (FTX US) in Jan 2020.
Not as a subsidiary...not as a branch office, majority owned/controlled entity...nope just straight up new shares to the Bro's. Image
Read 11 tweets
@Annihil4tionGod it is. appears Series A Prefs subscribers also received Class A common when you sort the holdings you can see that the ratio c. 11:1 (common : Prefs). not all the names align as it appears that some subscribers nominated different there's a tonne redacted Image
@Annihil4tionGod Taking a step back. So the capitalisation of FTSUS at liquidation was;
We know there was $400m raised this indicatively ties in with the 1.6B Class A common why the ratio to the Series A pref is 11:1 I have no idea. Image
@Annihil4tionGod There are a number of FTX employees that are holders of Class A Common shares but do not hold Series A prefs. I had to shuffle around the numbers a bit to work out why. Image
Read 10 tweets
Taylor Swift was almost among the 11 celebrities now wrapped up in a costly class action lawsuit against Sam Bankman-Fried’s FTX—but asking a simple question saved her. Image
Adam Moskowitz, one of the lawyers leading the class action lawsuit against FTX’s celebrity ambassadors, told The Scoop podcast that Swift was “the one person” that asked whether the securities she would be promoting are unregistered.
Moskowitz said that under state securities laws, promoting unregistered securities for financial gain makes an individual liable. The now-bankrupt FTX was in talks with Swift for a $100 million sponsorship deal, which fizzled out shortly before FTX’s collapse in Nov of last year.
Read 5 tweets
Brilliant woke policies $SIVB, and so goes $USDC & the collapse.
How many banks are following the same path?
Nearly all. Brace for more failures.
#SVB Image
And so it goes when you make business decisions based on woke ideology.
Who's the next Silicon Valley Bank?
These bank runs could have been avoided. The woke policies of the left need to be reversed. Decisions based on diversity in business will always lead to ruin.
Read 13 tweets
OK - now in court for ruling in Mango Labs v Avi Eisenberg, empty gallery unlike for #SBF in an hour. Inner City Press will live tweet both, Eisenberg thread below
All rise!
Judge Liman: I will give you my decision on the requested injunction, orally. Of $114 million, he returned $67 million. There are 4 causes of action: fraud, duress. There is a criminal case and defendant is detained. The US seeks forfeiture.
Judge Liman: The Court ordered service on defendant Eisenberg upon his arrival in NY [from detention in Puerto Rico]. DOJ has also been notified by Mango Labs, but has not intervened. I find Mango Labs has standing...
Read 8 tweets
@ThegreatLambiny @ParrotCapital @Bitfinexed @Cryptadamist @cryptoinformer0 @Annihil4tionGod Around the same time CZ had apparently come to the conclusion that #SBF was unhinged and wanted out. He allowed #FTX to publish false information about #binance (Miami Dade due diligence Stadium naming rights).
@ThegreatLambiny @ParrotCapital @Bitfinexed @Cryptadamist @cryptoinformer0 @Annihil4tionGod March 2021 Binance and Multicoin get fully loved up.
@ThegreatLambiny @ParrotCapital @Bitfinexed @Cryptadamist @cryptoinformer0 @Annihil4tionGod We love #binance sooo much we spent thousands of hours writing puff research pieces.....#binance the new #piratebay
Read 12 tweets
ELI5: Why did #SilvergateBank / $SI just implode?

I realize some people may be wondering WTF just happened so here's the unannotated short version...

The story begins when $SI, a small regional bank, decided to go full crypto.
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
Read 30 tweets
OK - now corporate crime beat, sentencing in USA v. Glencore International A.G., a Glencore rep just told Inner City Press it'll get emailed statement / spin after. (Note: #SBF Bankman-Fried lawyer Mark Cohen representing Ian and Laurethe Hagen (Interested Party
Glencore pled guilty to anti-bribery provisions of FCPA. Judge Schofield accepts corrected plea agreement, says max sentence is $630 million fine.
Judge Schofield: This was a scheme to pay $100 million in bribes. "The defendant has no criminal history" - but 2012 bribery by Rotterdam subsidiary. Glencore getting credit for "cooperating with the government."
Read 6 tweets
Now that #JosephDePaolo has suddenly resigned as CEO of $SBNY under a cloud of money laundering/fraud related smoke (he banked #Binance under a nonexistent Seychelles company which is illegal) here's a recording of an earnings call where he claims to not know who FTX is.
In the aftermath of the #FTXplosion DePaolo, one of two CEOs of "crypto friendly" banks in the United States, would like you to believe that he has no idea what this "#FTX" thing is.

SBF was easily the most famous dude in finance at that moment and a CUSTOMER AT HIS BANK
Maybe he really was that clueless. Would explain how so much #Binance money got laundered through his bank and how $SBNY ended up being #Tether's banker.
Read 13 tweets
OK- FTX Sam Bankman-Fried bail hearing about to begin. #SBF is in the courtroom, head down at counsel table, whispering. He's appealed Press win to try to keep his co-signers secret. Inner City Press is on it… & will live tweet, thread below
All rise!
Judge Kaplan: I didn't have this case at the beginning. [Judge Abrams did, then recused herself] I'll read the 5(f) warning, Congress has said I have to tell it to the prosecution in every case. [Does] Now, the filings cause more questions.
Judge Kaplan: Why shouldn't the exemptions be part of the order and explained to me?
AUSA Sassoon: We have had discussions --
Judge Kaplan: Why shouldn't I know who they are?
[Inner City Press, as in its Jan 3 filing, wonders why the PUBLIC shouldn't know]
Read 12 tweets
Sam Bankman-Fried quebrou uma corretora e ficou devendo U$ 8 BILHÕES.

Mas, um ano antes, fez um investimento genial.

Que dobrou de valor. E pode retornar o valor todo perdido por clientes da FTX.

Além de mudar o futuro da inteligência artificial.

Sabe qual foi a tacada?👇🧵
#SBF fazia parte da comunidade dos "Altruístas Efetivos".

Longo-prazistas interessados em riscos existenciais - como a ameaça de uma superinteligência artificial "desalinhada" com os humanos.

Uma das fontes de financiamento inicial dele foi Jaan Tallin - fundador do Skype.
Reza a lenda que Tallin deu U$ 50M pro SBF começar seu negócio.

3 anos depois, já tendo se apropriado de bilhões de dólares de clientes, SBF começou a espalhar dinheiro em investimentos de risco.

Ccomprou U$ 700M em @RobinhoodApp.

E botou U$ 580M no Series B da @AnthropicAI.
Read 6 tweets
OK - now Avraham Eisenberg is to be presented here in Magistrates Court @sdnylive, charged for $100 million manipulation of the Mango Markets crypto exchange.
Inner City Press will live tweet, thread below
It seems Eisenberg has the same retained counsel as Virgil Griffith had - and Virgil pled guilty on the eve of trial. Seems relatives here in gallery here. The two sides' lawyers are talking about NYU Law. Could there be a bond deal like with #SBF?
Avraham Eisenberg has been brought in by Marshals in yellow jumpsuit, hair standing up. He's reading the papers that awaited him on defense table. Lawyer points at gallery and says, His parents.
Read 6 tweets
“This is not the first time that something less than transparent has occurred in FTX cases. In fact, a dark curtain has been drawn around much of what is going on in both the FTX bankruptcy case in Delaware and the criminal case in lower Manhattan.” ImageImageImageImage
#SBFIVE ~> Panetta ImageImage
Read 4 tweets
#Binance announcing increasingly dire issues w/its fiat on and off ramps.

#CryptoCom's Euro bank accounts were frozen or seized by #BankOfLithuania on 1/21 for money laundering, terrorist financing, and sanctions violations (screenshot)

Let's dig...

Ω👇Ω ImageImage
Recently users of #CryptoCom were surprised to receive an email saying that #SEPA transfers of $EUR were being “migrated to a new provider” and thus Euro-denominated deposits and withdrawals were temporarily suspended.

Ω👇Ω Image
#Cryptocom customers couldn't deposit/withdraw for ~100 hours yet #CDC did not send any kind of prior notice to their customers. Many redditors confirm problems began > 24 hours BEFORE #CDC sent out the first (and only) email about the disruption.

Some got 0 emails.

Ω👇Ω Image
Read 32 tweets
that 15,427 page #GK8 document filled with #CelsiusNetwork's creditors personal detail is quite an amazing document.
i have so many questions, but let's start with:

1. Why are there an enormous numbers of creditors in countries GK8/Celsius aren't supposed to do business with?
Corporate entities in the #CelsiusNetwork / #GK8 / #GK8Limited bankruptcy, pt. II. Noticed:

➤ Ernst & Young (maybe?)
#KPMG (#Wirecard's dad)
@TheBlock__ ("journalism")

@AABerwick @kadhim @Frances_Coppola
Read 14 tweets
does anyone find it kind of... 𝒆𝒆𝒓𝒊𝒆... that at any point in time there was more or less the exact same amount of #Tether on #Ethereum as on #JustinSun's #TRON?

it's almost as if #Tether was minting 2 $USDT for each $1 in #USD backing, one on each chain...

I mean I guess we shouldn't really worry about it given that almost 100% of the $USDT on the #Tron blockchain was created for use by #SBF on his exchange #FTX. The #FTXScam is basically an honest exchange run by honest folks, right? #FTXScam
(h/t @DataFinnovation)

Internet sleuths have been able to locate roughly half of the cash that backs $USDT. Surely any day now someone will stumble on all those tens of billions of dollars worth of "treasuries" that were formerly called "commercial paper"... (h/trick @DataFinnovation)

Read 20 tweets
2022 was the victim of many major #crypto crashes, but three of them stood out the most.

#LUNA\#LUNC | #FTX | #CelticFC

Here's a thread! 🧵👇
2- Let's start off with the infamous #TerraClassic, which saw its token at the time, $LUNA (now known as $LUNC) crash from $86 to under $0.01 in just 48 hours which caused $LUNA holders to lose a total of $60 Billion.
3- What happened? Well, over $2 Billion #TerraUSD $UST was unstaked from #AnchorProtocol and many millions of dollars swiftly became liquidated.

#TerraClassic still exists to this day and their community of #LUNAtics still believe in its future, but do you?
Read 7 tweets
After a wild 2021, #crypto ran into major headwinds in 2022 as central #banks began to unwind their #pandemic-era monetary policies. Here's a look at the 6 figures that defined crypto in 2022. 👇

🧵A thread by @esatoshiclub

Crypto market cap dropped from $3 trillion to $849 million in just a few months - that's a whopping $2.3 trillion loss!

Crypto theft by hackers and fraudsters has reached an all-time high last year, with bridge hacks accounting for $2 billion of the total stolen.
Read 7 tweets
#Huobi seems to be melting down in real time, possibly along with His Excellency #JustinSun's fortune...

Shut down all intra-employee IMs etc, maybe fired a bunch of people. Employees now angry (or Sun is ruggin') @HuobiGlobal @justinsuntron
@HuobiGlobal @justinsuntron Apparently #JustinSun tried to dissolve the company (which would presumably leave all the employees unemployed).

Remember just yesterday it was reported that #JustinSun had tried to pay #Huobi employees in $USDT and/or $USDC... #Tether (h/t @crasl7 for non machine translation)
Random Twitter user sharing rumors that there are concerns this will spread to #TRON and its companies from Pulse (which @crasl7 looked into and called "Chinese language LinkedIn")
Read 35 tweets
A mixture of surprise and anger greeted the news that Sam Bankman-Fried would be roaming free until October.

The chess strategy has begun and we may be in for a long, drawn-out affair:

Sam Bankman-Fried made a brief appearance in court yesterday, where he recorded a not-guilty plea to all charges.

He is facing "eight felony counts including fraud, conspiracy, and money laundering".

In contrast to this, #SBF's close associates Caroline Ellison and Gary Wang both pleaded guilty to counts of fraud.

In addition, Ellison also admitted to money laundering.

It is believed that they are both cooperating with prosecutors.

Read 9 tweets
🧵-- $HAPI --🧵
🧵 @i_am_hapi_one 🧵

🧵#Thread about $HAPI and why I think this project really matters!



#Crypto #Cryptoinvestor #100x
What is $HAPI ?
Why this project makes a difference?
Because $HAPI is a decentralized on-chain cyber-security protocol that stops any malicious activity on the blockchain!

Lets go! Image
$HAPI is leveraging external data both off-chain and on-chain, how cool is that?

As we all know the #crypto market has a lot of scam and problems, here are some of them:

- hacks
- steals
- not private transactions
- Money laundering Image
Read 23 tweets
#binance #playbook wasn't just used by #binance. It was literally cookie cut by #FTX
It was until I saw @AureliusValue link to Miami Dade County, Florida's resolution for #FTX's stadium rights (Mar 2021) that the penny dropped.
When you look at the disclosed beneficial ownership of FTX, FTX.US its undeniable that CZ was a material shareholder.
Read 28 tweets
Attack of the Centralised Exchanges! 🔫

After the explosion of the #FTX Centralised Exchange and the conviction of SBF, it is clear that the authorities and the media are knuckling down on all of the leading #crypto exchanges in the industry.
2- Right after the #FTX & $FTT crash, there was a lot of FUD surround @cryptocom and their CEO, @Kris. It turned out that the bad rumours surrounding #cryptocom were false and the tide turned towards #Binance and their CEO, @CZ_Binance.
3- It almost seems as if it was a planned attack amongst the top exchanges. #SBF definitely deserves to be prosecuted and banished from the world of #Web3. However, who's orchestrating these attacks against #Binance and #Cryptocom?
Read 7 tweets

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