Discover and read the best of Twitter Threads about #ftxplosion
Most recents (5)
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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.
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.
🧵2/Ω
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.
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.
🧵3/Ω
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.
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.
🧵1/Ω
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.
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.
🧵2/Ω
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
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
🧵1/Ω
#Tether unblacklisted two wallet addresses on the ethereum chain yesterday:
※:etherscan.io/address/0x9f1c…
※:etherscan.io/address/0xdec1…
#Tether unblacklisted two wallet addresses on the ethereum chain yesterday:
※:etherscan.io/address/0x9f1c…
※:etherscan.io/address/0xdec1…
🧵2/Ω 0x9f1c87c3224dca911f6412fba5865c30647bddb1 proceeded to move only a small amount of $USDT...
but also made invalid calls to the $USDT contract...
but also made invalid calls to the $USDT contract...
🧵3/Ω
#0xdec1bcaa046feb7343cb7292bb1193fa2d4fd68e doesn't seem to have done much of anything.
WTF is going on?
#0xdec1bcaa046feb7343cb7292bb1193fa2d4fd68e doesn't seem to have done much of anything.
WTF is going on?
🧵1/Ω
It should surprise no one that @Bullish, an offshore exchange backed by the #EOS scammers at Block.One, uses $SI for banking.
It should surprise no one that @Bullish, an offshore exchange backed by the #EOS scammers at Block.One, uses $SI for banking.
🧵2/Ω
Nor would it surprise anyone to know that as of Nov. 24th a little over 1/6th of $SI (16.73%) was owned by #B1 CEO #BrendanBlumer and @B1 itself.
b1.com/press/b1-acqui…
Nor would it surprise anyone to know that as of Nov. 24th a little over 1/6th of $SI (16.73%) was owned by #B1 CEO #BrendanBlumer and @B1 itself.
b1.com/press/b1-acqui…
#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
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)
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)
