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#FTXUS Analysis - Thread 3
Following on from yesterday. Todays thread will focus on payments to #insiders made in the last 12 months prior to bankruptcy. Every time I look through the docs...I'm just amazed how spellbindly outrageous this whole shit show is.
Following on from yesterday. Todays thread will focus on payments to #insiders made in the last 12 months prior to bankruptcy. Every time I look through the docs...I'm just amazed how spellbindly outrageous this whole shit show is.
In 12 months just over $25m was paid to insiders. I've summarised by quarter. 48% of payments went to undisclosed parties but since they are insiders and SBF only clipped a lazy $500k in his name...lets assume its him. 
The stand out insider is the former CFTC commissioner #markwetjen who was paid $3.7million
#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.
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.
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.
Not as a subsidiary...not as a branch office, majority owned/controlled entity...nope just straight up new shares to the Bro's.
@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 entities...plus there's a tonne redacted
@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.
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.
@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.
🧵1/Ω
Dear @AllysiaFinley of @WSJ / @WSJOpinion:
You wrote back to back columns. One of them is about the SEC failing to regulate #FTX.
Other one calls @SenToomey "a free-market champ." Toomey was also a champ of SEC deregulating "non-banks" like #FTXScam.
Dear @AllysiaFinley of @WSJ / @WSJOpinion:
You wrote back to back columns. One of them is about the SEC failing to regulate #FTX.
Other one calls @SenToomey "a free-market champ." Toomey was also a champ of SEC deregulating "non-banks" like #FTXScam.
🧵2/Ω
Also nowhere in your attempt to shill as hard as possible for the crypto industry by shifting blame onto @GaryGensler and the SEC is it mentioned that the shameful #Blockchain8 wrote a letter to #SEC urging them to stop investigating the #FTXScam.
Also nowhere in your attempt to shill as hard as possible for the crypto industry by shifting blame onto @GaryGensler and the SEC is it mentioned that the shameful #Blockchain8 wrote a letter to #SEC urging them to stop investigating the #FTXScam.
If you still have funds in FTX.US there is still a way to get it out! If you had USD, you may have noticed that your withdrawals get stuck on "Requesting". This is because their USD bucket is practically empty. ( see wallet )
bscscan.com/address/0xa182…
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bscscan.com/address/0xa182…
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So what do you do? As of right now there is 34mil of BSC CHAIN USDT and BSC CHAIN ETH and a few smaller amounts. Trade your USD to one of those and you will be able to pull out whatever you have left! I had to help a friend who had a deposit in the ACH waiting list.
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2/3
1/Ω
🤔
"as least as informed as the press" level speculation on #Alameda / #FTX based on some numbers that imply some things
FTX folded quickly. could only process < $1B digit billions before running out of coins. Sure there are other wallets...
🤔
"as least as informed as the press" level speculation on #Alameda / #FTX based on some numbers that imply some things
FTX folded quickly. could only process < $1B digit billions before running out of coins. Sure there are other wallets...
2/Ω: FTX IS NOT SUPPOSED TO BE ABLE TO RUN OUT OF CASH (or tokens).
it's an EXCHANGE not a hedge fund. should have everyone's cash ready to be picked up at any given time in neat little separate piles.
THUS: AT A MINIMUM we know that #SBF commingled funds (maybe illegally)
it's an EXCHANGE not a hedge fund. should have everyone's cash ready to be picked up at any given time in neat little separate piles.
THUS: AT A MINIMUM we know that #SBF commingled funds (maybe illegally)
2.5/Ω: SBF IS SMART. ALSO WORKED AS A PRO TRADER AT ONE OF THE TRADING DESKS THOUGHT TO BE "really smart money" (#JaneStreet).
SBF: 2 MIT degrees (hard to get in a way most people cannot comprehend). SBF has taken exams for trading licenses. Fully 0% chance he doesn't know this
SBF: 2 MIT degrees (hard to get in a way most people cannot comprehend). SBF has taken exams for trading licenses. Fully 0% chance he doesn't know this
A recap of the crazy last 72 Hours, a thread🧵👇:
It all started with the worry about #Alameda's financial status after their balance sheet and liability are leaked👇.
Then the rumor is out that FTX is in a liquidity crisis.
But at this point, based on the scale of FTX, many still hold FTX is safe.
coindesk.com/business/2022/…
Then the rumor is out that FTX is in a liquidity crisis.
But at this point, based on the scale of FTX, many still hold FTX is safe.
coindesk.com/business/2022/…
Then 3 days later, a huge #FTT transaction (22,999,999 - $580M at that time) happens, then the man, @cz_binance steps in and announces #Binance gonna sell all #FTT they have due to #FTX existing risk, seems a war between @binance and @FTX_Official has just begun.
