Thread by @intel_jakal

#binance #playbook wasn't just used by #binance. It was literally cookie cut by #FTX
@MikeBurgersburg

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.

Its not until you tidy the holdings up and group them together into related parties that it becomes overwhelmingly obvious that CZ #binance wasn't just a participant in capital raise. At 20% from the getgo you are the cornerstone.

Its then impossible not to see just how similar their Group vs US #playbooks are.

I can't tell you what #binance equity structure looks like but I bet you my lefty that its likely to be similar in weighting to #FTX.

I dont need to fill in those blanks to recognise that there's some serious similarities across their #playbook's

Can't see it?

what about when you layer in the 'unbranded/unrelated' fiat onramp? #binance - #keyvisiondevelopment vs #ftx - #northdimension

btw anyone that might be on the fence about if #ftx #binance (and others) were deliberately obfuscating ownership by using non branded entities as payment gateways. You won't be if you read the #duediligence report by the #miamidade #inspectorgeneral

tbf looking at anything in #hindsight you already know what you are looking for...but even still I think there's a few obvious flags/gaps (but to be fair - I'm sure if I presented a report that shitcanned $130m naming rights deal,,,I'd be the one shitcanned).

Remember this date: 26 March 2021 - The date of the resolution approving the #FTX naming rights deal

and this date: 17 Mar 2021 - the date the #Inspectorgeneral provided their #diligencereport
on #FTX, #FTX.US and all affiliated entities.

and this date: 25 August 2020 - the date #northdimension was incorporated.

guess what entity is not mentioned in the #duediligence report. it turns out its not the only one but the others Ive found would arguably be inmaterial (comparatively).

I'd never heard of #LTbasketltd

when asked about LT Baskets Ltd.....FTX inferred it was dormant by stating that it generated no commercial revenue.

a quick bit of google dorking and I found an offer document on a shitbox #korean exchange

for what sounded like literally the worst shitcoin derivatives ever invented.

I guess #SBF could argue he was vague in his description at that time because well he had lots of other shit to be vague about. But I reckon it would be hard to say he wasn't aware of the purpose of the entity

Since he was the author of the offering doc.

Me personally if someone told me not to worry about an entity domiciled in #seychelles because it didn't generate commercial revenue....my first inclination ah this fkr is dodgy af.

and to be fair....the offer doc does make it clear that all the other counterparties are essentially the same person so they really have no choice but to fk you over.

Not sure why a couple of flags didn't pop up when doing a search of the old Seychelles Gazette.

LT Baskets was the only Seychelles listed entity ...so maybe it was pure coincidence that another unrelated group had a couple of "FTX" entities being gazetted the same time as LT Baskets was?

(and yes I realise that the date of strike off was after the DD report was completed but those same entities would have first been gazetted 60 days earlier in Feb....well before DD>

Thats all I got time for today. Plenty more hole to poke.

Here's a link to the original doc >>>.

bit.ly/FTXarena-namin…

But I'll post this one last screenshot... I know @bitfinexed will love this one.
#danfriedberg aka mr #godmode himself. thats what I call the kiss of death.