They should do a movie about a guy named Charles Lonzi, that goes to work for Conbase, he has a falling out with his boss, before getting fired he uses his access to Conbase lists his own shitcoin before his boss finds out about it, then wash trades it and rips off $100M+.
His boss unwilling to involve the authorities in the scandal because of his own wash trading fraud big secret, then works out a deal to make it look like that it was the plan all along and agreeing to let bygones be bygones.
Based on true story.
Perhaps Charles Lonzi has all of the dirt on his boss and there would be a mutually assured destruction if the boss brought in the authorities over the fraud he’s been doing.
I’d call the movie Sleightcoin.
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Russians using Tether fraud to bypass sanctions, just like the Iranians and North Koreans.
Tether can also print Tethers for free to get free rubles. Nice.
Tether fraud. The choice of sanctions evaders, dictators, third world countries, money launderers and fraudsters!
The only way it makes sense for someone to trade their Tethers for Rubles, is if they’re getting those Tethers for less than the value of the dollar. Someone has to bag hold the Rubles.
If you print tethers out of thin air, your cost for those rubles is zero & rubles aren’t zero
So you can afford to bag hold rubles when you paid nothing for them.
🚨 Bitfinex website vulnerable to HTML element manipulation and there’s no server side verification of certain commands sent to the website. 🚨
Really inspires confidence, I wonder what else they don’t check server side?
Paolo is such a good programmer that he trusts the client
Obviously, I’m not publicly disclosing the exploit, so don’t ask.
While not disclosing the exploit, imagine that Bitfinex uses client side JavaScript to impose limitations on a server transaction, and just modifying the JavaScript and being able to completely bypass the limits imposed by Bitfinex because they don’t check it server side.
It's interesting to note that US treasuries held in the Bahamas, doubled the month the price of Bitcoin fell by over 50%.
Almost like someone was liquidating pumped crypto to dump into t-bills.
1. Print tether out of thin air. 2. Buy bitcoin. 3. Sell for more USD, buy t-bills.
4. Pretend that the money was there all along with bullshit attestations while refusing full audits to trace when the treasuries were bought.
This isn't the first time that Tether has done something like this.
The price of crypto currency dropped by 40-50% in September 2017, on September 15th, Bitfinex then sent Tether $382 million dollars and pretended the money was there all along.
Crypto exchanges do this all of the time. They also get to decide when to credit your deposit and they would drive the market upwards as your deposit was “clearing”, to front run you AND guarantee that you FOMO.
A forensic audit of crypto exchanges and prices moving suddenly prior to large deposits being credited would be fascinating.
Coinbase themselves would allow employees to wash trade their own shitcoins. They would not be above front running their customers if they allowed an employee to wash trade 99% of the volume on his own shitcoins.
People would be wise to look at how Luxottica does their business.
They pretty much own every sunglass maker and sunglass store. You'll go to a mall and see two sunglasses stores.
Luxottica owns both of them.
That's the Tether model.
You might think that some project isn't secretly owned by Tether, but good chances are that it is.
Tether is telling the truth that revealing the makeup of their reserves and counterparties is catastrophic to their business, because it shatters the illusion of decentralization.
If you start making and selling sunglasses, you may be able to sell them in Luxottica stores. If they sell well, Luxottica will offer to buy your company.
If you don't sell your company to them, they will pull your products off their store shelves and your sales go to zero.