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Michel de Cryptadamus Profile picture
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Jun 22 • 18 tweets • 18 min read
@investvoyager looks like its headed for #deathspiral because of its exposure to #3AC.

tweets about locked funds coming fast and furious right now.

coindesk.com/business/2022/…
@investvoyager Looks like @investvoyager, another #DeFi (#CeFi?) "bank" like #BlockFi, has halted customer withdrawals and Twitter is freaking out. $VGX token has crashed.
more details w/r/t Voyager (@investvoyager) loan book, another crypto "bank" circling the drain because of the #3AC situation.
#VGX $VGTX
@TheDeepDive_ca does a deep dive on #Voyager / $VOYG / $VGX

As of March 31...Voyager had loaned out 53,840 $BTC, $633M $USDC. #3AC represents 28.3% of $BTC, 55.3% of $USDC currently loaned out.

But what if another major creditor implodes?
thedeepdive.ca/voyager-digita…
What #Voyager says: "straightforward, low-risk approach to asset management"

What #Voyager means: we gave half a billion dollars to the crypto bro morons running #3AC and we just realized it's never coming back

$VGX #Voyagerheroes #deathspiral $VYGVF Image
@TheDeepDive_ca says #Voyager's #3AC exposure is roughly $305M in $BTC and $350M in $USDC. That's $655M in bad debt.

Voyager's filings on 2022-03-31 declare equity of $257M.

SBF bailout is $200M cash, $300M in $BTC. enough to cover the hole...

if there are no other problems Image
tl;dr: @investvoyager's customers seem to be getting very, very upset on social media... it this keeps it will cause a #bankrun and whoever is late to the party will not get their money.

live look at latest tweets on the subject: twitter.com/search?q=inves…

$VGX #Voyager $VYGVF ImageImage
Not looking good for @investvoyager ... looking an awful lot like a #cryptocurrency #bankrun if this tweet is correct that they have limited withdrawals even further.

$BTC $ETH $VGX #Bitcoin #Ethereum #cryptocurrencies

some customers are seeing "Internal Server Error" when they go to withdraw funds from #Voyager exchange (@investvoyager)...

i'm sure this is good for #Bitcoin. and also good for #Etherum. oh, and $VYGVF stock. $BTC $ETH #cryptocurrency

if @epichedge is correct and this is real then it appears @investvoyager accounts may not actually be #FDIC insured after all... especially if there is any kind of malfeasance at #Voyager.

not a lawyer but it seems to me that this is likely the correct take w/r/t @investvoyager customer deposits, esp. given the #Voyager user agreement specifically says that customer funds are NOT protected if Voyager fails (see screenshot of UA upthread)

tweet claims even a $100 withdrawal from @investvoyager was rejected...
@investvoyager @investvoyager withdrawal limits tweeted by @1512222a:

- yesterday: $700K
- 2:27PM today: $700K
- 3:51PM: $10K

a redditor took a closer look at the @investvoyager user agreement's legal language to see how well depositors' money would be protected in the face of a #Voyager bankruptcy.

tl;dr: money in #Voyager seems not as #FDIC insured as people seem to think

reddit.com/r/Buttcoin/com…
slightly more specific info about @investvoyager's loans to @3arrowscap / #3AC.

ps this thread is impressively long for one about a company i barely knew existed yesterday...

people are having trouble getting money out of @investvoyager
not exactly surprising if you read this whole thread (👆), but here's some concrete examples. ImageImageImage

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More from @Cryptadamist

Michel de Cryptadamus Profile picture
Jul 1
🚨🚨🚨@investvoyager joins @Hoo_exchange, @Aexglobal, @CoinSwitchKuber, and others in #TheClosening,

there is officially no more money (or $BTC) left to give back to unsecured creditors (they call themselves "depositors")

1st major exchange in North American market to do so.
@investvoyager has fallen.
#TheClosening claims another victim.
Apparently the intervention of God Emperor #SBF was only able to keep @investvoyager out of the jaws of #TheClosening for 9 days. May the #Voyager monster at last find peace in the void, inshallah.

historical 🧵 from last week's events:
Read 12 tweets
Michel de Cryptadamus Profile picture
Jun 30
#linegoup... lol. $BTC. Image
reverse bart? someone just trying to liquidate the shorts? who knows. i def. was expecting to see another attempt back at $20K... doubtful this will be the last.
someone did this trade at like exactly 7:59PM EST... is there someone who is trying desperately to avoid some kind of contractual situation shoe conditions are checked every day at 8PM? cc @crasl7
Read 6 tweets
Michel de Cryptadamus Profile picture
Jun 30
those of you who, like me, have grown complacent about checking the actual price of #Bitcoin may want to tune in right about now. Image
Is Camodia being forced to sell all their $BTC?
$55M #Bitcoin positions liquidated in the last hour, almost half at @okx exchange.

@okx tweeted 5 hours ago about how $GBTC was going to a lawsuit... makes me wonder if their customers werre particularly bullish on $GBTC being approved? ImageImage
Read 6 tweets
Michel de Cryptadamus Profile picture
Jun 28
🧵about stuff I've learned about @CoinFLEXdotcom and @MarkDavidLamb. started looking into these characters in depth a few days before they became a hot item so this is an attempt to consolidate what i've learned.
Q: What is CoinFLEX?
A: It's not an average crypto exchange.

Start with the fact that this mostly unknown CEX does huge volume. Some days its volume makes it the 3rd largest #CEX in the world on CMC.

Nums are manipulated but Binance owns CMC. I'm sure top 10 spots aren't free.
Many days CoinFLEX's volume makes it a peer of major exchanges like Coinbase, FTX, and Huobi. See yesterday's CMC rankings in pics.

Retail traders think of CoinFLEX as a small market mostly built around a small altcoin, $BCH (Bitcoin Cash). $BCH trades can't create this volume.
Read 34 tweets
Michel de Cryptadamus Profile picture
Jun 27
#Coinflex CEO Mark Lamb just went on BloombergTV. talked about a plan to raise $ to cover for an "ultra high net worth" whale who isn't paying up. $rvUSD... r. v.... @rogerkver?

Lamb also confirmed there are huge futures trades in private markets... and involving his exchange.
@rogerkver the weird part: i did a kind of much too long analysis that lead me to the conclusion that #CoinFLEX's $BCH retail trading operation is, if not a front, then not their main business.

based on info I could get, CoinFlex looked like derivatives market...
reddit.com/r/Buttcoin/com…
here's the full Mark Lamb (#coinflex CEO) interview on @BloombergTV

@sonalibasak letting him pitch a snake oil 20% APY shitcoin as a way to give his users back the money he owes them is a disgrace to journalism

madoff offered 12%. do yr job @sonalibasak

bloomberg.com/news/videos/20…
Read 4 tweets
Michel de Cryptadamus Profile picture
Jun 27
#TheCryptocalypseChronicles, Vol. I

A collection of reports, observations, and analyses I put together over the past two weeks of #cryptocurrency carnage.

🧵👇 for a glimpse of a spreadsheet built with @ApeDigest to track these disasters in real time.

medium.com/@michelcryptda…
@ApeDigest Data @ApeDigest and I added to his excellent spreadsheet.

The number of #CeFi, #DeFi, #CEX, and #DEX companies that have imploded already/are on the brink of imploding boggles the mind. Equity at risk is tens of billions.

The #CeFi list:
(comment if we missed any)
Deformed denizens of the #DeFi depths:

(@viresfinance, @solendprotocol, @InverseFinance, @mangomarkets, @bancor, @creamfinance, etc.)
Read 5 tweets

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