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Jakal

Follow @intel_jakal

Jun 26 • 18 tweets • 7 min read

1/13:
Nexo review March 2020

2/13:
Nexo review March 2020 (cont.)ç

3/13:
Nexo review March 2020 (cont.)

4/13:
Nexo review March 2020 (cont.)

5/13:
Nexo review March 2020 (cont.)

6/13:
Nexo review March 2020 (cont.)

7/13:
Nexo review March 2020 (cont.)
Next up ….
15-minute drill down into a couple of Nexo entities that I could easily source.
But wait….there’s more

Let's review Nexo AG the Swiss company setup in 2018. As I only gave my self 15 mins to drill into Nexo..lets focus on one name "Georgi Shulev"

Fast forward to Nexo AG's current structure....Shulev has exited.....but where did he go?

Lets flip over to Nexo's UK entities incorporated mid 2020 (note the timing....only a couple of months after ripping through their flimsy TOS).
Note: Shulev is not part of Nexo UK but there's this other entity NPEM Ltd

Two Nexo Directors and a former are related to NPEM so what is it? Well essentially a UK shell with 5k in assets and a static web page built on Wix......
npemservices.com
Lets put that aside and see if we can find what Shulev is up to.

So looks like since beginning of 2021 he's been working on a company called #finblox .... I vaguely recognised the name.

Oh its one of those.....earn zillions risk free forever....until now.....

@davidgerard

#finblox is well and truely cooked @davidgerard has already stuck the fork in. I'm soo late to the party on this.

What does it mean for #nexo.....I'll have. another look tomorrow but its hard to see how they aren't exposed as every other participant in the perpetual motion rehypothetication shitshow.

Nexo AG, Defendant
Nexo Capital Inc., Defendant
Nexo Financial LLC, Defendant
Nexo Financial Services Ltd., Defendant
Nexo Services OU, Defendant

Worth a read.....

storage.courtlistener.com/recap/gov.usco…

Followed by this #nexo Jan 2022
ORDER GRANTING IN PART AND DENYING IN PART MOTION TO DISMISS

govinfo.gov/content/pkg/US…

A short summary

rochefreedman.com/nexo-users-say…

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More from @intel_jakal

Jakal

@intel_jakal

Jun 26

1/13:
Nexo review March 2020

2/13:
Nexo review March 2020 (cont.)ç

3/13:
Nexo review March 2020 (cont.)

Read 7 tweets

Jakal

@intel_jakal

Jun 14

yesterday I flagged the flaky wording used by #celsius in their suspension of services memo to its members. ""Activated a clause" in their Terms of Use....without actually stating which clause they were referrring to.

Having read through the Terms of Use it appears one reason for not specifying the clause the clause they have 'activated' is there are more than one clause they are relying upon to effect the suspension

one for Custody [you retain ownership of the asset] (Custody only began 15 April 2022) and the other clause(s) are for the balance of all accounts [you relinquish ownership to Celsius].

Read 8 tweets

Jakal

@intel_jakal

Jun 13

If you have a rental property. You make a return by finding some nice people who need a place to live they undertake to pay you x return per week and as long as they dont wreck the place or stop paying everyone is happy.

Essentially you are entrusting your asset to a third party on the promise that they will make payments in the future as agreed. If they stop paying you kick them out.

So imagine your shock and horror. that those nice people started to have some financial issues because they werent getting paid by someone else and gave you a heads up by email refering to a bit of html on a website. Essentially we will get back to you when we can sort you out.

Read 11 tweets

Jakal

@intel_jakal

May 14

@bitfinexed

yesterday I threw out an off the cuff question to @bitfinexed
How much of the redeemed #tether was used to recover and maintain its peg?

The obvious answer is whatever they had to.

I've spent a big chunk of today crunching data to see what answers I could come up with.

Last night I scratched out my hypothesis - to maintain its peg...#tether would need to tap its own cash...can only do that via redemptions and the 'tell' will be burning the tokens like they never existed.

Basis for this thinking is pretty simple. That's what they do when they need cash and lots of it. Remember back in 2018 #novogratz was swooning over the orderly redemption of $700m by #tether.

Read 19 tweets