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.
🧵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.
#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.
(6/10) 0:00 @DougPolkVids in chat
(6/13) 0:17 Coinflex 6th biggest CEX by volume?!?
- 0:28 withdrawal issue earlier than known
(6/14) 0:41 Market makers vanish
(6/15) 1:36 $USDC liq pool issues
- Non US #CoinFlex / CoinFLEXdotcom telegram pinned msg: ⚠️SCAMS⚠️
- MarkLamb (?) in weird "coiinflex" grp (May)
- so many deleted users in official channel
- wallet hacking spambots
the ratio of trading volume to weekly visits (AKA "the one un-fakeable number") CMC/CG are showing is... kind of hard to believe/bordering on preposterous
in depth analysis of a $BTC collapse scenario posted saturday playing out #contagion scenario that i thought had a 10% chance to destroy crypto by Monday.
most important single event will probably be when a $BTC bank stops withdrawals... now #Celsius
now that #celsius has closed its doors exactly in line w/my worst case scenario for $BTC / $ETH / #crypto, i suspect #cryptocollapse is coming at us a lot faster than people expect.
if you have people you care about who have coins, i recommend you encourage them to sell ASAP. and don't leave the sell proceeds in your #crypto exchange #CEX/whatever - get them into your bank account. leaving them on the exchanges is honestly almost as risky as staying in $BTC
#TetherIsInsolvent, part 2. this is a followup to analysis @patio11 (link) and i did independently showing #Tether must be insolvent based on Tether's stated financials due to the crypto selloff. But this time... it's about foreign exchange rates. kalzumeus.com/2022/05/20/tet…
On May 19th #Tether announced that it had reduced its commercial paper reserves by $4.3B between 2021-12-31 and 2022-03-31 and that they had reduced their paper another 20% ($4B) since that March 31 "attestation" was done. Here's their press release: tether.to/en/assurance-o…
@ZekeFaux did some (maybe pulitzer-worthy) reporting for Bloomberg in Oct '21 where he reported he could not find anyone at a major bank who had sold tether any paper, and further that he had seen documents stating that at least some % of tether's paper was from Chinese companies