#Crypto.com? How to fake your Proof of Reserves Season 1.

(1) Let’s dive in:

#Crypto.com's cold wallet – $600М in #SHIB, some #tether, the rest is shit. Shit noone’s ever heard of. That tells us close to nothing.

portfolio.nansen.ai/dashboard/cryp…
(2) “So in a few weeks you think you will have 1:1 reserve to liabilities!” This means you cannot confirm it now, which is generally your job. Not confirming that you have more assets than liabilities makes me consider that you just don’t!

(3) Crypto Dot Kaboom, you call that Proof of Reserves? But hey, they say they will be fine. 😎

Proof of Reserves means you show both sides of the book: assets + liabilities. You showed us all only your assets, and they are not a pretty picture for a stadium-owning company.
(5) Are the $1B in fancy marketing financed with SHIB? Do you pay your movie stars in SHIB? :) Might be, but regardless of the currency, it is your money, that's for sure.

@SouthPark even made fun of you

forbes.com/sites/danidipl…
(6) Onto your balance sheet: It seems very VERY small or I am just greedy?

Image

If they really, REALLY, have 70M active users, then on average each user has $42 on their platform. #SHIB is 20% of their holdings. WOW.
(7) How much can #Crypto.com buy back with clients' SHIB? And where the hell are the liabilities?



Onto their own baby, $CRO and the bloodbath we are in. 6% APR on $CRO? Seriously?
(8) And now liquidations will be cascading I am also curious about the extent to which they have borrowed against CRO.

A wise guy once said.. Never use a token you created as collateral.

(9) So, what can go wrong: First comes the Purge –Crypto.com already fired 25% of your staff. And they even lied about it at first. Who else was firing – #BlockFi.

Healthy companies don’t do that… as we all see now

blockworks.co/news/blockchai… businessinsider.com/cryptocom-layo…
(10) But the purge is not over as I hear you are cutting even more jobs. Who is gonna support those 70M users, or you just don’t plan to anymore

(11) Wait till that shit they have piled up in their wallets starts to dip. Then they will have 70M bag holders, and they will dump at some point. We’ve seen this story before, haven’t we?
(12) What else can go wrong? I bet Crypto dot kaboom has done the FTX shitshow, and borrowed $$$$ against those shitcoins plus their own which is liquid as fuck. Nah, they say they will be fine. 😎
(13) Fortune Favors the Brave not the greedy. This hellfire will purge all of you greedy bad actors. Shut the door. Get some popcorn.

#CDC

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More from @_wondertasty_

Nov 11
Back again with another thread, on #CDC this time!

Crypto.com's cold wallet - $230m in literal #SHITCOINS #SHIB, $70m in #DOGE, some tether, the rest is also shit I've mostly never heard of. But hey, they will be fine.

etherscan.io/tokenholdings?…
I bet they have done the FTX, borrowed $$$$ against those shitcoins. And now liquidations will be cascading.

I am also curious the extend to which they have borrowed agains CRO. Wait till that starts to dip.
They got 70 mln bag holders and they will dump at some point. How much can they buy back with clients' #SHIB. 😀
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