Share this page!

Mario Nawfal Profile picture
Twitter logo
Nov 20 • 10 tweets • 4 min read
🚨Just woke up to the FTX hacker dumping ETH

But didn't Reuters report that the 'hack' was actually the Bahamas SEC?

Are the Bahamian regulators dumping the ETH or is there confusion on who the hell the hacker is?
The Securities Commission of The Bahamas said it had seized digital assets of FTX's Bahamas unit, an action that the collapsed crypto exchange's U.S.-based leadership initially believed to be a "hack." - Reuters on Nov 18
Dumping transactions:

"25,000 #ETH (30,170,267 USD) transferred from FTX Hack to unknown wallet" - whale-alert.io/transaction/et…

" 1,753 #BTC (28,922,203 USD) transferred from #RenBTC to unknown wallet" - whale-alert.io/transaction/bi…
👇
"1,755 #RENBTC (29,327,945 USD) transferred from unknown wallet to unknown wallet - whale-alert.io/transaction/et…

Team is watching these developments closely. Will update as I get information...
"Hacker" has 200k ETH left in the main wallet to dump if he chooses to, about 200m of sell pressure on an illiquid Sunday afternoon.
live.blockcypher.com/btc/address/19…

This is the Ren bridge. There is not enough BTC in the bridge if the hacker had to sell all the ETH, if Ren or another third party does not fill the bridge

Credit: @umbrella_uni
txids:

A few ppl are commenting on this being a backdoor by SBF & team. While this may be true, we don't have any evidence confirming this, only claims by verified insiders

We're still trying to connect all the dots through verifiable evidence...


Great detailed breakdown by @zachxbt
🚨 FTX Official has also confirmed the unauthorized transfers to exchanges, and sent this warning:

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Mario Nawfal

Mario Nawfal Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @MarioNawfal

Mario Nawfal Profile picture
Nov 21
🚨Early FTX whistleblowers on stage talking about how they rang the alarm about FTX & Alameda early on.

Also exposing unethical behavior by SBF in relation to Celsius!

Typing summary live👇
- Prior to Celsius freezing, I saw coordinated attacks on Celsius and started digging
- Ppl I never knew were suddenly badmouthing Celcius. Something was off
- Also big influencers I knew well were suddenly sponsored by FTX & badmouthing Celsius. It was getting on a bigger scale
- Within 48 hrs from the Celsius freeze, I texted ppl telling them FTX and Alameda were involved
- Celsius CEO (@AlexMashinsky4 ) never had a good relationship with SBF
- SBF seemed like a shy nice guy, but behind the scenes I think he was the complete opposite
Read 4 tweets
Mario Nawfal Profile picture
Nov 21
🚨 FTX fallout creates exodus of Wall Street quant funds from crypto - Bloomberg
Fasanara Digital, which runs about $100 million, has dialed down its risk exposure to nearly zero, says partner Nikita Fadeev.
Traders now have to decide whether to write off their exposure to FTX or create a so-called side-pocket that separates those assets from the main fund, says Barnali Biswal, CIO at Atitlan Asset Management, which runs a fund that allocates to different quant managers.
Read 4 tweets
Mario Nawfal Profile picture
Nov 20
Breaking down the scammer funds transfer. Some things sound fishy. Typing live during the show 👇

-Scammer is wrapping their ETH to RenBTC
-Reason: Getting their ETH to a BTC blockchain
Why?
- BTC is more decentralized & less likely to get frozen + potentially easier to launder twitter.com/i/web/status/1…
- Bitgo was another option for the scammer instead of Ren, however as Bitgo is centralized, that wasn't an option
- "Ren has the ability to freeze the funds" - @umbrella_uni . Why isn't that happening?
- Remember, Ren was acquired by Alameda in 2020!
- "It is possible that Ren didn't have time to freeze those assets before they were moved to BTC"- @MadSciCrypto
- Why didn't Ren blacklist the wallets? Either this is a mistake or it was intentional. Panelists are debating this point
Read 8 tweets
Mario Nawfal Profile picture
Nov 19
🚨If Genesis falls, this could be bigger than FTX. Let’s breakdown the numbers…
DCG is the most significant company in crypto.

DCG’s subsidiary Genesis lent a lot of money to 3AC

DCG bailed out Genesis (about $1.4bn)

In Q4 2021, Genesis had $50bn of loans. Question is, who from these borrowers have FTX exposure?
Both Genesis & DCG are currently raising capital.

DCG bought a lot of GBTC shares they could liquidate

@BarrySilbert could write the cheque. Does he have the liquidity?
Read 11 tweets
Mario Nawfal Profile picture
Nov 19
SBF's lawyer just dropped him as a client 😂😂

And the fun begins...
Source: @WatcherGuru

Probably because of this reuters.com/technology/ftx…
Ironically this happened hours after theranos' founder Elizabeth Homes got sentenced to jail

A good warning sign to all scammers
Read 4 tweets
Mario Nawfal Profile picture
Nov 17
🚨Live transcription of discussion with OKX, more revelations on SBF and FTX, and insight into other exchanges:
- FTX and Alameda is a very unique situation compared to other exchanges in crypto
- I was one of the first ppl that SBF contacted before contacting Binance
- We had a few hours to make a decision re a $7bn hole, so we asked him to speak to CZ to stabilize the FTT value first 👇
- My understanding is that other major exchanges have a very solid treasury and accounting process so I do not have concerns
- Even if we see some smaller players commingling client funds, they can never hit the same level of damage as FTX 👇
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Send Email!

:(