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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
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Jan 14 • 4 tweets • 4 min read
News today about $SI mentioned layoff of Chief Credit Officer but didn't mention that position was for many years filled by the co-founder of the bank. #DerekEisele also seems to have wiped his social media

cc @AureliusValue @AlderLaneEggs though the shadows may not let you see. ImageImageImage
Founders do not get pushed out lightly, so if the San Diego Tribune is right this is a big deal. #DerekEisele still appears on the $SI website as the Chief Credit Officer.
silvergate.com/about/leadersh… Image
p.s. #DerekEisele is also on the board of @uofsandiego business school, @usd_business...
sandiego.edu/business/cente… Image
just to close out the 🧵, @AureliusValue has confirmed that Derek Eisele no longer works at #silvergatebank / $SI.

I wonder why?

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More from @Cryptadamist

⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 16
🚨🧵1/Ω
does anyone find it kind of... 𝒆𝒆𝒓𝒊𝒆... that at any point in time there was more or less the exact same amount of #Tether on #Ethereum as on #JustinSun's #TRON?

it's almost as if #Tether was minting 2 $USDT for each $1 in #USD backing, one on each chain...

Ω👇Ω Image
🚨🧵2/Ω
I mean I guess we shouldn't really worry about it given that almost 100% of the $USDT on the #Tron blockchain was created for use by #SBF on his exchange #FTX. The #FTXScam is basically an honest exchange run by honest folks, right? #FTXScam
(h/t @DataFinnovation)

Ω👇Ω Image
🚨🧵3/Ω
Internet sleuths have been able to locate roughly half of the cash that backs $USDT. Surely any day now someone will stumble on all those tens of billions of dollars worth of "treasuries" that were formerly called "commercial paper"... (h/trick @DataFinnovation)

Ω👇Ω Image
Read 20 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 15
🧵1/Ω
#Tether unblacklisted two wallet addresses on the ethereum chain yesterday:

※:etherscan.io/address/0x9f1c…
※:etherscan.io/address/0xdec1… Image
🧵2/Ω 0x9f1c87c3224dca911f6412fba5865c30647bddb1 proceeded to move only a small amount of $USDT...

but also made invalid calls to the $USDT contract... ImageImage
🧵3/Ω
#0xdec1bcaa046feb7343cb7292bb1193fa2d4fd68e doesn't seem to have done much of anything.

WTF is going on? Image
Read 9 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 14
🧵1/Ω
It should surprise no one that @Bullish, an offshore exchange backed by the #EOS scammers at Block.One, uses $SI for banking. Image
🧵2/Ω
Nor would it surprise anyone to know that as of Nov. 24th a little over 1/6th of $SI (16.73%) was owned by #B1 CEO #BrendanBlumer and @B1 itself.
b1.com/press/b1-acqui… Image
🧵3/Ω
The #EOS situation is complicated but suffice it to say it is dodgy even by crypto standards. Bros cashed out $4bn selling a coin to retail in an ICO and then never delivered the product. Got fined only ~$24mm by #SEC... good take, right?

@eos even admits it's a failure. Image
Read 15 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 14
This account existed less than 60 seconds ago... Image
possibly brigaded by the armies of His Excellency for blowing the whistle... Image
I was literally in the middle of reading their 🧵 when the account just went 💨. Here's video of the replies:
Read 6 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 5
#Huobi seems to be melting down in real time, possibly along with His Excellency #JustinSun's fortune...

Shut down all intra-employee IMs etc, maybe fired a bunch of people. Employees now angry (or Sun is ruggin') @HuobiGlobal @justinsuntron
@HuobiGlobal @justinsuntron Apparently #JustinSun tried to dissolve the company (which would presumably leave all the employees unemployed).

Remember just yesterday it was reported that #JustinSun had tried to pay #Huobi employees in $USDT and/or $USDC... #Tether (h/t @crasl7 for non machine translation)
Random Twitter user sharing rumors that there are concerns this will spread to #TRON and its companies from Pulse (which @crasl7 looked into and called "Chinese language LinkedIn")
Read 35 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 5
🚨 in layman's terms:

when a fund like #A16Z says it "raised" $5bn what's happened is a bunch of liquidity partners ("LPs") have promised to send cash as A16Z finds places to invest it (when A16Z "calls"). Penalties for not meeting calls are *harsh*. -30%+ or more

this is bad.
what's really bad here isn't that some LPs are going to lose 30-50% of their committed capital (which is so far a v. small % of $5bn).

what's bad: LPs don't mind losing 30-50%

what's worse: LPs are using insider trading allegations as leverage to escape their contracts
and what's worst of all: VC funds at this point are the last large pools of capital left that could bail out the cryptocurrency economy. they seem to be evaporating, as I predicted would happen (for exactly this reason, and exactly this way) back in June/July.
Read 6 tweets

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