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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
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Jan 15 • 9 tweets • 7 min read
🧵1/Ω
#Tether unblacklisted two wallet addresses on the ethereum chain yesterday:

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

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

WTF is going on?
🧵4/Ω
Separately $700mm moved from wallet tagged "#Binance: BTC Proof Of Reserves".
etherscan.io/tx/0xa0ed5235d…

If those tags are correct¹ that begs a few questions:

a) Why are there BTC chain reserves on the eth chain?
b) Whose BTC is backed by $USDT

¹ (def not a given)
🧵5/Ω
His Excellency's supposed "chain swap" of $400mm eth backed $USDT to Tron because ??? shows up in the data as a $400mm increase in the size of Tether's treasury wallet.
🧵6/Ω
Also note that the "Binance: BTC Proof of Assets" wallet shows an earlier transaction of $$609mm being sent to one of #Binance's user wallets.
🧵7/Ω
Volume of tethers moved per day on-chain is a good historical indicator of big events like #FTXplosion or the #Terraclysm.

Not spiking right now but... it is *consistently* high in way we have not seen before.
🧵8/Ω
Data came from checking in on my @DuneAnalytics dashboard for $USDT on the eth chain. Feel free to take a look and thanks to Dune for making this incredible tool free. cc @DesoGames @DylanLeClair_ @ramahluwalia @BennettTomlin @CasPiancey
dune.com/crypto_oracle/…
🧵9/Ω
PSA: this account is often exiled to The Shadows of Bǟn and thus tweets will not be allowed to have organic growth so RT if you think your followers might want to see

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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 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.
🧵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…
🧵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.
Read 15 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jan 14
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
Read 4 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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