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Mar 5 • 18 tweets • 11 min read
#KinesisMoney audit oddities

It's just amazing what you'll find if you actually read these audits

Is 1 equal to 2.5% of 252? 🤔😕

How "random" are those samples if the same bar was chosen twice?

Pages 13 & 14

kinesis.money/resources/kine… ImageImage
More duplicate serial numbers

Pages 7 & 8

kinesis.money/resources/kine… Image
Aren't these bars supposed to be selected at random? How do you get the same three bars twice?

Is somebody just being lazy?

Page 4

kinesis.money/resources/kine… Image
Seriously?

Page 9

kinesis.money/resources/kine… Image
One of these looks like random sampling and one doesn't. Can you tell the difference? ImageImage
100-101 is a difference of 0.01 not 0.001 Image
Hol up

Is 3 2.5% of 918?

These two samples don't look random...

Pages 14 & 15

kinesis.money/resources/kine… ImageImage
Why is the "ABX Subaccount Type" a secret?

"The total aggregated quantity of ABX Gold and Silver bullions"

ABX gold and silver? Wasn't it suppose to be Kinesis gold and silver?

Pages 20 & 21

kinesis.money/resources/kine… Image
Audit: "We looked at it, it looked OK"

Kinesis website: "independent auditors perform a series of assessments to ensure the weight and fineness of the bullion is as stated, and the quality of the storage is satisfactory"

kinesis.money/audits

Page 21 kinesis.money/resources/kine… ImageImage
Again?

😲🤯

Page 23

kinesis.money/resources/kine… Image
That's not random

Page 4 & 5

kinesis.money/wp-content/upl… Image
Is 3 2.5% of 756?

Pages 7 & 9

kinesis.money/wp-content/upl… ImageImage
Where is the attached excel sheet?

Page 31

kinesis.money/wp-content/upl… Image
Does the Kinesis mint reuse the same serial numbers on gold bars of different weights?

Page 49

kinesis.money/wp-content/upl… Image
How is this inventory list supposed to be interpreted 👇

Page 33
kinesis.money/wp-content/upl… Image
👆Is all this work ISO 9001:2008 compliant @isostandards @ISOSecGen @bureauveritas

It seems kind of sloppy and inconsistent

iso.org/standard/46486… Image
There's more 👇

@isostandards @ISOSecGen @bureauveritas

Same refinery, same bar type, different serial number format?

Page 33

kinesis.money/wp-content/upl… Image

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More from @cryptoinformer0

Crypto Informer Profile picture
Mar 7
How can a "decentralized* blockchain" forget to pay out the yields?

*not really but Kinesis says so in the whitepaper (pages 3, 6, 23)

kinesis.money/resources/kine…

ImageImageImageImage
Is Kinesis the company really claiming they are not a "central authority" at the center of their "monetary system" and their "blockchain"?

🤣🤡

If they are not a "central authority" why do they have to take some action to ensure the yields are paid?

kinesis.money/resources/kine… Image
If Kinesis is not a "central authority", how can they "freeze accounts" and "freeze assets" in their "monetary system"?

Read 4 tweets
Crypto Informer Profile picture
Mar 7
What's this?

Why are Kinesis Money users complaining that they haven't received their February yields yet?

There are blockchain transactions related to Feb 2023 yields on Mar 1 2023

explorer.kinesis.money/account/GCO75U…

How can the payout lag by a week or more?

forum.kinesis.money/threads/yields… ImageImageImageImage
What happened to this?

"Through Kinesis blockchain wallet technology, our users – whether an individual or organisation – can easily send digitised physical gold or silver anywhere in the world, with settlement times of just 3 seconds, 24/7."

securities.io/thomas-coughli…
The February fees look a little thin

1448 $KAU ($85,822) + 807 $KAG ($21,257 ) = $107,079

This is down over 98% from the peak

The peak was over $6 million, reached in April 2021

Does this look like a growing "monetary system"? Image
Read 4 tweets
Crypto Informer Profile picture
Mar 7
No that would be another Kinesis promise broken

$KVT yields were to be paid by the end of 2021

They're now 16 months in default on that

And what about the $KVT buy-back program?

Any news on that?

forum.kinesis.money/threads/yields…

kinesis.money/resources/kine… ImageImageImage
5% of revenue* to date is about about $1.2 million USD. Has Kinesis spent $1.2 million USD buying back $KVT?

They're still giving $KVT away in exchange for creating artificial volume on their exchange and even selling some in a one-way market *claimed

If there was an open market for $KVT and the price dropped below 5% of "listing price" (whatever that is), Kinesis would be on the hook to spend 20% of revenue or almost $5 million USD to buy back $KVT

kinesis.money/resources/kine… Image
Read 6 tweets
Crypto Informer Profile picture
Mar 6
Look at that, the Kinesis community found still more Kinesis Money audit oddities!

forum.kinesis.money/threads/my-not…

A 100 gram bar was recorded as 10.967 ounces (341.112 grams)

Page 4 👇

kinesis.money/wp-content/upl… Image
dsr7654 didn't realize that 1,000 ounces silver bars don't weigh exactly 1,000 ounces

However, he or she points out that they did weigh 1,000 ounce bars

Page 51 & 52

kinesis.money/wp-content/upl… Image
This begs the question, why were none of the 974 1,000 ounce silver bars stored in Liechtenstein weighed?

That audit report is missing the "weighment" section entirely

That vault stores more than 1/3 of the silver

Pages 55-57
kinesis.money/wp-content/upl… ImageImage
Read 4 tweets
Crypto Informer Profile picture
Mar 6
How honestly has Kinesis represented their audits?

Not very.

$KAU $KAG $KVT
How could we forget to highlight how many vaults had no scale (or no accurate scale)?

Page 10 & 11 - "Please note the scale used for measuring weight was not calibrated and was an ordinary kitchen-scale."

kinesis.money/resources/kine… ImageImage
Read 16 tweets
Crypto Informer Profile picture
Mar 5
Kinesis is a real innovator in crypto

Don't want the price of your shitcoin to collapse? No problem, make the market buy only!

Of course this only works if your shitcoin is traded on a single exchange you control

🤡🤣

#trueinnovation

$KVT

forum.kinesis.money/threads/kvt-fo… Image
Wait a sec

"There are some community members that have been serving as market makers in the interim period (e.g.: @forsytjr) He's generous and gives out discounts and I have bought from him too. Can recommend."

🤔😕 Are "community members" licensed to sell securities? Image
It's critical for Kinesis to keep the price of $KVT propped up because if it drops below $1,000 they have to use some of their rapidly declining revenue to support the price or else renege on yet another commitment.

kinesis.money/resources/kine… Image
Read 10 tweets

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