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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
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Mar 11 • 5 tweets • 5 min read
🚨Ω🚨
Fascinating press release from @circle revealing where they keep $USDC cash.

➤ $9.7bn cash
➤ $5.4bn at BNY
➤ $3.3bn at $SIVB (💥)
➤ $1bn at $CUBI (wannabe $SI bank)

Leaves ~$0 at $SBNY. Weird huh? @beefwellingtoni @NotChaseColeman @StockJabber
circle.com/blog/an-update… Image
@circle @beefwellingtoni @NotChaseColeman @StockJabber LOL @jerallaire made a thread about this and all the most upvoted replies are just outright scam bots trying to rip off panicked $USDC holders. #botsarefixed - thanks Elmo!

@circle cares so much about their customers obvs. #FutureOfFinance!
ImageImage
Seems also worth putting this here. Wonder if $SIVB or $SBNY have any loan exposure to $USDC...
𝘨𝘦𝘯𝘥𝘢𝘯𝘬𝘦𝘯𝘦𝘹𝘱𝘦𝘳𝘪𝘮𝘦𝘯𝘵 from @barsoapguy - maybe that $5.4bn was pulled from $SIVB and moved to BNY, thus hastening the collapse of SVB? Or maybe just ~$2.4bn if they sold off $3bn worth of treasuries?

I could see it... @DMusanni
Here's another thought - $SBNY on the earnings call stated they wanted to get their deposits in line such that no individual depositor had more than 2% of the total deposits.

That's $1.8bn they should be allowing @circle to deposit, but apparently it's not actually there.

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More from @Cryptadamist

⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 13
folks who still believe the noise about $SIVB just being duration mismatch: have you considered this?

get depositor money →
lend VC cash →
VC funds co. →
VC requires co. keep deposits at $SIVB →
voila! yr loan is now a deposit in yr bank

...which you can lend out again
look at the $SIVB balance sheet anon. here I'll make it easy for you: Image
🧵 When $60 billion in Ponzi scheme loans to tech bros & crypto crooks go bad (and we'll know how bad once the auction prices come out) who foots the bill anon?

Every American with a bank account will. Maybe not in taxes, but in bank charges. #VentureSocialism
Read 6 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 12
🥇🥈🥉
Re: $SBNY / #SignatureBank: Published this back in early December, which I believe was the first "FUD" about $SBNY...

and now I will take a victory lap. Image
Others important FUD on $SBNY is here (ctrl-F "Binancians" to find)

➤ @DataFinnovation (technically first though he was nicer)
➤ @MikeBurgersburg (killin' it)
➤ @ExkrementKoin (brought receipts)

Note not a single "mainstream" publication/analyst
cryptadamus.substack.com/p/are-cryptoco…
And big ups to @crypto1nfern0 who helped me gather all the information for the original FUD piece in December and much FUD since then. Couldn't have done it w/out you.
Read 10 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 11
🚨Ω🚨
$USDC trading between $0.88 and $0.95 on exchanges like #Kraken, #ByBit, #Gemini, et al. (it doesn't trade on #Coinbase who have merged USD and USDC)

USDC redemptions closed til Monday.

Yr money is trapped in a burning building anon.

To the rekt & those about to rek: 🫡
sound: ON 👆
Read 4 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 10
🧵 If anyone is looking for alpha on $MCB read this and remember $MCB is #CryptoCom's partner bank for $USD. @eliant_capital @concodanomics

Ω👇Ω
🧵 Then read this: $MCB
🧵 Then go look at the 10-K filings for $MCB.
sec.gov/ix?doc=/Archiv…
Read 5 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 4
🧵1/Ω
ELI5: Why did #SilvergateBank / $SI just implode?

I realize some people may be wondering WTF just happened so here's the unannotated short version...

The story begins when $SI, a small regional bank, decided to go full crypto.
🧵2/Ω
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
🧵3/Ω
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
Read 30 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 3
🚨Ω🚨
The joke called $RIOT Blockchain is out here triumphantly announcing an amazing year despite the fact that:

1. they also filed a notice w/SEC that these numbers are wrong and they're refiling back to 2020.

2. they net LOST $509 million on $259mm revenue 🤦‍♀️

#whatajoke
You can find this document along with other made up numbers $RIOT filed with the #SEC here 👇
riotplatforms.com/investors/sec-…
The joke is even more of a $RIOT when you realize that #RiotBlockchain **already** had to amend their 2021 numbers with the SEC because they "forgot" about all the money they spent acquiring a couple of 9 figure businesses. see where it says "amendment" on SEC page:

Ω👇Ω
Read 4 tweets

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