πŸ₯‡πŸ₯ˆπŸ₯‰
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)

➀ @DataFinnovation (technically first though he was nicer)
➀ @MikeBurgersburg (killin' it)
➀ @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.
Big ups to @vidar_research who I forgot in the excitement. Vidar brought some good old fashioned balance sheet analysis to bear on the $SBNY scam. Incredible work that was immensely helpful bc it was from a different angle.
vidarresearch.substack.com/p/sbny-q422-re…
Hugs for those who may not have written a formal article but were instrumental in slaying the dread beast $SBNY. Follow πŸ‘‡

@Patrick_TanKT @Bitfinexed @AureliusValue @AlderLaneEggs @DesoGames @Annihil4tionGod @ThegreatLambiny @thebankerislaw @RasooliSheida @fistofkhonshu69
More awesomes to follow:
@intel_jakal (OSINT sensei), @BitRunX (culture bridge), @BennettTomlin (the master), @cryptohippo65 (so proud of this one), @CasPiancey (vibes), @molly0xFFF (one and only), @otteroooo (πŸ¦¦πŸ§™πŸ½β€β™€οΈ), @imugolfen (chain), @poppyalexander (law), @Lioness_Stories
@intel_jakal @BitRunX @BennettTomlin @cryptohippo65 @CasPiancey @molly0xFFF @otteroooo @imugolfen @poppyalexander @Lioness_Stories @Frances_Coppola and @schwab_clarence (patiently explains to those of benighted by ignorance of the banking system), @mikulaja (fintech angle), @davidgerard and @ahcastor (OGs who encouraged us young'uns), Celsius Bassbin Crew, @nwdbbnr (receipts), @FatManTerra (wisdom)
...and of course @ParrotCapital who gets his own tweet hug.
@edzitron (A+ tone when saying "I fucking hate all of these fucking people"), @concodanomics (the macroOooo), @coloradotravis & @hendry_hugh (for the poetry), @Nostre_damus (my namesake), @ben_mckenzie / @SilvermanJacob / @bigblackjacobin (being right)

they all know what's up
Many names are used for the loosely affiliated group of like minded anti-scammers listed above recruited from both sides of #TheCoinerianJihad but my preferred anglicization is #Alladafuddah.

β€’ β€’ β€’

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More from @Cryptadamist

Mar 13
folks who still believe the noise about $SIVB just being duration mismatch: have you considered this?

get depositor money β†’
lend VC cash β†’
VC funds co. β†’
VC requires co. keep deposits at $SIVB β†’
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
Mar 11
🚨Ω🚨
Fascinating press release from @circle revealing where they keep $USDC cash.

➀ $9.7bn cash
➀ $5.4bn at BNY
➀ $3.3bn at $SIVB (πŸ’₯)
➀ $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...
Read 5 tweets
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 πŸ‘†
Read 4 tweets
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

Ξ©πŸ‘‡Ξ©
🧡 Then go look at the 10-K filings for $MCB.
sec.gov/ix?doc=/Archiv…
Read 5 tweets
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
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 πŸ€¦β€β™€οΈ

#whatajoke
You can find this document along with other made up numbers $RIOT filed with the #SEC here πŸ‘‡
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:

Ξ©πŸ‘‡Ξ©
Read 4 tweets

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