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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
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Mar 26 • 7 tweets • 5 min read
🚨Ω🚨
Couple weeks ago #Binance stopped letting anyone post to r/binance on @Reddit and said they would limit comments to the "Daily Discussion" threads. (Conveniently that meant no one can see what mods deleted on #reveddit.)

But now they stopped making daily discussion 🧵s
@Reddit 🧵 Also because #Binance's fans on Reddit are so numerous and lucky there have always mysteriously been exactly 888k #Binancians subscribed to r/Binance on Reddit.

Now for some reason there are 889k...
🧵3/Ω
I made a thread last month about the kind of threads the mods of r/Binance were deleting.

This is the kind of information the switch to "Daily Discussion" threads gets rid of.
🧵4/Ω
One has to at least wonder if the owners of @Reddit got a phone call asking them to revoke the u/Binance account on Reddit because it hasn't posted anything in exactly 72 hours now...
🧵5/Ω
I say that because the creation of the Daily Discussion threads was obviously automated. Many subreddits do this.

So if the automation stopped, that presumably means the #Binance user on Reddit is no longer able to post.
🧵6/Ω
Maybe worth mentioning that $USDC withdrawals on #Binance have been "partially suspended since Friday, right around when r/Binance seems to have screeched to a halt...

Perhaps #Binance would just prefer no one to post on reddit about their crypto withdrawal woes?
🧵7/Ω
Back when r/Binance first curtailed users' ability to make threads the comments section wasn't all roses... In fact users were pointing out that #Binance deleted the $USDC / $BUSD trading pair.

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More from @Cryptadamist

⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 27
🚨Ω🚨
It's interesting to look at what #CFTC is asking the court for in the #Binance complaint:

1. Stop all trading immediately
2. Give us all the money
3. Actually give us more than all the money
4. Including salaries of all executives (lol @prhillman)
5. Jury trial ImageImageImageImage
@prhillman 6. No one associated with #Binance in any form should ever be allowed to trade commodities, futures, or other derivatives in the American market ever again ("permanent injunction")
* small correction: @PRHillmann is Binance US's CSO not CEO
Read 4 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 27
🧐 @FDICgov's press release makes it sound like First Citizens Bank took all the loans that #SiliconValleyBank had on its books.

But... it did not.

$90 billion in toxic loans were left behind.
Cost to taxpayers currently estimated at $20bn but it will rise. ImageImage
@FDICgov 🧵 Much of what is being written about #SVB is just as wrong as what's being printed right now about Citizens Bank "buying Silicon Valley Bank".

To be clear: $SIVB had $90 billion in loans so toxic no one would buy them.

#fundbanking / #venturedebt
cryptadamus.substack.com/p/how-everyone…
🧵 Oops I meant to highlight this in my first tweet. #SVB $SIVB #SiliconValleyBank Image
Read 6 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 21
🧵 Quick thread going through $COIN's ludicrous "legal arguments" about why a product called #CoinbaseEarn:

1. is not an investment
2. has no expectation of profit
3. is not a communal activity
4. does not depend on the actions of @coinbase
1. "not an investment"

According to Coinbase there is no way for users to lose their ethereum even if

1. @coinbase gets hacked (user keys gets compromised, etc)
2. there's a bug in the ethereum source code (are lawyers even allowed to comment on this?) Image
2. "not a common enterprise"

Here #Coinbase admits that there is a gathering together of assets, then makes up some nonsense about how bc you can sell them it doesn't count (nvm that the same is true for stocks), then pretends users won't lose if Coinbase makes a mistake (lies). Image
Read 7 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 20
🚨Ω🚨
@Coinbase's bank is being sued for predatory lending in a large class action lawsuit filed ~8 weeks ago.

It gets worse though... Because @CrossRiverBank is also starting to have to sue people for loans that are going bad. Financials only allow 1.6% loss. $COIN

ruh roh
@coinbase @crossriverbank 🧵2/Ω Kinda f'ed up other thread so I'm gonna copy these over here. tl;dr #seemsbad for @CrossRiverBank and $COIN.
Specific allegations about how @CrossRiverBank (@Coinbase's bank! $COIN) broke the law and allegedly defrauded a bunch of people w/predatory "debt relief" lending along with #NewCreditAmerica
Read 19 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 20
👀 lol #ScottShay (AKA #SignatureBank's theologian in residence, also known for his Gordon Gekko routine) got absolutely rekt on the final day of $SBNY trading. which I guess explains that weird bounce from $70 to $100 in the morning

at least a $3 million loss. @NotChaseColeman
@NotChaseColeman oh Scott, your 500,000 shares of $SBNY were an equity allocation of infinite jest.

➤ worth over $150 million at all time high...
➤ $77 million on February 1st...
➤ $50 million on March 9th...

...and now it's a $0.
@NotChaseColeman whoops I read that wrong, I guess the noted theologian only lost $414,000 on the final morning.

gg scott!
Read 4 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Mar 18
Here's @CrossRiverBank's details over at #FDIC. Various addresses, FDIC ID numbers, charter info, etc. in case anyone's looking to dig around.

Note that for their first 5 years they were rated "Needs to improve" as a bank.

#lolbank
banks.data.fdic.gov/bankfind-suite…
@crossriverbank 🧵 Who else didn't know that @CrossRiverBank changed its name from #FirstFinancialBank in 2008?
state.nj.us/dobi/bnk_depos…
🧵 @CrossRiverBank is technically owned by #CRBGroup (seems like it's not the same as @CRBgrp?), a holding company in Fort Lee, NJ. Apparently #JoannaAlbertine is the CFO.

Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
Read 22 tweets

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