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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
@Cryptadamist
May 18 • 4 tweets • 3 min read Twitter logo Read on Twitter
🚨❓🚨
Can someone please tell me why #Tether is "doubling down its focus on limiting its reliance on pure bank deposits as a source of liquidity"?

Because that sounds like a thing you do when you're having banking issues...
coinmarketcap.com/community/arti… Image
🧵 Given that it has long been rumored that Tether is somehow managing to count Circle's USDC reserves as its own reserves by some kind of transitive property I found it very striking that Tether's announcement came right after Circle's & w/same language.
coindesk.com/business/2023/…
🧵 Something else I just noticed about #Tether's numbers... (h/t @sasadjak72):
Image
🧵 If you assume that crypto companies withdrew funds from $SBNY at the same rate as the other customers (which, according to NYDFS, they did) then +20% to $4 billion lands you on $4.8 billion on the nose.

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More from @Cryptadamist

⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
May 19
🧵1/Ω
#Tether's claims of $1.5 bn profit in 2023-Q1 means they must be investment geniuses.

Assume that every asset category is as they claim it was on 2023-03-31: $68.8 bn investments, $480 mm cash). If the cash equivs are 100% short dated t-bils their income would be $1.15 bn Image
🧵2/Ω
This is even if you assume they rushed out and bought $14 bn worth of treasuries on the first day of the quarter to get them from $39bn to $53bn, which they didn't. They didn't even have $68bn TOTAL at the start of the quarter. Image
🧵3/Ω
In fact at the start of the quarter (and for much of the rest of it) they had closer to $50bn in interest earning securities.

Meaning in the real world, they should have earned around $1 billion. Image
Read 13 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
May 17
🧵1/Ω
What #Tether Has Said Lately vs. Arithmetic: The Thread

let's start with the fact that #Tether announced a $1.48 billion "profit" a few days ago.
decrypt.co/139604/tether-…
🧵2/Ω
Let's just conveniently ignore the fact that the auditor who provides #Tether's "attestations" that are in no way anything like an audit has never mentioned "profits".

(Also read the rest of @intel_jakal's 🧵 as they have the numbers.)
🧵3/Ω
Isn't it odd that somehow $1.5bn worth of bitcoin just appeared as the backing for #Tether few days ago?

➤ $1.50bn in bitcoin on March 31st
➤ $1.48bn in "profits" as of May 11th

Those numbers are ~1% different.
Are you seeing a pattern here?
Read 21 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
May 16
🧵1/Ω
In #MilesGuo's superseding indictment there is a list of bank accounts that were seized.

➤ $303mm from $SI (Silvergate)
➤ $4.6mm from #FVBank
➤ $299mm from #MercantileBankInternational
➤ $9.9mm from #USBank

#HamiltonOpportunityFund, #GETTR, and #Himalaya related names ImageImageImageImage
🧵2/Ω
Here's the particulars and here's a link to the indictment. documentcloud.org/documents/2331… Image
🧵3/Ω
I hadn't heard of #MercantileBank. It's a "US bank with global access" located on crypto bro's second favorite island: Puerto Rico.

It caters to startups, specifically those in digital assets and other shady things like energy transition and "creative entrepeneurship". 🤔 ImageImageImage
Read 13 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
May 16
🚩 One of Santos's biggest donors was Dan Friedberg, the (deeply corrupt) lawyer for UltimateBet, Tether, and FTX's "Chief Compliance Officer" (be scared of those quotes).

He also took a ton of money from others FTXers.
FTX banked at Silvergate / $SI...
and so did Miles Guo🤔
I've made a few threads on the international man of mystery known as Miles Guo. Some highlights:

➤ chinese robber baron
➤ crypto rap career
➤ steve bannon arrested on his boat
➤ deep ties to PRC faction
➤ possibly a fake dissident
🧵 ...
Read 5 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
May 15
running a search for [@]Blockchain AKA "Blockchain.com" AKA "one of the oldest and theoretically more reputable companies in the European blockchain space" right now and reading the recent tweets is a bit of a heartbreaking exercise... ImageImageImageImage
(h/t to @prosperdave whose tweet hinted at @blockchain's slow motion disaster in the making)
🤔🧐 re: @blockchain / Blockchain.com reddit.com/r/Bitcoin/comm…
Read 5 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
May 5
❓ I'm just going to throw out there that I find the fact that $COIN somehow registered *exactly* the same overall trading volume for 2022-Q4 and 2023-Q1 is kind of... unsettling. almost as if someone planned it that way. or washed it that way, as the case may be... Image
i mean coincidences like this definitely do happen, so this isn't necessarily an accusation... but seriously these were two extremely different quarters with a LOT going on (FTX, USDC de-peg, Binance kicked off the dollar system, etc.) And there's no movement?
I decided to test this theory by looking at the quarterly on chain activity for the big tokens on the ethereum chain to see if they also stayed flat as a kind of imperfect proxy. they stayed more flat than i would have guessed but still... have a look. $COIN
Ω👇Ω ImageImageImage
Read 4 tweets

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