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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
@Cryptadamist
Jun 10 • 4 tweets • 2 min read Twitter logo Read on Twitter
just a hunch - no evidence yet - but i suspect #PrimeTrust just got seized or shut down by the FBI Image
"PT holds bank account" means "Prime Trust holds bank account"
$TUSD is also the main stablecoin for trading on #Binance these days, ever since Tether was deprecated as the "no fee" trading option... and now you can't mint it
Apparently #PrimeTrust is the only one of $TUSD's fiat custodians that is suddenly having issues with its bank accounts.... Image

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More from @Cryptadamist

⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jun 9
why is Wacky Cathie's "big ideas" presentation on bitcoin lying about #Binance & #CryptoCom's proof of reserves?

- the #CryptoCom one literally redacted all the numbers. #notajoke

- both those pieces of paper were *immediately* retracted by the auditors
ark-invest.com/big-ideas-2023… Image
🧵 this is #CryptoCom's "proof of reserves" that Wacky Cathie's ARK website claims was done in 2022 👇. it existed in public for 5 days before the auditor Mazars was like "just kidding!" and deleted that entire part of the website. $ARKK $ARKW $ARKF $ARKG
🧵 maybe @SECGov @SECEnfDirector @SEC_Enforcement @NYDFS should look at what $ARKF is doing here. this is all easily verified. $ARKK is straight up lying to investors about whether these "proof of reserves exist" a) exist or b) prove anything. Call Mazars.
Read 5 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jun 8
#StifelBank? Image
welp

"While our client cash balances declined modestly due to seasonality and cash sorting in February, over the past two weeks, we have attracted over $1.3 billion in additional bank deposits, including an increase in uninsured deposits" $SF Image
🤦‍♀️ $SF
stifel.com/docs/pdf/discl… Image
Read 7 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jun 3
"Your keys - but not your crypto!" Image
the scammers trying to scam the recently scammed move so fast these days it's only a matter of time before they get their scam in before the scam they're following up on
the fun never stops around here
Read 4 tweets
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
Jun 2
Commercial Real Estategeddon is picking up speed...
"The lender, an unnamed debt fund, originated a $700M mortgage and a $188M credit facility"

looked into who was the lending bank and turns out the loan came from an unnamed "shadow bank"...
mondayre.com/news/monday-pr…
it gets better:

➤ "this group is as sophisticated as they come"
any guesses? Blackrock? Pimco? Blackstone?

➤ "the lender likely will securitize the senior portion and retain the rest"
so this shadowy lender will take a 100% loss before the security holders take any. Image
Read 4 tweets
⚯ 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 18
🚨❓🚨
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
Read 4 tweets

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