Thread by @stefancoh

1/ Centralized finance offers the illusion of trust—i.e., JPMC’s balance sheet—but your money isn’t really yours. The bank decides when, where, and if you can send it.
Another story of financial censorship this time @JPMorgan: 🧵

2/ An LP in our fund, a @jpmorgan customer, tried wiring money for a capital call—blocked for ‘fraud concerns,’ forced to call in, escalated twice, waited a week, argued with a manager—only to be denied again with no path forward.

3/ The bank never checked the recipient. They simply flagged “Crypto” in the name and shut it down. The fraud committee deemed investing in crypto “unsafe” and refused to process the wire. A manager told him: "We are unwilling to send a wire to that institution, even if it is your money."

4/ That institution? Bain Capital. Btw, he had wired to us before—no issues.

5/ The next day, he went into the wire system, changed the name to Bain Capital Private Equity—same destination account, same routing number. It went through instantly.

6/ This is centralized finance in action: arbitrary control, hidden biases, and zero transparency. Permissionless systems aren’t just an option—they’re a necessity.

7/ This story is really messed up on many dimensions... 1) obviously people should be able to use/invest their money however they like as long as it is legal, and our fund is legal. 2) its comical because we are a huge customer of JPMC and it shocks me that no one on this fraud committee thought "oh Bain Capital, we work with them"