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⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com
@Cryptadamist
"in the land of the coins the man who makes it to dubai is king" (often held in The Shadows of Bǟǟn by The Brothren, you may not see me tweet unless you 🔔)
David Profile picture 1 subscribed
Sep 19 • 8 tweets • 3 min read
🚨Ω🚨
Pumping my bags: another issue of #TheCryptocalypseChronicles is out on The Blogging Site That Shall Not Be Named concerning the actions of one #AxosFinancial AKA "#Binance's new US bank".

Link in bio because Elmo is pathetic and demonetizes links to That Other Site. $AX Image 🧵2/Ω
Perhaps unsurprisingly Axos Financial / $AX appears in the list of #FTX creditors. Image
Sep 6 • 11 tweets • 5 min read
🧐 Just stumbled on this "FIAT INTEGRATION AND REVOLVING LOAN AGREEMENT DATED 10/16/2020" from #iFinex in the list of #FTX's assets from a few days ago.

"What's iFinex?" you may ask?

It's Tether.

Image 🧵2/Ω
If you think through what that means... given that it appears in the FTX list of assets it appears that Tether had an open line of credit where they could borrow money from FTX?

1. What assets were they borrowing?
2. Why does a stablecoin issuer need to borrow anything?
Jul 13 • 7 tweets • 3 min read
🧵1/Ω. Some exegesis of the (extremely weird and confusing for everyone on both sides) $XRP / #Ripple ruling:
storage.courtlistener.com/recap/gov.usco… 🧵2/Ω. Ripple tried to say there should be an "essential ingredients" test instead of or in addition to the Howey test and the court said "gtfo".

Jul 10 • 6 tweets • 2 min read
🚨 how do you have a "temporary shortage" of your users' assets if you were just holding them for custody?

answer: you don't.

so #BinanceUS must have been playing games with its customers' crypto. aside from the fact that it makes absolutely no sense i also can't really believe that a native english speaker would write this sentence:

"There's been a temporary shortage in the concentration of BCH on the BCH network."
Jun 10 • 4 tweets • 2 min read
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"
Jun 9 • 5 tweets • 4 min read
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
Jun 8 • 7 tweets • 3 min read
#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
Jun 3 • 4 tweets • 2 min read
"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
Jun 2 • 4 tweets • 3 min read
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…
May 19 • 13 tweets • 6 min read
🧵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
May 18 • 4 tweets • 3 min read
🚨❓🚨
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/…
May 17 • 21 tweets • 13 min read
🧵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.)
May 16 • 13 tweets • 12 min read
🧵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
May 16 • 5 tweets • 2 min read
🚩 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
May 15 • 5 tweets • 4 min read
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)
May 5 • 4 tweets • 3 min read
❓ 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?
May 4 • 9 tweets • 4 min read
🧵1/Ω
$COIN Q1 unaudited earnings takeaways:

➤ thank god for jerome powell
➤ retail customers getting fleeced
➤ shitcoins are king Image 🧵2/Ω
I'll say it again: shitcoins are king. Image
May 4 • 10 tweets • 5 min read
🚨Ω🚨
$CUBI is now one of the most exposed banks, if not the single most crypto exposed bank, in the United States. They're also relying on brokered deposits to stay solvent, meaning they have to pay the highest interest rate of any bank or risk losing their deposits.

ngmi 🧵2/Ω
$CUBI is running the same game as $SBNY. Not even just the same game - they're literally running the same software. #TassatPay is just rebranded #SigNET. It's the kind of platform money launderers have wet dreams about.
May 4 • 4 tweets • 2 min read
❓ @Teutoburg1 just highlighted some of Circle's SPAC filing about "Circle Yield" & I have some questions:

1. Who is the "investment partner" into which "Circle Bermuda" invests the borrowed USDC?
2. Why Bermuda?
3. How big are the loans? Image 🧵 /2
I'm just going to highlight a few things:

1. Tether's banks and FTX are/were both in Bermuda.

2. There are rumors that Tether is somehow using USDC as backing for USDT, which would explain the fact that somehow USDT & USDC treasuries match.
May 3 • 5 tweets • 3 min read
🚨 I went digging in $COIN's annual report for info on this now discontinued "Coinbase Borrow" program. I learned:

1. Coinbase is loaning out money it borrowed from [???]

2. These loans are prolly not actually legally secured at all, even by crypto. Wow. @LossiaMichael

Ω👇Ω Image @LossiaMichael consider the ramifications of what this really means... bc i think it means that $COIN's customers are actually what's backstopping these loans.
May 3 • 4 tweets • 3 min read
Wacky Cathie doing basically singlehandedly keeping the price of $COIN propped up at $50. Seems like she's doing her best to emulate her mentor, Bill Hwang the market manipulating felon.

Or maybe Jesus told her to do it.
$ARKK $ARKF $ARKQ $PRNT ImageImageImage Wacky Cathie bought 150,000 shares of $COIN yesterday, 147,000 today. Roughly $7.5mm. That's 1.25% and 0.9% of the entire market volume for each day, respectively.

Take out the algos and the market makers and she really is the force keeping the price up.