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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
Nov 2, 2023 • 42 tweets • 12 min read
🧵1/Ω
It’s that time again. Gather round, children, for a thread about the closing arguments in the trial of Sam Bankman-Fried. #FTXTrial #FTXScam

Ω👇Ω Image 🧵2/Ω
The govt’s case revolves around a few things but fundamentally it’s about risks that were not disclosed to customers/investors.

According to the govt not only were these risks not disclosed SBF took steps to conceal them. Which is, you know, a crime

Text from my 📌 twt 👇 Image
Oct 30, 2023 • 48 tweets • 10 min read
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Thoughts from SBF’s 2nd day of cross examination:

Today went very, very badly for Mr. Bankman-Fried but it was still kind of a shame the jury didn’t get to witness the absolute train wreck of his first attempt especially this part: 🧵2/Ω
Things got off to a rough start when SBF tried to say that the million and one times he claimed that Alameda was just like any other FTX customer in every way he secretly was communicating that “every way” meant “one way”: Alameda didn’t front run FTX's customers.
Oct 26, 2023 • 29 tweets • 6 min read
🧵1/Ω
Thoughts about SBF’s testimony today:

1. I never imagined it would be so grimly satisfying to watch a man hang himself before my eyes. The only disappointing part was that today wasn’t in front of the jury. 🧵2/Ω
SBF’s “my view from the perspective of the data I had available to me at the time” and “I’ll try to answer the question I think yr asking”¹ schtick did not play well with the judge.

¹ he actually said this, after which the prosecutor said “you didn’t answer my question".
Oct 11, 2023 • 28 tweets • 5 min read
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Things I Learned From Caroline Ellison's Testimony That CoinDesk Has Declined to Mention, a Thread:

1. The billion dollars that SBF had to bribe Chinese officials to give back was held on Huobi and OKX. 🧵2/Ω
That bribe was for $150 million.
Sep 19, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 13 tweets • 6 min read
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#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, 2023 • 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, 2023 • 21 tweets • 13 min read
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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, 2023 • 13 tweets • 12 min read
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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, 2023 • 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, 2023 • 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, 2023 • 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, 2023 • 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