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Data Finnovation Profile picture
Data Finnovation
@DataFinnovation
Traditional & Crypto Data CEO @chainargos TradFi and Crypto on one account w/ work done to same standards
Feb 14, 2023 • 6 tweets • 2 min read
I mostly agree with paxos. In large part because explaining why native busd is a security but a bunch of currently exempt things are not is mind-bendingly difficult.

Some (informed) speculation... The sec's disclosure and surveillance scheme for securities is pretty good. This doesn't mean all frauds get caught or blocked of course.

But at least frauds which lie to the sec and blow up are pretty easy to prosecute.

Thats a low bar but a) I'm an adult and b) it's something
Feb 14, 2023 • 10 tweets • 5 min read
would be interesting to hear quite what they complained about. cause there is a lot of oddness in stablecoin issuers' treatment of 3rd party bridges

a survey of coins, where tether, relatively, is the best behaved start with tether. they list all the chains they are issued on and call out one bridge that is outside their control.
Feb 13, 2023 • 4 tweets • 1 min read
it would appear this was a problem to me the statement clarifies that the pegged busd was at least part of the issue.

id be surprised if paxos-busd was a security (as lots of funding mkt instruments are exempt). but wrapped-by-a-random-company-busd, yeah, i can believe that is a security

dfs.ny.gov/consumers/aler…
Feb 13, 2023 • 14 tweets • 5 min read
usdc's massive mint-burn cycles: what we can learn about usdc vs other stables

the huge flows last week give us a chance to study usdc more carefully. 'cause its reasonable to assume a single party was behind the action

summary thread, blog more detail
datafinnovation.medium.com/lessons-from-u… here is the net position and volume through the usdc treasury wallet for 13 action-packed hours:
Feb 12, 2023 • 10 tweets • 4 min read
i can explain this bnb beacon chain oddness now. it is all ok*

*aside from being needlessly complicated and poorly- (or un-) documented.

a thread that should really be on the true faq (you're welcome) first: binance has fixed the tusd-on-bnb-geth backing.

reminder: tusd on bnb-geth are backed by a manual binance process on ethereum mainne. tusd on bnb-cosmos are natively issued by the true folks. why? who knows.
Feb 6, 2023 • 6 tweets • 2 min read
why is anyone surprised uniswap's choice of bridge is political?

as ideal trustless bridges are impossible compromise is required. collectively making those sorts of decisions is the definition of politics!

ppl seem blindsided because they believed in perpetual motion machines. we've known since 2019 that the ideal form of trustless bridge is impossible.

this means compromise is required. a wide range of compromises have been proposed.

all the proposed bridges have flaws. all possible proposals have flaws. thats life (math).

eprint.iacr.org/2019/1128.pdf
Feb 5, 2023 • 7 tweets • 3 min read
this narrative is pretty common. the whole "rates were low" part not sure i agree with. the number of foregone $ in interest was large and depositors dont behave that way.

the bank collected a *lot* of money on this. feels, again, non-financial and suspicious.

some math... si noninterest deposit balances were flat until the end of 2022

but rates started climbing in march
Feb 4, 2023 • 9 tweets • 4 min read
I have a somewhat different take on this.

There is a mystery, but it's not in the brokered depo area.

A tour of some filings... Silvergate was funded by
1 - a lot of non-interest deposits
2 - some interest bearing deposits
3 - not much else

Easily visible on the balance sheet
Jan 2, 2023 • 10 tweets • 3 min read
BUSD on BSC was often undercollateralized/unbacked

a dig into the Binance-Peg process and some associated, um, issues

chart-filled thread the balance of binance-peg busd on bsc grew explosively in early 2021:
Dec 22, 2022 • 16 tweets • 5 min read
bnb beacon chain looks suspiciously like its not a blockchain

weird hash chain errors, suspicious repair tools, f weird forking, scary bug reports and more

wtf is going on here

datafinnovation.medium.com/3230dda7172c we've already established the bnb chains (beacon and smart, or cosmos and geth) are odd with v strange not-v-blockchain-y behaviors

Dec 18, 2022 • 21 tweets • 7 min read
as requested, a dig into the binance chains. this is a mess, and there is a lot of v hard public evidence things do not work as they should

this thread is 2/3 info and 1/3 explanations-searching-for-help

tl;dr: its not good apols its a bit technical. its not ok to say "the binance chains dont look like real blockchains and fail basic token history audits" without proper evidence

so this is v clear. ppl should feel free to correct me but be specific and clear. note i link & quote code + specific txs
Nov 22, 2022 • 12 tweets • 4 min read
moonstone bank's stablecoin: more odd banking
- tether
- us banking
- a retired hk politician's long-dead husband

warning: your head might explode

a thread exploring public documents... moonstone bank recently announced a stablecoin
Nov 21, 2022 • 5 tweets • 2 min read
silvergate bank internal transfer volumes. a story in 3 screenshots

they have about 1300 clients

about 100 are exchanges, the rest investors in calendar 2021 they did $787 billion in transfers for these clients
Nov 20, 2022 • 5 tweets • 2 min read
ftx philanthropy inc isnt even registered as a charity

forget trading skills - these philanthropists didnt register their own charity properly!

the website is v clear: the bankruptcy filings are v clear it has ~11mm in cash
Nov 17, 2022 • 8 tweets • 3 min read
now that more and more of this becoming is public - or at least people are noticing and mentioning in public - its worth mentioning a few things about banking

the first, of course, is that lying about what you use a bank account for is a, um, problem in every country second: receiving funds from random shell co is at least an admin problem for you if that shellco is later found to have done things wrong.

no allegations about this specific example, but general principle applies. if you interacted with 20, yeah, f'ed.

Nov 14, 2022 • 11 tweets • 3 min read
a theory on what happened to ftx. our previous threads hold the key.

this explanation would show everyone partially right and partially wrong.

tether, of course, is central. but not at fault. first up, tether & co collectively had the dollars, but in a weird arrangement where exchanges and trading firms held a lot of usd on tether's behalf

this is by now undisputed

Nov 12, 2022 • 8 tweets • 4 min read
Alameda Reseach was funded by an exit in the marijuana industry. The legal one.

The 2018 pitch deck says they funded by borrowing fixed

They also pledged the entire business as collateral

Starting to make sense now?

Here are early filings for the company
Aug 29, 2022 • 7 tweets • 3 min read
Further minor stablecoin coincidences. We found:
- large mint→transfer→burn cycles on-chain
- involvement of parties linked to USDT and/or TRON
- patterns that fit remarkably well
- new links among participants

Adventures in blockchain data analysis.

datafinnovation.medium.com/d911daad27c7 From on-chain data we find large mint→burn cycles for the minor stables.

These look more like strange fund transfers than “finance” or “trading.”

And many involved parties are linked to the USDT, and even USDT-on-TRON, statistical connections we found before.
Aug 19, 2022 • 19 tweets • 9 min read
USDT issuance is highly correlated with minor stablecoin burns

More fascinating “coincidences”

tl;dr This looks like a massive funnel of real USD into USDT on TRON
datafinnovation.medium.com/283224b8bc18 Previously we found a tight connection between USDT issuance and real USD at some US banks.

But nobody Tether directly received wires for 50b+ USD

Here we’ve found a plausible source for many of those dollars
Jul 23, 2022 • 13 tweets • 3 min read
Genesis, 3AC and more coincidences

This, if true, explains so much of the last 5 years! Genesis releases quarterly reports detailing their business. So I read them. Here is the loan book over time in millions of USD and in %:
Jul 22, 2022 • 26 tweets • 9 min read
Amazing similarities between 3AC sales of GBTC and DCG purchases:
- 3AC accumulated position while, simultaneously, pledging the shares to Genesis
- DCG started buying
- DCG’s buys match 3AC’s unpledged amount that somehow was sold

WTF 3AC had ~39mm GBTC as of 31Dec2020. ~24mm were pledged and now gone.

Where did the 15mm go?

Why does it seem to match DCG’s purchase program?