FatMan from the Terra Research Forum
Cryptocurrency & finance researcher
I provide updates on the Terra situation as it unfolds.
Tweets are my own opinions.
Mar 28 • 10 tweets • 3 min read
🧵 On-chain data reveals the covert operations of a Binance listings insider. Over the course of several months, this anonymous individual front-ran the infamous Binance listing pumps of multiple altcoins, booking a 7-figure profit. And he left a trail for us to follow... (1/9)
Our story begins with the 0xd23 wallet - an address that is freshly funded with $53,000, and immediately starts buying FXS on Uniswap. The transactions are spaced out in smaller batches to avoid slippage and detection. The small buys continue for 6 days. (2/9)
Dec 6, 2022 • 18 tweets • 5 min read
🧵 New blockchain data reveals the root cause of the May UST depeg. In the 3 weeks leading up to the depeg, one entity dumped over $450m of UST on the open market. 4 days after their last sale, UST started collapsing.
That entity? None other than Terraform Labs. Details inside.
This bombshell data, collated by the anonymous researcher @Cycle_22 (who discovered the Hodlnaut insolvency), reveals that TFL suddenly began furiously dumping hundreds of millions of UST only days before the depeg.
Nov 30, 2022 • 5 tweets • 1 min read
🧵 For ideological reasons, I would recommend staying away from KuCoin.
Recently, KuCoin has unilaterally frozen client funds at the request of TFL. The accounts these funds were in did not belong to TFL.
This sort of behaviour is simply not okay and deserves reprimand.
I have no information about KuCoin's solvency, and the issue I've described above affects a tiny minority of customers. Regardless, I am ideologically opposed to exchanges being accessories to extortion from private parties, especially malicious actors like Do Kwon.
Nov 25, 2022 • 6 tweets • 2 min read
🧵 A verified insider has confirmed that FTX manipulated the Voyager assets auction in order to secure the winning bid. This was done to delay the recall of Voyager's loans to FTX & Alameda, which would have exposed SBF's fraudulent practices much earlier. More details below.
In September, articles citing unnamed sources were released describing CFIUS concerns with Binance's Voyager bid. Information has been shared with me indicating that these concerns were baseless, proliferated by M Group Communications, which was FTX's PR firm at the time.
Nov 23, 2022 • 19 tweets • 4 min read
🧵 Today, I'm sharing my long-standing theory behind a US government covert operation designed to partially crack Bitcoin privacy and deanonymize transactions. I believe that popular Bitcoin mixer ChipMixer is actually a United States government honeypot. Here's why.
I saw this tweet the other day, and a few projects that I've been observing came to mind. But ChipMixer is one I'm absolutely sure about, as it was created when the government was newer to crypto, so they didn't obfuscate the telltale signs of a honeypot very well...
Oct 22, 2022 • 4 tweets • 2 min read
If anyone has funds in crypto yield platform Freeway, I would suggest withdrawing right away. I believe they are operating a Ponzi scheme. In my opinion, it's likely that Freeway will collapse within the next few months and that all depositors will lose everything.
I've been working on a longer thread but this short post will have to do for now. Reason being, I saw a few large withdrawals were being "delayed". Small withdrawals are still going through. I'll make a longer post later if necessary as there's a lot to dig into.
Sep 28, 2022 • 19 tweets • 5 min read
🧵 We all know that the collapse of Do Kwon's fraudulent stablecoin, UST, left a wake of destruction & suffering. But what - precisely - happened? Here are some of the victims' stories. There are no accompanying words necessary from my end. Welcome to Do Kwon's legacy.
Sep 24, 2022 • 4 tweets • 2 min read
The LUNC shills in some of my replies have gotten out of hand. Promising insane returns while downplaying the very real risks poses a serious danger to retail investors. Going private for a day to remove accounts that follow big LUNC pages from my follower list.
Deleted 5K suspected LUNC shill followers and my Twitter experience has already improved considerably. If the issue persists, I will repeat the exercise with widened parameters. Back to public now, sorry for the inconvenience. Let's keep this a spam-free zone 🤝
Sep 16, 2022 • 8 tweets • 3 min read
LUNC has voted in the suicidal on-chain burn tax, which is their prerogative. But they're now running around demanding that exchanges forcibly steal a cut out of traders' transactions and throw it into the burn wallet to pump their token price. Selfish, silly and anti-blockchain.
🧵 I've been using this account to document the Terra fraud, but there's a lot of info and it can be hard to parse. Here's a simple summary thread (linking to past tweets) outlining the key milestones in Do Kwon's destructive path of fraud - proving malice, greed, and crime.
Even though around 95% of you are rational, reasonable people, there's a minority who are still bound by Stockholm syndrome (or desperation to lure in new victims), so I thought it wise to lay the key points out in a more compact manner. I hope this thread is useful!
Sep 5, 2022 • 8 tweets • 2 min read
Inspired by Lady of Crypto, a while ago I pitched my own investment scheme to Twitter...
In two hours, I received over one hundred DMs. I raised 3.45 BTC from Twitter and 2 BTC from Discord - over $100k, with more requests flooding in by the minute.
But there's a little twist.
While I used plenty of buzzwords and put on a very convincing act on all platforms, I made sure to keep the investment details intentionally obscure - I didn't name the fund & I didn't describe the trade - no one knew where the yield was coming from. But people still invested.
Jul 25, 2022 • 20 tweets • 5 min read
🧵 The "DeFi insurance" subindustry is fundamentally broken. It is rife with manipulation, conflicts of interest, and outright scamming. Let's look at how these issues plague services like InsurAce and Kleros, who unfairly misappropriate funds from rightful claimants. (1/20)
1. Key decision-making points are often centralized despite "DAO"
Taking the example of InsurAce, a "decentralized insurance protocol," we can see that mixing in a "DAO" and "voting tokens" does not necessarily make a system as decentralized as it appears to be. (2/20)
Jul 12, 2022 • 9 tweets • 4 min read
Thought it would be fun to share a story from last year where I watched a friend of mine pump a sh*tcoin on Binance by buying billboards and a BitBoy Crypto video. Nothing we don't already know, but I found it fascinating to watch in real time. (1/9)
In our group chat in 2021, my whale friend told us to buy DOCK. He's a fairly small-time whale (I think he only had a few hundred coins at the time), so his coin of choice was a lower volume Binance coin (easier to pump & doesn't need to accommodate crazy sell volume). (2/9)
Jun 26, 2022 • 26 tweets • 8 min read
🧵 CeFi degeneracy knows no bounds. Here's a case study into Hodlnaut - a centralized yield platform - and why I believe they have both lied to & misrepresented stablecoin staking risks to customers. These websites are not as trustworthy as you may think. (1/25)
Hodlnaut is a relatively small CeFi service akin to Celsius - it currently has $350m AUM and operates in Singapore, sporting the elusive in-principle approval from the Monetary Authority of Singapore. To be fair, there is a lot that makes Hodlnaut appear trustworthy. (2/25)
Jun 22, 2022 • 15 tweets • 4 min read
🧵👇 Many have likened SBF's recent crypto bailouts to JP Morgan's bank bailouts in 1907. I thought it would be interesting to walk through history's rhymes, perhaps to divine FTX's reasoning behind the move and what might come next for the crypto space.
In 1907, Otto Heinz made a rather degenerate play. He decided to short squeeze his family's company's stock hoping to drive up the price. He misread the market - shorters had enough firepower, and the share price came crashing down until United Copper Company was bankrupt. (1/14)