STRATEGY’S $689M PROBLEM

@saylor’s promise to never sell $BTC comes with a price tag: $689 million in annual costs - and rising.

This servicing cost is increasing as Strategy’s leverage grows, creating a high-stakes gamble that relies on endless investor optimism & dilution 🧵 This massive annual expense covers debt interest & preferred share dividends.

With the company’s legacy software business generating less than $355M in revenue over the past 3Qs, there’s a huge gap.

How is it filled? By selling - diluting - more $MSTR and preferred shares

⏱️ BAD TIMING

Users are seeing $0 balances in Binance Wallet after a catastrophic weekend that wiped $400B from the crypto market.

The exchange insists it's just a "display glitch" from network congestion, but the timing couldn't be worse for user confidence… 🧵 The wallet malfunction comes after Binance was overwhelmed by a "substantial influx of users" during the market crash.

While the exchange claims no actual funds are affected and engineers are working on fixes, users can't see their balances or account information.

Bloomberg revealed that Justin Sun controls approximately 63% of all $TRX tokens - more than everyone else combined.

Sun shared his crypto wallet addresses with @Bloomberg to be included on their Billionaires Index, allegedly exposing his control of 60 billion TRX tokens... 🧵 Sun filed a lawsuit against Bloomberg to stop the report, alleging they intended to disclose “his highly confidential, sensitive, private, and proprietary financial information.”

The same profile also revealed that Sun had purchased @HTX_Global exchange in 2022.

🇵🇸 GAZA RESIDENTS CRYPTO OFFER?

Postwar plans being drawn up by Trump's administration will reportedly see the US offer Palestinians digital tokens in exchange for "voluntarily" leaving their land in Gaza.

The so-called "GREAT Trust Proposal" would see land redeveloped... 🧵 Redevelopment plans include 6 to 8 "AI-powered, smart cities," an "Elon Musk Smart Manufacturing Zone," and "Trump Riviera."

Those who agree to trade their land for tokens will be allowed to return to Gaza 10 years later, once redevelopment is done.

Some of @Strategy's top supporters are turning on Michael Saylor.

@JoshMandell6, bitcoin bull-turned-influencer sold his $MSTR and called @saylor a "liar" after he abandoned his dilution promise.

The revolt is spreading across social media with thousands of angry posts... 🧵 Mandell gained fame by correctly predicting $BTC would hit $84,000 on March 14, 2025, then became a vocal $MSTR supporter.

Now he's done: "I am announcing that I will not speak in support of anything that man does again. He said they wouldn't... and then he did."

The crypto treasury bubble has burst, and now analysts are digging through SEC filings to find eye-popping fees that investors ignored when bidding stocks up to 23x mNAV.

These companies will be quietly paying advisors and asset managers lavish packages for up to 20 years… 🧵 The largest Solana treasury company, Upexi, owes a 1.75% annual fee on its holdings for 20 years.

It traded at 10.4x mNAV in April but has collapsed to less than 1x its $381 million $SOL holdings.

Annual fees of up to 2% plus equity compensation can exceed 5% of the company.

✅ TRUST NOTHING, VERIFY EVERYTHING

AI is weaponizing crypto scams. From deepfake calls to AI-generated wallet drainers downloaded 1,500+ times, scammers are using the same tools we celebrate to rob us blind.

This is getting scary... 🧵 Real case: DeFi dev's friend lost $2M to a deepfake audio call impersonating a blockchain founder.

The fake "Paul Faecks" pitched an advisor role, then got the victim to open a file that stole passwords and private keys.

Trust nobody.

A Bank of International Settlements study warns that a bank run on a major stablecoin issuer could cause "potential fire sales" in short-dated US Treasuries.

Stablecoin issuers' pricing impact on the world's largest bond market is "already measurable" and growing... 🧵 The $268 billion stablecoin market is tiny compared to $29 trillion in outstanding US Treasuries, but researchers found asymmetric effects: outflows from stablecoins raise three-month Treasury yields "two to three times as much as inflows lower them."

🤨 DID SOMEONE CASH OUT STOLEN BTC?

The largest bitcoin sale in history happened when 80,000 $BTC (~$9B) was sold OTC through @galaxyhq.

CryptoQuant CEO @ki_young_ju now suggests the coins might have originated from the 2011 MyBitcoin exchange hack, dormant for 14 years... 🧵 The timing adds up: @arkham confirmed the coins originated in April-May 2011 and had only transferred into eight new wallets as of early July 2025.

The 80,000 $BTC amount roughly matches what MyBitcoin executive Tom Williams admitted to losing in 2011.

🧐 XRP’S MISSING HISTORY

Ripple launched the $XRP Ledger in June 2012 and lost all data by New Year's Eve due to a bug that caused ledger headers not to be saved.

All servers running at the time had the same bug, according to founder @JoelKatz.

Here's what happened... 🧵 The first verifiable ledger is 32,570 on January 1, 2013, which founders relabeled as the "Genesis ledger."

Without the missing headers, the public cannot reconstruct 534 transactions from those early ledgers, including the most important ones in XRP's history.

🚨 MICROSTRATEGY DIRECTOR DUMPS ENTIRE STAKE

Carl Rickertsen just cashed out ALL his $MSTR shares for $10M+ while the company keeps buying $BTC.

When directors quietly exit, investors should pay attention.

What does he know that Saylor fans don’t? 🧵 💸 The pattern is telling:

Rickertsen bought $700K of MSTR in 2022, sold half in 2023, and now dumped everything.

He’s even exercising stock options and selling shares on the SAME DAY - not exactly a vote of confidence from someone with insider knowledge.

🔴 We’re live tweeting today’s US House joint committee hearing.

Starting in ~15 mins.

🔔 Turn on notifications and stay tuned Today's hearing is entitled: "The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets" and more details can be found here: financialservices.house.gov/calendar/event…

1/ Silvergate’s liquidation has contributed to a drop in crypto and US bank stock prices.

Short sellers have made $780M on Silvergate, down 98% from a November ‘21 peak.

How did the crypto-friendly bank get here? 2/ In ‘20, Silvergate launched a controversial system to move funds between its accounts 24/7, called Silvergate Exchange Network.

SEN gave access to US dollar loans with bitcoin as collateral.

By the fall of ‘20, SEN completed $100B worth of transfer volumes.

♥️ 🌹

ICYMI, the top crypto news stories from Friday:

- Hard-partying crypto player Moshe Hogeg arrested for fraud, sex offenses
- This artist "right-clicked" a billion dollars worth of NFTs so you don't have to
- Why Satoshi Nakamoto's gigantic Bitcoin stash is probably lost forever Read Friday's news here:

1/ - Hard-partying crypto player Moshe Hogeg arrested for fraud, sex offenses
protos.com/hard-partying-…

1/ The Tether Papers word count is 4,465. The TL;DR: 2/ We revealed who acquired every single USDT ever sent to and from Tether -- from 2014 to end of last month. Tether:
- distributed $108.5B in USDT,
- received $32.7B in USDT,
- sent a staggering majority directly to market makers and liquidity providers. public.flourish.studio/visualisation/…