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The Chainsaw Profile picture
The Chainsaw
@chainsawdotcom
Your local neighbourhood newspaper on things Web3 and future tech.
Dec 13, 2022 • 4 tweets • 3 min read
SBF is currently held in Fox Hill Prison, the only jail facility in The Bahamas.

It’s horrid – here’s more about it. 🧵 1. According to The Wall Street Journal (@WSJ), Fox Hill Prison is known for its unsanitary conditions.

A 2021 human rights report described it as “harsh” due to “overcrowding, poor nutrition, inadequate sanitation, and inadequate medical care”.

#SBF_FTX
Dec 13, 2022 • 5 tweets • 4 min read
OpenSea continues to invite debate over royalties – we asked #NFT community figures what they think of the ongoing saga. 👇

thechainsaw.com/nft/nft-art/op… 1. @NFTFestAus’s @GregOakford says it’s becoming a “short term political battle.” 👇

#NFTs
Dec 13, 2022 • 5 tweets • 2 min read
How did we get here? 🧵

👉 Nov 2: CoinDesk publishes article on FTX and Alameda's ties
👉 Nov 4: Dirty Bubble Media (@MikeBurgersburg) publishes damning "Is Alameda Research Insolvent?" piece
👉 Nov 7: CZ announces decision to sell remaining FTT tokens
👉 Nov 8: FTT drops 80% 👉 Nov 9: Binance agrees to acquire FTX
👉 Nov 9: Binance backs out of offer to buy FTX, hours after its announcement. FTX continues to crash
👉 Nov 10: SBF apologises, saying he “f**ked up”
👉 Nov 11: FTX files for Chapter 11 bankruptcy, SBF resigns as CEO
Dec 12, 2022 • 4 tweets • 2 min read
🚨🚨 BREAKING: SBF has been arrested by the Bahamian authorities.

#FTX 🚨 MORE: The US government has filed an extradition request for SBF.

Prosecutors have to clear a few more steps before SBF is extradited to the US.

This will involve bringing forth charges, and reviewing whether or not they meet the standard of "probable cause".
Dec 12, 2022 • 7 tweets • 5 min read
@cryptoquant_com's findings on some crypto exchanges' Proof-of-Reserves (PoR).

If you're keen to dig into PoR, @Dale21M did a deep dive explaining some of its limitations: thechainsaw.com/business/indus…

Anyway, this is what CryptoQuant found (1/6) 🧵: 1. Binance (@binance)

• $BUSD: 33.78%
• $USDT (@Tether_to): 23.75%
• $BNB: 11.41
Dec 8, 2022 • 5 tweets • 3 min read
Look how they massacred my boy.

It’s the fourth death in the #crypto scene this year. WTH happened to Spain’s millionaire crypto scammer Javier Biosca who jumped off a balcony? 😨

thechainsaw.com/defi/crypto/sp… 1. Let’s dial it back a little.

Javier Biosca is one of the most well-known scammers in the crypto world. It all began in 2019, when he set up a #crypto investment firm, Algorithms Group. 🪙
Dec 7, 2022 • 4 tweets • 3 min read
Alameda Research invested hefty sums in these three content publishers. 👇

Source: @FT 1. ODaily News (@OdailyChina)

• Chinese-language #Web3 news site
• $20 million from Alameda
Dec 7, 2022 • 7 tweets • 5 min read
We took a peek into Chinese interwebs today: looks like crypto trading firm Amber Group (@ambergroup_io) is in scalding hot water in China.

After the death of its founder TianTian Kullander a week ago, its top management “disappeared”. (1/5) 🧵 Image 1. December 5: Citing insider sources, Chinese-language #Web3 media TechFlow reported that Amber Group’s office in mainland China was mysteriously emptied.

Dec 4, 2022 • 7 tweets • 4 min read
BREAKING: #FTX may have used synthetic stocks to manipulate the price of AMC shares.

How (1/6)? 🧵 thechainsaw.com/defi/ftx-amc-s…

$AMC 1. #FTX claimed that all of its tokenised stocks are backed 1:1 according to its official Terms of Service (TOS) document.

$AMC Image
Nov 28, 2022 • 5 tweets • 4 min read
🚨 The Bahamas’ Attorney General, Ryan Pinder, who gave fresh a statement on its ongoing #FTX investigation, used to hold roles at Deltec Bank.

Deltec Bank the main bank of Tether (@Tether_to) and Alameda Research. 🚨 Deltec Bank recently came under scrutiny for facilitating #FTX’s investment in a rural Washington bank that has three employees in March 2022.

thechainsaw.com/defi/crypto/wh…
Nov 28, 2022 • 8 tweets • 4 min read
China’s people are chanting “give me freedom or give me death” – what does that mean for the regime’s latest CBDC rollout?

We can't foresee, but here's thread of China’s past moves in the #crypto space (1/6) 🧵: 1. In 2019, China kicked off its CBDC (“e-CNY”) pilot. 23 cities participated in the pilot, covering nearly one-fifth of the country’s population. 🇨🇳
Nov 27, 2022 • 12 tweets • 3 min read
Feeling down about the bear? Sick of friends throwing shade and not getting it? Here's Alex Onufriychuck of @Coritecom's tips on the difference between the bear of 2018 versus 2022. Chin up, read on. How to be strategic and progress in the bear market. 🧵 ... First, it is useful to compare the current bearish cycle to the last one, which occurred back in 2018. The ICO craze led to a large number of poorly planned (and sometimes outright fraudulent) projects, raising millions of dollars with little more than a whitepaper and a roadmap.
Nov 26, 2022 • 9 tweets • 8 min read
For those who missed — why did #FTX have a $11,500,000 million stake in a bank in rural Washington?

It's the perfect weekend mystery read. 🧵 Image 1. Farmington State Bank was founded in 1929 in Farmington, a rural agriculture town in Washington.

In 2021, Farmington had a population of 133. According to @Protos, the town “doesn’t even appear to have an ATM.”

#FTX Image
Nov 16, 2022 • 7 tweets • 5 min read
BREAKING: Analysts say #FTX may have used synthetic stocks to short GameStop.

How (1/6)? 🧵 thechainsaw.com/defi/ftx-backd…

$GME 1. #FTX says its tokenised stocks are backed 1:1, according to its official Terms of Service (TOS) document.

$GME
$TSLA
@GameStop
Nov 15, 2022 • 4 tweets • 3 min read
Who’s getting fu**ed over the most so far thanks to #FTX?

We found out. 1. They are …

—@Galois_Capital, $100 million
—@paradigm, $278 million
—@sequoia, $213 million
—Genesis, $175 million
—Galaxy Digital, $77 million
Nov 15, 2022 • 4 tweets • 3 min read
BREAKING: More than 9000 people have signed a petition from @CryptoLawUS demanding an investigation into @GaryGensler for handing @SBF_FTX a “regulatory free pass” while FTX committed fraud.
#SBF_FTX #FTX The petition is being spearheaded by lawyer @JohnEDeaton1 who represents @Ripple in their ongoing lawsuit against the SEC.
Nov 15, 2022 • 5 tweets • 3 min read
You asked, we dug. We rated the crypto exchanges that seem kinda suss right now. #nfa thechainsaw.com/defi/crypto/th… 1. Crypto.com

—“Accidental” $400,000,000 worth in ETH transactions to Gate.io
—Mass withdrawals yesterday

Dumpster fire rating: 🔥🔥🔥🔥🔥

#CryptoCom
Nov 14, 2022 • 6 tweets • 4 min read
Crypto Twitter has been assembling potential candidates for the cast of Hollywood’s next hit film about FTX. 🧵 Image 1. Sam Bankman-Fried: Jonah Hill.

Barely a debate – we hope Jonah Hill’s agent is pitching to Hollywood producers rn. ImageImage
Nov 14, 2022 • 5 tweets • 3 min read
BREAKING: A potential bank run on Crypto.com may be in progress.

Nearly 90,000 unique transactions have been processed in the last few hours, suggesting that users are scrambling to get their funds off the exchange 👇

#CryptoCom Image More info here:
thechainsaw.com/defi/crypto/ma…
Nov 14, 2022 • 6 tweets • 4 min read
This sh*t is ongoing, so it’s not too late for a ‘WTF happened last weekend’ thread (1/4) 🧵: thechainsaw.com/defi/crypto/ho… 1. Amid FTX’s implosion, FTX and FTX.US were reportedly ‘hacked’ on late Friday night.

Millions of dollars began vanishing from users’ accounts.
Nov 13, 2022 • 7 tweets • 5 min read
A dollop of drama for your Monday morning as the alleged drug-fuelled sex cult story unravels 👀💣

#FTX 1. FTX’s higher-ups reportedly encouraged new employees to try amphetamine and other stimulants.

@FTX_Official
@carolinecapital Image