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investigative due diligence
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Oct 10 7 tweets 3 min read
@Bitfinexed the #ifinex 'Fiat integration revolver' would have allowed #Alameda to perpetually receive newly minted #tether as long as they continued to sell #tether into the market within the headroom provided under the revolver. Image @Bitfinexed #trabucco posts about $USDT and #alameda being a "sophisticated firm" with a "great setup" appears that he might actually be as profoundly stupid as he appears.
At the time I ridiculed him as only an idiot think arb a fraction of a % was sophisticated. Image
Sep 20 19 tweets 6 min read
Welcome to the daily #ceffu.
I'll only be posting a few snippets today (only due to time...there's still a lot of #ceffu onion left to peel).

So yesterday I noticed mention in the #binance response to #sec of a predecessor (development) to #ceffu named #blocktechnologies Image First thing I noticed when I found the website was the two domains the site - and the email -
Typically this could mean 2 companies...blocktechnologies.io
Sep 17 12 tweets 5 min read
Starting a clean and hopefully shorter thread to show how these entities all fit together;
#binance #CEFFU, #bifinity #tornadosingapore 1. Tornado Singapore Technologies Pte Ltd (Singapore)
- originally incorporated as Swift Singapore Technologies Pte Ltd.
- Shareholder - Binance (Services) Holdings Limited (100%)
- Directors - Loh Tek and Michelle Tan (current), CZ (former) Image
Sep 16 13 tweets 4 min read
In case peeps haven't made the connection yet....#ceffu where #Binance has stashed BAM's customer assets is NOT a profit juggernaut its a loss making dumpster.
That has a class action lawsuit against it.
I have to partially retract the above statement.... #CEFFU (15 Sep) announced that the US is an excluded jurisdiction, so they couldn't/don't/won't service BAM. Image
Sep 16 23 tweets 7 min read
Here's a little rant about #duediligence something #crypto doesn't do very much of.
Over the last couple of days, I've gone back and revisited some of my older #binance related posts - particularly #bifinity.
and have been haphazardly belting out a few posts. One of the replies was from @cryptadamus who referenced #bifinity's status as one of #lithuania's top corporate tax contributors....something that's been smashed around #cryptotwitter no end. Image
Sep 16 6 tweets 2 min read
Anyone heard of Tornado Singapore Technologies Pte Ltd it's a #binance subsidiary in #singapore.
It was previously called Swift Singapore Technologies.
It has an abandoned website swiftsgtech.com
Image There is no visible/public connnection to Binance but I can confirm that #tornadosingapore is a Binance subsidiary.
Tornado was previously known as Swift Singapore Technologies. #CZ was a director then (not now).
I'm curious to know what its function is and why its unbranded? Image
Sep 7 17 tweets 4 min read
A short story on how to spin up a fake crypto asset management company with $1B under management and a fake $300m investment into an arms length investment company.
So yeah just the typical day at the office in #crypto #lala land. Yesterday I spent an hour or so digging into the globe trotting #bitforex #cryptodumpster and within a couple of clicks of the mouse I'm slap bang in the middle of #seychelles #unicorns @huobi and @kucoin (#bitforex claims to have a presence in #seychelles at one or more times)
Sep 6 5 tweets 1 min read
@Bitfinexed Remember how #ifinex managed to pay back all that money to #tether by Jan 2021.
This is how they did it. Ifinex provided a fiat facility (on paper) and acculumated real fiat from #FTX when they turned over the #tether. @Bitfinexed Even the name of the agreement sounds like typical #danfriedberg word salad....Did Friedberg ever work with someone from #tether? oh yeah that's right he did
Sep 6 10 tweets 3 min read
@ParrotCapital @Annihil4tionGod @Cryptadamist @DesoGames @FuryReset85138 @Bitfinexed @ThegreatLambiny Chinese address is building 2 (building 3 is shown) Image @ParrotCapital @Annihil4tionGod @Cryptadamist @DesoGames @FuryReset85138 @Bitfinexed @ThegreatLambiny caveat: I have had limited time to look at #bitforex and the following should be considered directional and of curious interest possible worth a follow up.
Sep 5 19 tweets 5 min read
@7plus @Channel7
I just watched your news bite on the couple in Melbourne that allegedly lost $96k from their @commbank account and has now been referred to @asicmedia
7news.com.au/news/vic/young… I noticed a couple of curious anomalies/flags. What are the chances that this couple have TWO bank accounts with EXACTLY 75cents during the disputed period. ?
Jun 28 12 tweets 4 min read
200+ days ago I stumbled across #danfriedberg affidavit part of #FTXUS #duediligence for the #miamiheat stadium rights. Since then; SBF charged with bribing Chinese officials Friedberg turns rat on SBF Today #FTX sued Friedberg #godmode #fail
(posting again as thread failed) Interestingly the filing made note that #danfriedberg was to be awarded 8% equity in #FTXUS it reads as though he was awarded from the getgo. I'm certain that he was not issued 8% as part of his signing and he held much less than that at bankruptcy.
Jun 28 10 tweets 3 min read
As the carnage of the #FTX dumpster accelerates....its worth taking pause to look at the supporting acts along the way.
Its all congratulations on the way in and crickets on the way out.

#miamidade @NBA @MiamiHEAT nba.com/heat/news/heat…
Jun 24 15 tweets 4 min read
So finally got a chance to read a couple of the latest #FTX bankruptcy filings. Anyone that's read my threads would know I've mainly focused on #FTXUS and more specifically the 20% interest in FTXUS that was directly issued to @czbinanc and his dodgy #binance lieutenants. I find it pretty annoying that while MSM have published articles about how #Binance held a 20% equity stake in FTX, the failed bromance and that CZ exited with what is believed to be c.$2.3B. The equity investment/divestment actually only relates to the 20% held in FTX.
Jun 14 13 tweets 18 min read
@ParrotCapital @Cryptadamist @Annihil4tionGod @ThegreatLambiny @ImDrinknWyn Only just skimmed through the petition filing. What a dumpster.
Next to no info on N9 advisors. So likely a Delaware SPV setup solely for the purpose of facilitating the convertible note. Creditor list confirms Delaware entity @ParrotCapital @Cryptadamist @Annihil4tionGod @ThegreatLambiny @ImDrinknWyn caveat: this is a skim thru illustrated with coupled together screenshots. when i have a chance I'll convert their financials into google sheets.
May 3 10 tweets 5 min read
#FTXUS Analysis - Thread 3
Following on from yesterday. Todays thread will focus on payments to #insiders made in the last 12 months prior to bankruptcy. Every time I look through the docs...I'm just amazed how spellbindly outrageous this whole shit show is. In 12 months just over $25m was paid to insiders. I've summarised by quarter. 48% of payments went to undisclosed parties but since they are insiders and SBF only clipped a lazy $500k in his name...lets assume its him. Image
May 2 11 tweets 5 min read
#FTXUS shareholder analysis thread part 2
Yesterday I punched out a bunch of tweets re: the ownership of FTXUS aka #wrssilo I'm still working through the filings. I'm just going to post as and when I've got time....its going to be untidy but you know ...thats the I roll. One thing I've scratched my head about is how did the FTX muppets end up with the shares in WRS directly in their name....since its the US operations of #FTX?
I haven't worked out why but I think I've worked out how.
May 1 10 tweets 8 min read
@Annihil4tionGod it is. appears Series A Prefs subscribers also received Class A common when you sort the holdings you can see that the ratio c. 11:1 (common : Prefs). not all the names align as it appears that some subscribers nominated different entities...plus there's a tonne redacted Image @Annihil4tionGod Taking a step back. So the capitalisation of FTSUS at liquidation was;
We know there was $400m raised this indicatively ties in with the 1.6B Class A common why the ratio to the Series A pref is 11:1 I have no idea. Image
Apr 21 6 tweets 5 min read
An #incompentence #MasterClass
by #bitfinex own statement it was working with #cryptocapital from 2014.

#bitfinex was also working with #coinapult we know this as they are referenced in the incident report when #coinapult was hacked in 2015. Image So what happened with #coinapult. That's a great question...I'm glad you asked. In May 2015 (a couple months after the hack) they announced they were being 'integrated' into #cryptocapital and would no long be undertaking #kyc as they had a tip top fully regulated partner, Image
Apr 19 9 tweets 4 min read
On 12 April. I asked a pretty basic question 9over and over and over)...where did #elsalvador get the $800m to make the bond repayment in January....nothing but crickets (as always) Image So I thought I'd go and have a look at El Salvador's finances....I'm working through the IMF's 2021 article IV consultation report Image