@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.
@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.
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
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 blockcustody.com
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)
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.
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.
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
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?
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)
@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
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.
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.
#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.
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 @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.
#bitfinex was also working with #coinapult we know this as they are referenced in the incident report when #coinapult was hacked in 2015.
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,
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)
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