- cypherpunks - lists.cpunks.org

Mickey Mouse
by Gunnar Larson 01 Jul '22

01 Jul '22

This is a Mickey Mouse holdup ...

1 0

Cryptocurrency: CoinFLEX Gave Unsecured Loans Thus Imploding Itself
by grarpamp 01 Jul '22

01 Jul '22

All sorts of derivatives, leverage, yields, exchanges, etc imploding during recent selloffs, locking client funds, etc, wash them all out... use only the voluntarily transparent. Major Layer1 networks now on sale... including privacy coins. @rogerkver Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. Not only do I not have a debt to this counter-party, but this counter- party owes me a substantial sum of money, and I am currently seeking the return of my funds. Jun 28, 2022 · 4:34 PM UTC The SEC denied @Grayscale’s proposal to convert GBTC to an ETF. The SEC claims to protect investors but their decision hurts everyone who already invested in $GBTC. Investors would be protected better if the SEC was replaced with private rating agencies like @ConsumerReports nitter Logo FatMan @FatManTerra FatMan from the Terra Research Forum I provide research, updates, and analysis on the Terra situation as it unfolds. Views are my own opinions. fatmanterra.eth Joined May 2022 Tweets 3,349 Following 102 Followers 90,439 Likes 2,885 275 Photos and videos Tweets Tweets & Replies Media Search FatMan retweeted Michel de Cryptadamus @Cryptadamist 21h 🧵about stuff I've learned about @CoinFLEXdotcom and @MarkDavidLamb. started looking into these characters in depth a few days before they became a hot item so this is an attempt to consolidate what i've learned. 11 37 15 100 Show this thread FatMan @FatManTerra 22h Even after getting caught with your hand in the cookie jar lying to customers about where their money is going and how their yield is being generated, there is still recourse. All you have to do is be transparent and apologize to earn back some goodwill. But they didn't. (3/21) 1 2 23 FatMan @FatManTerra 22h Instead, the Hodlnaut team refused to answer questions and began banning all reasonable critics from their Discord and Telegram chats indiscriminately. I could not understand this destructive, obviously shady behaviour, until a Hodlnaut insider messaged me with some info. (4/21) 1 2 22 FatMan @FatManTerra 22h I was shown internal messages (authenticity verified) from Juntao, the CEO, about the truth behind why they added UST in April. In this conversation, JT admits that Hodlnaut added UST in order to unload the company's UST position using retail as exit liquidity. (5/21) 2 3 1 24 FatMan @FatManTerra 22h The plan was simple. Hodlnaut had amassed a huge UST position by silently swapping customers' USDC & USDT into UST to generate yield. They were likely looking to de-risk, but their Anchor and UST 3Crv positions were behemoths. Risking a depeg would not be wise. (6/21) 1 4 24 FatMan @FatManTerra 22h As we know, an 85M sell in the Curve pool was the first domino kick-starting the depeg, and Hodlnaut had 120M in the pool alone etherscan.io/tx/0x6cb387f4a9… (not to mention hundreds of millions in Anchor itself). Instead of dumping it, they started soliciting customer funds. (7/21) Ethereum Transaction Hash (Txhash) Details | Etherscan Ethereum (ETH) detailed transaction info for txhash 0x6cb387f4a9f8701ce531f9a390745ebd97201edf49c52039d40fced8cb177fb9. The transaction status, block confirmation, gas fee, Ether (ETH), and token... etherscan.io 1 2 20 FatMan @FatManTerra 22h Now, whenever customers deposited UST, JT could square up company liabilities in the background and convert their own UST into USDC without publicly unwinding their whale positions (which large funds were closely monitoring) thus offloading the position to retail. (8/21) 1 2 21 FatMan @FatManTerra 22h The plan didn't work out - while they did allegedly get around 20M UST in client UST deposits, it wasn't enough to dump all of their exposure, and the depeg happened anyway. Hodlnaut then publicly unwound (and did the aforementioned degen trades) as Nansen picked up on. (9/21) 1 2 21 FatMan @FatManTerra 22h How did this affect retail users with UST? In a nutshell, since their deposits weren't being made immediately available (withdrawals & swaps were locked) due to all the on-chain shenanigans, users suffered losses - many were forced to hold through the bulk of the depeg. (10/21) 1 4 30 FatMan @FatManTerra 22h While customers' UST was locked through the depeg, Hodlnaut (or their "custodian") was using UST to perform degen trades like cross-margin shorting UST. They also used UST to execute the highly profitable LUNA arbitrage, which potentially netted them millions. (11/21) 2 2 26 FatMan @FatManTerra 22h There is no transparency or data from their end, so my guess is they successfully recovered the UST losses (they were selling some as low as $0.40) and luckily saved themselves from insolvency. But some of this was on the back of the retail clients who held the bag. (12/21) 1 2 20 FatMan @FatManTerra 22h Is Hodlnaut solvent? I speculate, yes. Will there be a deep bank run? I speculate, no. But the facts we have at hand indicate that they do not have integrity and can no longer be trusted. They have plainly and blatantly lied about their Anchor exposure & yield methods. (13/21) 1 3 30 FatMan @FatManTerra 22h Another question you may have - why lie so much? When caught out via blockchain evidence, why desperately cover everything up and double down? Why ban, block, and astroturf? Other than the obvious erosion of trust, leading to less investors and less bags to farm... (14/21) 2 2 27 FatMan @FatManTerra 22h Was any of this legal? (Refer to GIF.) If the MAS discovers that a Singaporean firm made a DeFi spinoff entity to surreptitiously execute extremely high-risk trades while fraudulently lying to customers about real exposure and risk... Game over. The golden goose is gone. (15/21) 1 1 24 GIF FatMan @FatManTerra 22h As far as customer risk goes, here is an analogy. Let's say you give your friend $10k as an investment in his chicken rice stall, which he claims is a profitable business, and he pays you $5 a day in share profits. Everything looks good and you are being paid out fairly. (16/21) 1 2 32 FatMan @FatManTerra 22h But one day, you catch him playing blackjack with your money at MBS Casino. He is counting cards and is still profitable, but his risk of ruin is non-negligible, and if a bad run of cards comes along, despite his profitable strategy, he will lose all of your money. (17/21) 2 2 31 FatMan @FatManTerra 22h Yes, everything is going fine for now and you are being paid out. You will probably be paid out in the future. But does this new knowledge create a fresh risk profile for your investment that you deserve to know about? I think, yes. Symmetry of information is important. (18/21) 1 2 31 FatMan @FatManTerra 22h In conclusion, while I do not think Hodlnaut customers are currently at risk of losing money or being unable to withdraw, I think there is sufficient evidence proving that they have misrepresented risks to their investors time and time again and that they lack integrity. (19/21) 1 3 34 FatMan @FatManTerra 22h Lying to investors about in-kind yield generation, lying about Anchor exposure, executing (or lending to people who execute) degen trades, tortiously blocking withdrawals, and ruthlessly banning anyone who asks important questions or seeks transparency is not a good look. (20/21) 3 6 51 FatMan @FatManTerra 22h I would not recommend having funds on *any* CeFi platform in the current environment for obvious reasons, but this especially extends to Hodlnaut as they have no qualms about viewing their customers as dumb & sources for more yield. Trust is key, and they have lost mine. (21/21) 15 11 1 72 Show this thread Load more nitter Logo FatMan @FatManTerra FatMan from the Terra Research Forum I provide research, updates, and analysis on the Terra situation as it unfolds. Views are my own opinions. fatmanterra.eth Joined May 2022 Tweets 3,349 Following 102 Followers 90,439 Likes 2,885 275 Photos and videos Tweets Tweets & Replies Media Search Load newest FatMan @FatManTerra 22h Ever since the original thread, Hodlnaut has gone into full cover-up mode and is desperately trying to hide questions & evidence. I have also found some more information that adds important colour to their trustworthiness and true intentions. nitter.net/FatManTerra/stat… (1/21) FatMan @FatManTerra Jun 26 🧵 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) Show this thread 14 42 2 190 FatMan @FatManTerra 22h I think it's important for people to know this name and understand their behaviour, as well as why it's harmful, before they grow to a dangerous Celsius-level size - their clever masquerading, regulatory connections, and relentless astroturfing make this a very real risk. (2/21) 1 3 34 FatMan @FatManTerra Jun 28 Let me get this straight... CoinFLEX tried selling debt tokens to people without revealing the debtor's name, while knowing the debtor in question is refusing to pay up? Looks like the crypto space is speedrunning the 2008 CDO/CDS scenario, except with way more scamming. 62 129 26 1,041 FatMan @FatManTerra Jun 28 The CEO of CoinFLEX has just confirmed that Roger Ver is indeed the individual who owes them the $47m debt and that the claim by Ver of them owing him money is categorically false. Roger has failed to meet their latest margin call on his BCH long position. Mark Lamb 💪 @MarkDavidLamb Jun 28 Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default. Show this thread 13 31 6 168 FatMan @FatManTerra Jun 28 A verified insider has confirmed that the "high net worth individual" who owes CoinFLEX money is Bitcoin Cash advocate & CoinFLEX shareholder Roger Ver. Ver had a long on BCH, and the platform allowed him to run a deficit because he personally guaranteed he would pay them back. FatMan @FatManTerra Jun 27 This is incredible. A centralized yield service, CoinFLEX, gave a $47m uncollateralized loan to someone who can't pay it right now. To fund other customers' withdrawals, they are now turning his debt into a token and selling it to people, offering 20% APY on it. Amazingly degen. Show this thread 203 296 175 1,536 FatMan @FatManTerra Jun 28 In the rvUSD whitepaper, CoinFLEX refers to Ver as a "high integrity person," which is a controversial view in the Bitcoin community. Ironically, here's a video of CoinFLEX's current ambassador, Doug Polk, criticizing Ver and his character in 2018. piped.kavin.rocks/watch?v=yUO1DvqT… Crazy Altcoin Man NEEDS TO STOP Roger Ver is a controversial figure in cryptocurrency. He is the owner of Bitcoin.com, despite seeming to hate Bitcoin and advocating tirelessly for Bitcoin ... youtube.com 19 13 208 FatMan @FatManTerra Jun 27 This is incredible. A centralized yield service, CoinFLEX, gave a $47m uncollateralized loan to someone who can't pay it right now. To fund other customers' withdrawals, they are now turning his debt into a token and selling it to people, offering 20% APY on it. Amazingly degen. 230 601 259 3,239 FatMan @FatManTerra Jun 27 They also pitch a pivot into a new model with increased transparency, pseudonymous balance tracking, and public liquidation points. Little do they know, they just accidentally reinvented DeFi. 18 25 4 466 FatMan @FatManTerra Jun 27 For the legally curious, here's a transcript from February of a US District Court judge explaining why the US has jurisdiction over TFL in the SEC v. Do Kwon Mirror case. TFL's appeal against this was rejected this month. Similar reasoning may apply to our UST class action. 31 31 2 239 FatMan @FatManTerra Jun 26 This thread really blew up, but Nexo's response has gone totally unnoticed. I would like to share it, since many of the details in the original thread are just outright false. Give it a read to understand the whole situation. nexo.io/blog/the-anatomy-of-… The Anatomy of Fake News: The Latest Attack on Nexo • Nexo nexo.io otteroooo @otteroooo Jun 26 NEXO FOUNDER & FAMILY SIPHONED FUNDS FROM CHARITY FOR SICK KIDS, USED DONATIONS AS PERSONAL SLUSH FUND, EVEN BUILT A PALACE FOR THEMSELVES Evidences presented in full by otter below no bueno! 🦦 👇🏼 🧵 🦦 Show this thread 54 61 11 366 FatMan @FatManTerra Jun 26 To be as clear as possible: I am not endorsing Nexo as a platform and I would not recommend depositing with any CeFi services in this environment. All I'm saying is too much nonsense gets propagated too quickly without proper fact checks, and people deserve to read both sides. 19 15 174 FatMan @FatManTerra Jun 26 The admins then began demanding an apology from the banned user for asking pointed questions (which I thought were highly relevant) and making comments like "their silence is deafening" - as another user points out, this sudden shift in behaviour looks like a red flag. (18/25) 2 4 80 FatMan @FatManTerra Jun 26 I sought out my own answers - I joined the Hodlnaut Discord and asked the team to be honest about their Anchor/UST losses. Luckily, I took a screenshot of the team stating they had no Anchor exposure, because shortly after I joined, they silently deleted the message. (19/25) 2 6 94 FatMan @FatManTerra Jun 26 I have also spoken to a few industry experts who told me that it is common for a company to set up a separate legal entity for DeFi trading to circumvent certain liability issues and disclosures, even if the wallets are owned and operated by the same people. (20/25) 2 4 82 FatMan @FatManTerra Jun 26 The facts: Hodlnaut's own spinoff entity (likely) or a counterparty they lend to (unlikely) had millions in exposure to Anchor long before they ever listed UST. They lied to clients about the safety of their deposits (in-kind yield generation), and they lied about Anchor. (21/25) 1 5 84 FatMan @FatManTerra Jun 26 The best case scenario: Hodlnaut parked funds with a custodian who degen shorted UST by locking in a massive amount of their AUM on FTX and arbed LUNA to escape their losses. When everything was crumbling down, they made a high-risk play with client money, and it worked. (22/25) 3 5 83 FatMan @FatManTerra Jun 26 The worst case scenario: Hodlnaut's own spinoff entity lost millions trading UST - losses were ameliorated but not completely mitigated, and to avoid a deep bank run & cashflow insolvency, they are appearing strong on the outside by hiding their true losses & exposure. (23/25) 1 6 84 FatMan @FatManTerra Jun 26 I wish there was more transparency - Hodlnaut needs to tell customers what really happened here. But, in either scenario, Hodlnaut has done highly irresponsible things with clients' money. They misrepresented risks and all this could have potentially turned out far worse. (24/25) 2 8 85 FatMan @FatManTerra Jun 26 The truth is, many of these CeFi platforms are far more irresponsible & degenerate than you can imagine, and the public needs to know the *real* risks behind all the magical 8% stablecoin APYs. It's self-custody season. The tide is receding. Don't be the one caught next. (25/25) 17 28 4 235 FatMan @FatManTerra Jun 26 PS. Huge shout-out to @Die_Nub_Plz and @Cycle_22 for the invaluable research work & evidence provision. 17 7 1 174 Show this thread Load more nitter Logo FatMan @FatManTerra FatMan from the Terra Research Forum I provide research, updates, and analysis on the Terra situation as it unfolds. Views are my own opinions. fatmanterra.eth Joined May 2022 Tweets 3,349 Following 102 Followers 90,439 Likes 2,885 275 Photos and videos Tweets Tweets & Replies Media Search Load newest FatMan @FatManTerra Jun 26 🧵 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) 45 242 55 1,023 FatMan @FatManTerra Jun 26 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) 2 5 107 FatMan @FatManTerra Jun 26 1. A regulatory nod from the Singaporean government 2. Responsible rate management (they lowered interest rates before the Celsius debacle) 3. They rejected 3AC's loan requests since Su Zhu didn't want to provide audited balance sheets 4. An esteemed reputation (3/25) 1 6 99 FatMan @FatManTerra Jun 26 On the 6th of April, Hodlnaut added UST to their stablecoin repertoire, boasting some great interest rates. 14% on a CeFi platform is very high for a stablecoin, even higher than what 3AC was offering lending platforms without even factoring in the site's disbursement vig. (4/25) 4 4 76 FatMan @FatManTerra Jun 26 But despite this, once Terra collapsed, Hodlnaut stated that they had no exposure to Anchor. Although they blocked UST swaps & withdrawals for some time during the depeg, they maintained to customers that they weren't simply storing money in Anchor and skimming off a cut. (5/25) 1 4 82 FatMan @FatManTerra Jun 26 They also insist that stablecoin yields are generated in-kind (they weren't just swapping your USDC to UST and putting it into Anchor). Last month, an account messaged me claiming to be friends with the founder and stated this was happening, but I ignored it - no proof. (6/25) 1 4 69 FatMan @FatManTerra Jun 26 The other day, an anonymous account, @Cycle_22, messaged me with some information and wallet addresses allegedly proving Hodlnaut had massive UST exposure during the depeg. My initial instinct was skepticism - surely Hodlnaut wouldn't brazenly lie to their customers. (7/25) 2 3 80 FatMan @FatManTerra Jun 26 I sent the addresses to one of my new researcher friends, @Die_Nub_Plz, and I also asked Hodlnaut some questions. After reviewing all of this, I have come to the conclusion that Hodlnaut has indeed been misrepresenting their yield sources and risk profile. (8/25) 1 4 90 FatMan @FatManTerra Jun 26 The majority of Hodlnaut's funds flow to 0x99fd1378ca799ed6772fe7bcdc9b30b389518962, marked by Nansen as Hodlnaut's trading wallet. I traced a few large direct Hodlnaut deposits to here as well. For the time being, we will consider Nansen's tagging to be credible. (9/25) 1 3 73 FatMan @FatManTerra Jun 26 For a while, Hodlnaut was in the UST/3Crv pool. Here's an example transaction of them withdrawing $120m from it fairly late: etherscan.io/tx/0x6cb387f4a9…. But in January of this year, Hodlnaut began moving funds into Anchor en masse without telling their customers. (10/25) Ethereum Transaction Hash (Txhash) Details | Etherscan Ethereum (ETH) detailed transaction info for txhash 0x6cb387f4a9f8701ce531f9a390745ebd97201edf49c52039d40fced8cb177fb9. The transaction status, block confirmation, gas fee, Ether (ETH), and token... etherscan.io 1 7 3 75 FatMan @FatManTerra Jun 26 Here is the Terra address Hodlnaut's trading wallet bridges to: terra1ny3ndl9awztxn52ktuakw8zrtdkmvu0cc8g32g. It has some interesting, highly degenerate activites, especially during the depeg. Here's @Die_Nub_Plz's great breakdown with tx evidence: docs.google.com/document/d/1… (11/25) Copy of CeFi Wallet: terra1ny3ndl9awztxn52ktuakw8zrtdkmvu0cc8g32g Dec 23, 2021 When the wallet first had activity Jan 20, 2022 72.9m received https://finder.terra.money/classic/tx/68CBF0C9C51934904D90CB07620099... docs.google.com 1 5 74 FatMan @FatManTerra Jun 26 Remember, Hodlnaut only listed UST in April, and claimed that they generated yield in-kind. But this is clearly a lie - before they ever listed UST, they were moving millions upon millions of dollars into Anchor (and were also paying better rates than competitors). (12/25) 2 5 83 FatMan @FatManTerra Jun 26 Things ramp up during the depeg. They start providing bETH collateral to Anchor and borrow millions in UST to send it to Binance. They also begin burning UST for LUNA and sending it to exchanges, presumably to arbitrage the huge price difference at the time. (13/25) 1 3 1 75 FatMan @FatManTerra Jun 26 To give them the benefit of the doubt, there are ways to hedge their nine-figure aUST position such as shorting on FTX, but this would require Hodlnaut to collateralize the majority of their AUM on an exchange, which is highly irresponsible to say the least. (14/25) 1 3 68 FatMan @FatManTerra Jun 26 They sold some UST as low as $0.40, degen shorted through bETH cross-margining, had huge, risky shorts on exchanges in the best case scenario, and in a hilarious move of brave defiance, they even re-entered Anchor after the collapse (small size). finder.terra.money/classic/t… (15/25) 1 6 1 79 FatMan @FatManTerra Jun 26 I have tried getting straight answers from Hodlnaut about the degen activites of their trading wallet. They deny that it belongs to them - they tell some people it's a custodian, and they tell others it's a counterparty, but the lack of transparency is alarming. (16/25) 1 3 75 FatMan @FatManTerra Jun 26 A user in their Telegram chat began asking some questions about their transactions. He was banned shortly after. After this, the CEO clarified that Hodlnaut does not own these wallets 'directly' and that they were 'custodian wallets undergoing rebalancing'. (17/25) 1 3 80 FatMan @FatManTerra Jun 24 Wonder if people realize that we are living through the most historically significant time period for crypto by far The crazy events we are witnessing and will witness in the next few years will shape our world forever Enjoy these times - one day you will miss the wild West. 38 61 6 410 FatMan @FatManTerra Jun 24 In Korea, he lived in Galleria Foret - an eye-wateringly expensive residence in the poshest neighbourhood of Seoul. In Singapore, his primary residence was on Nassim Road, Singapore's most expensive & aristocratic residential area. scmp.com/magazines/style/lux… (14/15) Beverly Hills of Singapore? Take a stroll down the exclusive Nassim Road Take a peek at Singapore’s most expensive street, Nassim Road, where some of the wealthiest and most influential people call home … scmp.com 12 11 132 FatMan @FatManTerra Jun 24 And since then, he has allegedly purchased a new Singaporean condo - one of the most expensive apartments that money can buy. This, and testimony from his friends, does not indicate that Do Kwon is frugal. It indicates that Do Kwon is, as we know, a manipulative liar. (15/15) 29 18 1 302 Show this thread Load more nitter Logo Mark Lamb 💪 @MarkDavidLamb CEO @CoinFLEXdotcom. First Physically Delivered Crypto Futures exchange. Full time bitcoiner and exchange guy since 2012. I love BCH. Dubai, United Arab Emirates CoinFLEX.com Joined April 2012 Tweets 3,048 Following 1,137 Followers 6,413 Likes 4,950 90 Photos and videos Tweets Tweets & Replies Media Search Mark Lamb 💪 @MarkDavidLamb Jun 28 Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default. 412 606 530 3,767 Mark Lamb 💪 @MarkDavidLamb Jun 28 He had a long track record of previously topping up margin and meeting margin requirements in accordance with this agreement. We have been speaking to him on calls frequently about this situation with the aim of resolving it. We still would like to resolve it. 16 28 2 462 Mark Lamb 💪 @MarkDavidLamb Jun 28 He is denying that the debt pertains to him and so we felt the need to clarify to the public that yes - the debt is 100% related to his account. Roger Ver a citizen of the European Union who we believe has significant assets in the US, UK and other relevant jurisdictions 38 52 20 605 Mark Lamb 💪 @MarkDavidLamb Jun 28 CoinFLEX also categorically denies that we have any debts owing to him. His statement is blatantly false. It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities. 67 52 15 742 Mark Lamb 💪 retweeted Bloomberg Crypto @crypto Jun 28 Crypto futures exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. CEO Mark Lamb explains: trib.al/E409PJV 222 47 169 165 107,935 Mark Lamb 💪 retweeted Austerity Sucks @austerity_sucks Jun 28 Specs on "rvUSD" -- a $47million note being issued by @CoinFLEXdotcom to cover the unpaid debt by a high-networth client who has holdings in many large crypto firms but is illiquid/insolvent (which is why withdrawals halted) cfv2-media.s3.ap-northeast-1… 5 1 1 18 Mark Lamb 💪 retweeted SBF @SBF_FTX Jun 27 Backstopping customer assets should always be primary. Everything else is secondary. 298 209 75 2,888 Mark Lamb 💪 retweeted Curtis (🏔️,🔺) @Curtis_DeFi Jun 27 Replying to @FatManTerra No. It’s not a uncollateralized loan but just a margin call. 6 2 24 Mark Lamb 💪 retweeted Alessio Quaglini @onchainpanini Jun 28 For as bad as a bailout is for stakeholders, I'd choose this transparent approach over that of Central Banks, forcing taxpayers to bear the cost indiscriminately #coinflex #bailout #Blockchain Mark Lamb 💪 @MarkDavidLamb Jun 27 Hey everyone, I know you've been waiting to hear about the state of withdrawals on @CoinFLEXdotcom . We appreciate your patience. Here's an official update. 👇 bloomberg.com/news/videos/20… I went on @crypto @BloombergTV to talk about this today and it's time to go into more depth. Show this thread 6 1 1 27 Mark Lamb 💪 @MarkDavidLamb Jun 27 In this case, the Individual had an account with personal recourse and pledged personal guarantees surrounding margin calls in exchange for not getting liquidated. Manual margin/ credit lines are common practices with institutional traders in the crypto/traditional markets. 3 1 13 Mark Lamb 💪 @MarkDavidLamb Jun 27 To note -- the Individual had consistently met every margin call before this incident. However this experience has taught us that crypto markets may move too sharply for manual margin arrangements to be effective. 2 1 11 Mark Lamb 💪 @MarkDavidLamb Jun 27 We never want to operate in a manner which negatively affects our users' utilization of our platform, such as restricting their ability to withdraw. We regret needing to resort to this measure in an effort to resolve the issue. 1 12 Mark Lamb 💪 @MarkDavidLamb Jun 27 Importantly, there are no other accounts on CoinFLEX that are in negative equity. 1 11 Mark Lamb 💪 @MarkDavidLamb Jun 27 As a solution toward re-enabling withdrawals, CoinFLEX is planning to monetize this personal guarantee by creating a corresponding liability in the form of a token called Recovery Value USD (“rvUSD”). 7 9 15 Mark Lamb 💪 @MarkDavidLamb Jun 27 The terms of the rvUSD token issuance can be found here: cfv2-media.s3.ap-northeast-1… We have spoken to potential large buyers and believe there is significant interest in the terms presented. 2 10 Mark Lamb 💪 @MarkDavidLamb Jun 27 Opening withdrawals on June 30th will be subject to receiving funds pursuant to the rvUSD issuance. If the rvUSD token issuance is fully subscribed, CoinFLEX will re-enable withdrawals and restore the platform to full functionality in an orderly manner. 1 12 Mark Lamb 💪 @MarkDavidLamb Jun 27 Through all this, we remain true to our desire to operate with greater transparency. Looking ahead, CoinFLEX aims to publicize futures margining data, namely the notional value of every account's futures positions via an external auditing firm, with hourly attestations. 3 1 14 Mark Lamb 💪 @MarkDavidLamb Jun 27 Although the data will be anonymized, we understand the publicity of this information will come at some expense to traders' privacy. However, exchange depositors will benefit massively from the greater transparency and be more equipped to assess their risk. 1 11 Mark Lamb 💪 @MarkDavidLamb Jun 27 CoinFLEX will be implementing this as a priority following the restoration of withdrawals. We believe this is the best solution for futures traders to be comfortable holding large open interest on the exchange, and for building up the trust of CoinFLEX users moving forward. 2 9 Mark Lamb 💪 @MarkDavidLamb Jun 27 I would like to personal thank our clients and the greater community for your support over the last few days, as we continue to work on growing @CoinFLEXdotcom and earning back your trust. 5 15 Show this thread Load more nitter Logo Mark Lamb 💪 @MarkDavidLamb CEO @CoinFLEXdotcom. First Physically Delivered Crypto Futures exchange. Full time bitcoiner and exchange guy since 2012. I love BCH. Dubai, United Arab Emirates CoinFLEX.com Joined April 2012 Tweets 3,048 Following 1,137 Followers 6,413 Likes 4,950 90 Photos and videos Tweets Tweets & Replies Media Search Load newest Mark Lamb 💪 @MarkDavidLamb Jun 27 Hey everyone, I know you've been waiting to hear about the state of withdrawals on @CoinFLEXdotcom . We appreciate your patience. Here's an official update. 👇 bloomberg.com/news/videos/20… I went on @crypto @BloombergTV to talk about this today and it's time to go into more depth. CoinFLEX Launches rvUSD Token to Solve Withdrawal Freeze CoinFLEX CEO Mark Lamb joins Emily Chang and Bloomberg's Sonali Basak to discuss CoinFLEX's recent pause of withdrawals following others in the crypto space having liquidity troubles, and how they... bloomberg.com 26 22 14 62 Mark Lamb 💪 @MarkDavidLamb Jun 27 The good news is that we're still targeting June 30th as our date to open up withdrawals. Here's what else you need to know: 1 6 2 27 Mark Lamb 💪 @MarkDavidLamb Jun 27 CoinFLEX made the decision to halt user withdrawals on June 23, shortly after a long-time customer of CoinFLEX went into negative equity. In normal circumstances, we would auto-liquidate positions low on equity at prices prior to the zero-equity price. 1 14 Mark Lamb 💪 @MarkDavidLamb Jun 27 Looking forward to speaking on @BloombergTV @crypto today @ 5:30 pm ET Sonali Basak @sonalibasak Jun 27 Crypto exchange CoinFLEX is among the firms that paused client withdrawals in the middle of a liquidity crunch shaking the industry CEO @MarkDavidLamb is joining @BloombergTV in an exclusive interview today at 5:30 pm ET on what's next Watch -- and send questions @crypto 1 3 1 15 Mark Lamb 💪 retweeted Sonali Basak @sonalibasak Jun 27 Crypto exchange CoinFLEX is among the firms that paused client withdrawals in the middle of a liquidity crunch shaking the industry CEO @MarkDavidLamb is joining @BloombergTV in an exclusive interview today at 5:30 pm ET on what's next Watch -- and send questions @crypto 19 31 8 147 Mark Lamb 💪 retweeted Jeremy Allaire @jerallaire Jun 18 Replying to @AriDavidPaul @nic__carter Keep your $'s in USDC, always on money is better. :) 2 3 50 Mark Lamb 💪 retweeted XTRD.IO @xtradeio Jun 16 We are happy to announce that from now @CoinFLEXdotcom is available through our OEMS. Both spot and derivatives markets can be accessed using the same FIX 4.4. API. Find out more in our blog post: bit.ly/3MVUc6a #crypto #cryptocurrency #cryptotrading CoinFLEX is now available through XTRD FIX API | XTRD We are happy to announce that from now CoinFLEX is available through our OEMS. Both spot and derivatives markets can be accessed using the same FIX 4.4. API xtrd.io 1 8 1 21 Mark Lamb 💪 @MarkDavidLamb Jun 17 I love crypto 11 3 38 Mark Lamb 💪 retweeted Nat Eliason @nateliason Jun 15 One of the big things I've learned from crypto is that anything with a fixed APR is super sus, is being manipulated in some way, and is much more prone to blowup. The services with market interest rates seem much more robust. I'm sure this doesn't apply to TradFi though. 9 3 1 45 Mark Lamb 💪 retweeted TheSkyhopper @TheSkyhopper Jun 14 Replying to @mgnr_io So #bitcoin, $doge, $LTC, and maybe $BCH. Ok. Its super duper boring, but I can work that. 2 1 13 Mark Lamb 💪 retweeted Ryan Petersen @typesfast Jun 13 It might be that many software business models don't work when engineers cost $400k/year. 594 597 290 11,229 Show this thread Mark Lamb 💪 retweeted Roger Ver @rogerkver Jun 13 Today is the best day to buy #crypto in the last 18 months. #BitcoinCrash 141 123 10 682 Mark Lamb 💪 retweeted Richard Craib @richardcraib Jun 13 considering a crypto rebalance? simply sell every coin from every project which has put direct efforts into mechanisms designed to encourage the “speculator class” vs effort into mechanisms designed to encourage real usage to solve a problem in the real world. 14 27 4 133 Show this thread Mark Lamb 💪 retweeted Galois Capital @Galois_Capital Jun 13 Looks like there was too much emphasis on building last cycle and not enough emphasis on thinking. 38 101 14 858 Show this thread Mark Lamb 💪 retweeted Ari Paul ⛓️ @AriDavidPaul Jun 13 The excesses, the ponzis, (and in rare cases, some quality nascent projects) are getting washed out. This is healthy. Crypto will take over the world, but bar is being raised. I’ll be here building and investing in the future in 5 years, will you? See you on the other side. 105 184 27 1,761 Mark Lamb 💪 @MarkDavidLamb Jun 12 $FLEX flexUSD will become the most useful stablecoin during a bear market - only one that pays any interest Other competitors will give up, especially DeFi “projects” with anon founders. Futures markets on @CoinFLEXdotcom are growing and growing, directly from flexUSD growing! nour @NourHaridy Jun 12 Bear markets are great for builders Because they’re less distracting? Nah Because all the other builders either give up or retire and you’re left with no competition Show this thread 3 7 2 22 Mark Lamb 💪 retweeted nour @NourHaridy Jun 12 Bear markets are great for builders Because they’re less distracting? Nah Because all the other builders either give up or retire and you’re left with no competition 9 40 6 336 Show this thread Mark Lamb 💪 retweeted Darren Camas @DarrenCamas Jun 12 Absolute pleasure to play with some of the best! Got coolered twice, battled back, great table. Thanks @CoinFLEX_US @MarkDavidLamb @kennyshih @DougPolkVids @LodgePokerClub for hosting 3 3 25 Show this thread Mark Lamb 💪 retweeted Mark Moran @itsmarkmoran Jun 11 CoinFLEX.US @CoinFLEX_US 1 3 15 Mark Lamb 💪 retweeted Danny Sacks @danny_sacks Jun 10 Replying to @therealleslamb0 Tastes just like interest paid every 8 hours *chefs kiss* 1 2 Load more nitter Logo Mark Lamb 💪 @MarkDavidLamb CEO @CoinFLEXdotcom. First Physically Delivered Crypto Futures exchange. Full time bitcoiner and exchange guy since 2012. I love BCH. Dubai, United Arab Emirates CoinFLEX.com Joined April 2012 Tweets 3,048 Following 1,137 Followers 6,413 Likes 4,950 90 Photos and videos Tweets Tweets & Replies Media Search Load newest Mark Lamb 💪 retweeted Leslie Lamb | Crypto Unstacked @therealleslamb0 Jun 10 Shoutout to the awesome CoinFLEX.US crew for feeding some happy CoinDesk #Consensus2022 goers with "FLEX"-fil-A chicken biscuits! 🐔 🐔 🐔 Perfecting the line "Chick-fil-a? It's free" since June 10, 2022 2 2 9 323 Mark Lamb 💪 retweeted CoinFLEX.US @CoinFLEX_US Jun 10 Remember to check out your favourite CEO @MarkDavidLamb’s poker face on tomorrow’s stream, #FLEXers! ♠️♥️ LINK: piped.kavin.rocks/f0sF7g3Sxvo 2 1 14 Mark Lamb 💪 retweeted Doug Polk @DougPolkVids Jun 10 We've been on a bit of a hiatus with the pod, @rob_yong_ was going to join us but unfortunately came down quite sick and has been out of the action. Hope to have him on soon. Podcast resumes on the 14th with @MarkDavidLamb Also on the 20th we will be joined by Eric Persson. 10 1 47 Mark Lamb 💪 retweeted The Lodge Card Club @LodgePokerClub Jun 8 This will be a fun face off between poker players and the crypto camp, with some falling into both groups. On the poker side: @Liv_Boeree, @TheBradOwen and @DougPolkVids On the crypto side: @MarkDavidLamb, @gametheorizing, @ThinkingUSD, @DarrenCamas With a dash of DQ mixed in 1 1 10 Show this thread Mark Lamb 💪 retweeted GunnyHxro @hxrobtc Jun 6 Had a great chat with my longtime (in crypto years) friend @SudhuCoinFLEX from CoinFlex. Check it out! Leslie Lamb | Crypto Unstacked @therealleslamb0 Jun 6 On Crypto Unstacked Trader's Edition, host @SudhuCoinFLEX and Dan Gunsberg @hxrobtc chat: - Proprietary derivatives trading - Hxro's generalized derivatives protocol - Building on the #Solana blockchain: challenges & risk management + more Tune in👇 cryptounstacked.com/deep-div… 5 9 Mark Lamb 💪 retweeted Roger Ver @rogerkver Jun 6 #Bitcoin + #ETH = SmartBCH.org 103 86 16 405 Mark Lamb 💪 @MarkDavidLamb Jun 3 Mashallah Kyle Davies 🔺 @KyleLDavies Jun 3 No one in our industry is closer to god than bitcoin miners. Guardian angels of truth. 1 6 Mark Lamb 💪 retweeted Kyle Davies 🔺 @KyleLDavies Jun 3 No one in our industry is closer to god than bitcoin miners. Guardian angels of truth. 43 17 7 237 Mark Lamb 💪 retweeted Zhu Su 🔺 @zhusu Jun 2 As an heuristic, I think energy net producers understand scarcity and like gold and bitcoin Energy net consumers understand innovation and like tech + PoS 56 12 3 253 Mark Lamb 💪 retweeted kenny.FLEX💪 @kennyshih Jun 1 Friend found me on the same plane lolll wonder what tipped him off #CoinFLEX 😅💪 1 2 1 25 Mark Lamb 💪 @MarkDavidLamb May 29 Yes niccarter.eth @nic__carter May 27 terra gave the MSM 10 years worth of fantastic ammo to beat us up with. the dollar stable promise, retail losses, fintechs putting client assets in, VCs dumping the top and thumping their chests. it is what it is. historical L and yes we deserve it. totally failed to self-police. Show this thread 3 Mark Lamb 💪 retweeted niccarter.eth @nic__carter May 27 terra gave the MSM 10 years worth of fantastic ammo to beat us up with. the dollar stable promise, retail losses, fintechs putting client assets in, VCs dumping the top and thumping their chests. it is what it is. historical L and yes we deserve it. totally failed to self-police. 253 158 55 2,105 Show this thread Mark Lamb 💪 @MarkDavidLamb May 29 Dubai G∆V!N LOW ⛩ @MrGavinLow May 28 1/x SG had a very strong chance to be a leader in the Crypto space. Singh's approach while being really conservative, stifle innovation & chance for us to stay ahead in this fast-paced industry. There will always be "Lag" between 1st & 2nd mover Show this thread 9 Mark Lamb 💪 retweeted Alex Krüger @krugermacro May 27 List of all liquid crypto assets not down 70% or more from all time highs. Not very long. 29 23 2 131 Mark Lamb 💪 retweeted Matt Klein 🌱 @mattyklein_ May 27 the sin we must pay for this cycle was conflating TVL with adoption 3 4 32 Mark Lamb 💪 retweeted Leslie Lamb | Crypto Unstacked @therealleslamb0 May 27 .@MarkDavidLamb explains that flexUSD is a yield hunter on the futures markets on @CoinFLEXdotcom flexUSD will deploy $ to go long spot, short perps (in CoinFLEX's repo markets) at every opportunity and earn yield. 4 17 Mark Lamb 💪 retweeted CoinFLEX.US @CoinFLEX_US May 27 We’re live guys! 🎙 nitter.net/i/spaces/1YqGopj… This card type is not supported. 1 5 Mark Lamb 💪 retweeted Leslie Lamb | Crypto Unstacked @therealleslamb0 May 27 Why are rising interest rates great for stablecoins? Tune in to our @CoinFLEX_US spaces👇 nitter.net/i/spaces/1YqGopj… This card type is not supported. 5 1 10 Mark Lamb 💪 retweeted Big Swinging Decks @bsdpod May 26 NEW POD: this week we spoke to @MarkDavidLamb and @therealleslamb0 of @CoinFLEX_US about stablecoins and the crypto selloff in light of the $40B Terra/Luna collapse Check out the episode here: piped.kavin.rocks/Iw8rilZFcr4 Ep. 20: The Current State of Crypto / Stablecoins?? Pop off your f1 key and tune into Lit and Mark chatting about the current state of crypto with Mark and Leslie Lamb of CoinFLEX.US.The duo talks about what a... youtube.com 3 8 2 16 Show this thread Mark Lamb 💪 @MarkDavidLamb May 26 Check it out! We’re talking flexUSD and stablecoins! Big Swinging Decks @bsdpod May 26 NEW POD: this week we spoke to @MarkDavidLamb and @therealleslamb0 of @CoinFLEX_US about stablecoins and the crypto selloff in light of the $40B Terra/Luna collapse Check out the episode here: piped.kavin.rocks/Iw8rilZFcr4 Show this thread 2 14 Load more

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Fwd: Your Freedom of Information Law Request FOIL-2022-089772-017715
by Gunnar Larson 01 Jul '22

01 Jul '22

What a scandle. ---------- Forwarded message --------- From: <Pascale.JeanBaptiste(a)dfs.ny.gov> Date: Thu, Jun 30, 2022, 4:18 PM Subject: Your Freedom of Information Law Request FOIL-2022-089772-017715 To: <g(a)xny.io> Good Afternoon: Please see the attached determination in response to your FOIL request. Thank you. Tracking Number:FOIL-2022-089772-017715

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Fuck Chekist communism and all who sail in it
by professor rat 01 Jul '22

01 Jul '22

(I use the word ‘associationist’ as an alternative to the word ‘communist,’ not because I like pointless new jargon, but because I forsee the possibility that the communist anarchists will gradually abandon the term ‘communist’; it is growing in ambivalence and falling into disrepute as a result of Russian ‘communist’ despotism. If the term is eventually abandoned this will be a repetition of what happened with the word ‘socialist.’ We who, in Italy at least, were the first champions of socialism and maintained and still maintain that we are the true socialists in the broad and human sense of the word, ended by abandoning the term to avoid confusion with the many and various authoritarian and bourgeois deviations of socialism. Thus too we may have to abandon the term ‘communist’ for fear that our ideal of free human solidarity will be confused with the avaricious despotism which has for some while triumphed in Russia and which one party, inspired by the Russian example, seeks to impose worldwide. https://www.marxists.org/archive/malatesta/1924/individualism-and-communism…

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Belarus friends need of help in relation to their stance on the Ukraine and Russian war
by professor rat 01 Jul '22

01 Jul '22

The Belarus friends are in particular need of help in relation to their stance on the Ukraine and Russian war. They can be helped by contacting this fundraiser: https://anarchistnews.org/content/anarchists-under-attack-global-scale Reposts not endorsements Juan Peron Adolph Eichman Squid Vicious ' Punk " skunk and serial pest - GO KILL YOURSELF

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Cryptocurrency: COIN's Armstrong CensorBan Enabler Sell$out Privacy to ICE, more...
by grarpamp 01 Jul '22

01 Jul '22

https://cointelegraph.com/news/80-000-bitcoin-millionaires-wiped-out-in-the… FBI AP's for CryptoQueen When former advocates turn slimy sellouts, and/or someone's got dirt... https://www.coindesk.com/business/2022/06/29/coinbase-is-reportedly-selling… Coinbase Tracer allows clients, in both government and the private sector, to trace transactions through the blockchain, a distributed ledger of transactions integral to cryptocurrency use. While blockchain ledgers are typically public, the enormous volume of data stored therein can make following the money from spender to recipient beyond difficult, if not impossible, without the aid of software tools. Coinbase markets Tracer for use in both corporate compliance and law enforcement investigations, touting its ability to “investigate illicit activities including money laundering and terrorist financing” and “connect [cryptocurrency] addresses to real world entities.” Coinbase has made a seven-figure deal with US Immigration and Customs Enforcement (ICE) that grants the government agency access to a suite of tools used to track and identify crypto users. The deal began with the sale of a single software license in August 2021 for $29,000 and expanded into a second contract worth $1.36 million the following month. ICE has licensed access to multiple analytical and tracking tools for 12 currencies, including Bitcoin and...

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Cryptocurrency: US-EU Goes 1984 Crazy with AML-KYC
by grarpamp 01 Jul '22

01 Jul '22

Get off Bitcoin and Launch and Adopt P2P Privacy Coins and DEX instead, but you didn't listen, now all your shit is set to be censorbanned. You wasted at least seven years developing and adopting worthless human rights and freedom infringing non-private shitcoins... when are you going to stop fucking yourselves? Quit wasting time. https://www.europarl.europa.eu/news/en/press-room/20220627IPR33919/crypto-a… https://preview.redd.it/kbya9kz9dq891.jpg Tyrants, EU MICA 2 European Commission agreed on a deal for stringent and invasive AML for all crypto services, including linking your onchain wallets to user's KYC details. This drastically destroys user's privacy Yesterday the EU framed new KYC and AML mandates that affect all crypto service providers including exchanges and wallets. EU Rep: After months of negotiations with the Council, we agreed the most ambitious travel rule for transfers of crypto-assets in the world. We are putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules. With this deal, they are now slapping travel rule requirements across europe for all crypto entities. They have to now track every wallet level information of users and allow withdrawals only to wallets that have been verified by users as belonging to them. This is known as travel rule, and is already in place in some countries but with this deal, it will apply to the whole of the EU. Presently, Swiss exchanges require you prove your wallet belongs to you. Now, the whole of EU is going into this standard. If you are withdrawing funds or sending funds to an exchange, the onus now falls on the exchange to ensure the wallet is KYC'd to you. You will have to sign a message from the wallet to prove you are the owner of the wallet. Otherwise, the exchange may not be able to accept these funds. According to these laws, The regulation will also apply o transfers from/to unhosted wallets. CASPs will be required to collect information and apply enhanced due diligence measures with respect to all transfers involving unhosted wallets, on a risk basis. This means the exchanges and centralised services will have to collect information and do all kinds of due diligence on where the funds originated from, if you are sending funds from your personal on-chain wallets to these centralised entities. They may reject your funds arbitrarily, and even hold your funds hostage if you dont pass some of their automated checks. Verification of the identity of the beneficial owner of the unhosted wallet will be mandatory for large transfers above 1000€ in case the transfer is made to or from the wallet belonging to the CASP’s own client. This means if your transaction exceeds 1000€, the onchain wallets (termed as unhosted wallet in regulatory speak) identity has to be verified. Imagine this - doing a passport or drivers license verification on Jumio everytime you send a €1000 transaction from a new wallet....PS: Unhosted wallet terminology is total nonsense, devised by unelected agencies like FATF to stigmatise onchain crypto users. Purely, from crypto's technical perspective, the term "unhosted" doesnt mean anything. Its not hosted on their fiat system, so its unhosted? Lol.. these classifications have been created solely to limit access and differentiate onchain crypto users vs those using the fiat rails. Some other policies that are part of this deal: New risk-mitigation measures will be in place: CASPs will be required to perform enhanced due diligence before establishing a business relationship with CASPs operating in third countries. Specific enhanced due diligence will apply to unregistered and unlicensed entities. The whole "deal" originates from a position where anyone using crypto is being seen as an adversary, and they want the centralised entities to limit such users as much as possible. It also empowers centralised agencies even more to lock, seize and hold hostage user's funds by now taking shelter under a host of new AML mandates. Lets say you made an onchain trade for a new coin on a new chain, and that mooned and now you want to cash out, but the exchange doesnt accept this, then they can hold your funds hostage The EU is clearly focussed more on limiting people's financial privacy than taking any kind of action on the massive wave of inflation that EU countries are currently facing. This EP member Ernest Urtasun's country Spain is facing record inflation of over 10%.. and all they can think of is gutting people's right to financial privacy. These are draconian laws and restrictions on people using their own funds. Just to please a bunch of bureaucrats, you will have to sacrifice on your privacy. The need for P2P services rises even more now where you can continue to trade and exchange crypto without the need of centralised intermediaries.

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Re: Your Freedom of Information Law Request FOIL-2022-089772-017715
by Gunnar Larson 30 Jun '22

30 Jun '22

There is culpability to this article. On Thu, Jun 30, 2022, 4:18 PM <Pascale.JeanBaptiste(a)dfs.ny.gov> wrote: > Good Afternoon: > > Please see the attached determination in response to your FOIL request. > Thank you. > > Tracking Number:FOIL-2022-089772-017715 >

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Fwd: Your Freedom of Information Law Request FOIL-2022-089772-017715
by Gunnar Larson 30 Jun '22

30 Jun '22

This is innovative and happening ❤️ ---------- Forwarded message --------- From: <Pascale.JeanBaptiste(a)dfs.ny.gov> Date: Thu, Jun 30, 2022, 4:18 PM Subject: Your Freedom of Information Law Request FOIL-2022-089772-017715 To: <g(a)xny.io> Good Afternoon: Please see the attached determination in response to your FOIL request. Thank you. Tracking Number:FOIL-2022-089772-017715

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Babies are being thrown out of incubators in Kuwait!
by punk 30 Jun '22

30 Jun '22

Oh, wait, no. Scratch that. That was a JEWNAZI PENTAGON lie. Shocking! http://911review.com/precedent/decade/incubators.html

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