โขPosted by9 months ago
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โขPosted by10 months ago
Archived
https://twitter.com/kadhim/status/1593222595390107649
Here is the Twitter Thread.
Direct link to the declaration https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf
I'll just copy paste what's in it since there's very little to add.
SBF to be investigated in the course of the bankruptcy
Sam Bankman-Fried's hedge fund lent billions to... Sam Bankman-Fried (Paper Bird is his entity), so that's at least part of the answer of where the money went
FTX says the "fair value" of all the crypto (non stablecoins) that FTX international holds is a mere $659! (personal note: they do have 1$ bill in stable)This was a mistake, my bad. Seems like the chart is in thousands of dollars, so they have 659,000$."The FTX Group did not maintain centralized control of its cash. Cash management procedural failures included the absence of an accurate list of bank accounts and account signatories"
This is mad stuff "I do not believe it appropriate for stakeholders or the Court to rely on the audited financial statements as a reliable indication" "The Debtors have been unable to prepare a complete list of who worked for the FTX Group as of the Petition Date"
"In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors"
*edit* Here's Hsaka on the values that were loaned out from Alameda to themselves
SBF: $1b
Nishad Singh: $540m
Ryan Salame: $55m
My take - IT could be FTX just used Alameda as a cover story, quite possible these guys were not doing any trading and just stealing customer funds. Having Alameda was a good cover story for them to use the money.
Also SBF is a sociopath.
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โขPosted by2 years ago
Archived
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โขPosted by8 months ago
Archived
The Polygon Twitter team just announced on Twitter that Polygon would become an algorithmic stablecoin pegged to $1 USD and the price will be backed through an ETH swap.
https://i.redd.it/fdnvoj5nw0ea1.pngThe swap feature hasn't gone live yet but Matic promptly shot to $1 in anticipation of being able to trade 1 Matic for $1 USD in ETH.
https://i.redd.it/j74s2f1ov0ea1.pngBoth Do Kwon and Justin Sun immediately responded allbeit differently when they heard Matic would be supported via an algorithmic Peg to ETH.
https://i.redd.it/d2ytvpy3y0ea1.pnghttps://i.redd.it/sbfh7xvsy0ea1.pngWhat's going to happen next for Polygon isn't entirely clear but tons of investors are angry about their losses after buying above $1.
https://i.redd.it/c0xe5espz0ea1.pngEdit: The Polygon team just responded to Do Kwon
https://i.redd.it/32emrcay31ea1.pngStay tuned to the official Polygon Twitter Account for more information on when the Eth to Matic, swap is live.
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โขPosted byu/[deleted]2 years ago
Archived
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โขPosted by4 months ago
A year ago today Terra USD began it's final depeg from $1 with the price sitting at $.9999 after two days of fighting to hold the peg, the price plunged down to $.80 and then $.16 by the end of the week. A year later the price of the unbacked stablecoin sits at $.018.
https://i.redd.it/5czta9om28ya1.pngLuna was sitting at $77.47 a year ago today a week later the circulating supply increased from 342M to 6.5T in one week with the price dropping to $.0001. The current price today is $.00009
Terra Luna - 1 year chartThis post shows the one year increase in the circulating supply. Notice the huge spike at the beginning coincided with the last days of the depeg. 342M to 6.5T
https://messari.io/asset/terra-luna-classic/chart/sply-circThis post detailed what was happening when Terra USD depegged and was a warning for people not to buy.
UST and Luna price are directly related - You can burn Luna and mint UST, or you can burn UST and mint Luna. On May 8th (not including any fees you could burn about 60 UST ($60) to get 1 Luna ($60) - when UST started depegging people became financially incentivized to burn UST and convert it to Luna - increasing the supply of Luna. Since demand isn't keeping up with the increased supply - the price of Luna is continuing to crash. Currently with 1 UST worth $.55 and 1 Luna worth $.0058 (not including fees you can mint 330.57 Luna for $1 (true dollar) of UST.
No post on the failure of Luna would be complete without the "FUD post" that aged like fine wine. On March 10th 2022, two months before the final depeg a Reddit User by the name of /u/cwm9 wrote a post challenging the CryptoCurrency Reddit community to explain why Terra Luna wasn't a scam. In that post he created a hypothetical of what would happen to Terra in the event of a depeg which was contrary to the narrative being spread about a depeg event, and to his credit it happened exactly as they suggested.
But go the other way: when people start selling their UST because they want to go back to bitcoin, they mint Luna and sell it. Now the price of Luna goes down. The fact that the price is going down and total coins minted is rising encourages the selling of Luna making the price drop farther. If the price drops too far, it can no longer support the burning of UST to get a dollar by selling Luna.
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