Tracking stolen crypto#Cryptocurrencies not as #anonymous as people like to think.....
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How #blockchain sleuths recover digital loot
#Crypto heists are becoming increasingly common, but forensic investigators are getting savvier at figuring out who is behind specific accounts
https://www.washingtonpost.com/technology/2021/09/22/stolen-crypto/
IdiocracyPeople Are Taking Out Loans Against Their NFTs—And Defaulting
The endless search for profit is spawning increasingly ridiculous schemes centered on the financialization of NFTs.
VisionShares are NFTs (non-fungible tokens) that live on the blockchain,” reads a section on the company’s FAQ page. “This way, players have real ownership over their fantasy equity, and there is a provable scarcity of the virtual equity of each company.”
As TechCrunch noted, Visionaire did not have permission from the companies to sell fake shares, but was offering a verification process that let those companies receive a "healthy percentage" of the #NFT shares.
The “experiment” lasted for just over 24 hours, with Visionaire saying it “underestimated the legal complexities.”
This is not the first time synthetic shares have emerged in DeFi spaces, either.
Bloomberg reported this summer that various #crypto projects had spent the last year sidestepping pesky regulations by creating fake #Apple, #Tesla, and #Amazon shares.
A similar effort by Binance, the world’s largest cryptocurrency exchange, drew scrutiny from Germany's financial regulators as it may have violated securities law by offering synthetic shares of popular U.S. shares in April before it was shut down in July.
https://www.vice.com/en/article/v7e58j/people-are-taking-out-loans-against-their-nftsand-defaulting
Vice
People Are Taking Out Loans Against Their NFTs—And Defaulting
The endless search for profit is spawning increasingly ridiculous schemes centered on the financialization of NFTs.
The 2 images above describe what seems to have happened at #FTX #Crypto-currency exchange.
CEO Sam Bankman-Fried (#SBF) operated what is known as a "Flywheel scheme" at #FTX
Flywheel schemes enable firms to mark their illiquid token holdings to market value.
Throw in a little market manipulation, and you can generate billions in assets.
At least, on paper.
In reality, these tokens cannot be monetized because the markets are so distorted!
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#FTX's token, #FTT, is used internally within the exchange.
#FTX's "assets" included #FTT valued at over $5 Billion.
However #FTT's market capitalization was only approx $3 Billion. 🤷♂
Additionally the majority of the remainder of #FTX "assets" appear to be highly illiquid #AltCoin tokens
https://twitter.com/MikeBurgersburg/status/1588481525527502848
CEO Sam Bankman-Fried (#SBF) operated what is known as a "Flywheel scheme" at #FTX
Flywheel schemes enable firms to mark their illiquid token holdings to market value.
Throw in a little market manipulation, and you can generate billions in assets.
At least, on paper.
In reality, these tokens cannot be monetized because the markets are so distorted!
-----------------
#FTX's token, #FTT, is used internally within the exchange.
#FTX's "assets" included #FTT valued at over $5 Billion.
However #FTT's market capitalization was only approx $3 Billion. 🤷♂
Additionally the majority of the remainder of #FTX "assets" appear to be highly illiquid #AltCoin tokens
https://twitter.com/MikeBurgersburg/status/1588481525527502848
THERE'S NO GOOD REASON TO TRUST BLOCKCHAIN TECHNOLOGY
#Cryptocurrencies are useless.
#Blockchain solutions are frequently much worse than the systems they replace. Here's why.
Do you need a public blockchain?
The answer is almost certainly "no."
A blockchain probably doesn’t solve the #security problems you think it solves.
The security problems it solves are probably not the ones you have.
(Manipulating audit data is probably not your major security risk.)
A false trust in blockchain can itself be a security risk. The inefficiencies, especially in scaling, are probably not worth it.
I have looked at many blockchain applications, and all of them could achieve the same security properties without using a blockchain—of course, then they wouldn’t have the cool name......
#blockchain
#crypto
#Cryptocurrencies are useless.
#Blockchain solutions are frequently much worse than the systems they replace. Here's why.
Do you need a public blockchain?
The answer is almost certainly "no."
A blockchain probably doesn’t solve the #security problems you think it solves.
The security problems it solves are probably not the ones you have.
(Manipulating audit data is probably not your major security risk.)
A false trust in blockchain can itself be a security risk. The inefficiencies, especially in scaling, are probably not worth it.
I have looked at many blockchain applications, and all of them could achieve the same security properties without using a blockchain—of course, then they wouldn’t have the cool name......
#blockchain
#crypto
#FTX ON STEROIDS:
IS “TETHER” THE BIDEN WORLD’S CRYPTO BCCI?
#Tether is apparently run by serial scammers.
Its books aren’t open.
It’s #CEO and #CFO refuse public interviews.
The company’s unofficial spokesman is its #CTO, who is just a developer.
If #Tether turns out to be the next #FTX on steroids, the implications for the entire #cryptocurrency project are existential.
Tether is not just the third largest cryptocurrency in existence, its function as the dominant #stablecoin facilitating transactions means it is one of the major crutches upon which the entire #crypto ecosystem stands.
For this reason, crypto experts tell Revolver that “true-believers” in crypto often turn a blind eye to the dark and damning questions surrounding Tether due to the implications this would have on the entire crypto project.
One crypto veteran we spoke to described the Tether situation in rather vivid terms.
“I have a soft spot for thinking kindly of crypto-libertarians, but they all go #Ponzi Mindset when it comes to #Tether.
In order to be congruent and confident in the future they need to believe Tether isn’t a burning bag of shit overlayed on top of a flaming diarrhetic volcano.
Everything that in retrospect looks super shady and how-did-they-get-away-with-it-for-so-long for #FTX is #WNBA-tier compared to the 1994-Olympics Dream Team of Schemes that is Tether.”
That’s the defense of Tether from somebody who uses crypto: that Tether is an obvious scam.
But with so much crypto speculation going on and so much short-term profit to be had, it’s better to just not think about it.
So, if Tether is so obviously shady, what might explain its stability even as the surrounding crypto ecosystem burns down?
Some key fact is missing.....
There is, for example, the strange coincidence of Tether being a crypto of choice for a #US government-backed (#CIA) rebels in #Myanmar......
“Wait, is there somehow an #Epstein connection here?” you might be wondering.
Oh, YOU BET THERE IS AN #EPSTEIN CONNECTION HERE........
MORE
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IS “TETHER” THE BIDEN WORLD’S CRYPTO BCCI?
November 19, 2022 #Tether is apparently run by serial scammers.
Its books aren’t open.
It’s #CEO and #CFO refuse public interviews.
The company’s unofficial spokesman is its #CTO, who is just a developer.
If #Tether turns out to be the next #FTX on steroids, the implications for the entire #cryptocurrency project are existential.
Tether is not just the third largest cryptocurrency in existence, its function as the dominant #stablecoin facilitating transactions means it is one of the major crutches upon which the entire #crypto ecosystem stands.
For this reason, crypto experts tell Revolver that “true-believers” in crypto often turn a blind eye to the dark and damning questions surrounding Tether due to the implications this would have on the entire crypto project.
One crypto veteran we spoke to described the Tether situation in rather vivid terms.
“I have a soft spot for thinking kindly of crypto-libertarians, but they all go #Ponzi Mindset when it comes to #Tether.
In order to be congruent and confident in the future they need to believe Tether isn’t a burning bag of shit overlayed on top of a flaming diarrhetic volcano.
Everything that in retrospect looks super shady and how-did-they-get-away-with-it-for-so-long for #FTX is #WNBA-tier compared to the 1994-Olympics Dream Team of Schemes that is Tether.”
That’s the defense of Tether from somebody who uses crypto: that Tether is an obvious scam.
But with so much crypto speculation going on and so much short-term profit to be had, it’s better to just not think about it.
So, if Tether is so obviously shady, what might explain its stability even as the surrounding crypto ecosystem burns down?
Some key fact is missing.....
There is, for example, the strange coincidence of Tether being a crypto of choice for a #US government-backed (#CIA) rebels in #Myanmar......
“Wait, is there somehow an #Epstein connection here?” you might be wondering.
Oh, YOU BET THERE IS AN #EPSTEIN CONNECTION HERE........
MORE
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Revolver News
FTX on Steroids: Is "Tether" the Biden World's Crypto BCCI? - Revolver News
Is crypto's entire infrastructure perpetuated and kept alive because unseen cabals have decided its survival is more useful than its demise?
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Each dot represents $100,000 of US taxpayers' money ostensibly donated as vital "Aid to #Ukraine".
Much of it now likely lining the pockets of members of the corrupt #Zelensky #regime of #Ukraine.
It was recently revealed that some of this #US "aid-to-Ukraine" money was "invested", by the Zelensky regime, in the #FTX #crypto #ponzi scheme
Money from #FTX was subsequently laundered ("donated"), by #FTX founder Sam #BankmanFreid, back into the coffers of the Biden election campaign
#moneylaundering
Much of it now likely lining the pockets of members of the corrupt #Zelensky #regime of #Ukraine.
It was recently revealed that some of this #US "aid-to-Ukraine" money was "invested", by the Zelensky regime, in the #FTX #crypto #ponzi scheme
Money from #FTX was subsequently laundered ("donated"), by #FTX founder Sam #BankmanFreid, back into the coffers of the Biden election campaign
#moneylaundering
Clearly this Sam #BankmanFried (#SBF) guy has a massive sense of entitlement, and zero conscience or sense of shame
FTX Fraudster SAM BANKMAN-FRIED WANTS TO USE $460M ROBINHOOD STAKE TO PAY LAWYERS
"Mr. Bankman-Fried has not been found criminally or civilly liable for fraud, and it is improper for the #FTX Debtors to ask the Court to simply assume that everything Mr. Bankman-Fried ever touched is presumptively fraudulent" the attorneys said in a filing, according to Bloomberg.
#BankmanFried’s attorneys asserted that his need to cover legal costs outweighs any "economic loss" for #FTX, the filing added.
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#SBF's argument here can be summarised as:
"I havent actually been convicted, yet, of stealing that particular money, so I should be able to spend it to defend myself ...... from the charge of stealing it" -
#Crypto
#Ponzi
#Fraud
FTX Fraudster SAM BANKMAN-FRIED WANTS TO USE $460M ROBINHOOD STAKE TO PAY LAWYERS
"Mr. Bankman-Fried has not been found criminally or civilly liable for fraud, and it is improper for the #FTX Debtors to ask the Court to simply assume that everything Mr. Bankman-Fried ever touched is presumptively fraudulent" the attorneys said in a filing, according to Bloomberg.
#BankmanFried’s attorneys asserted that his need to cover legal costs outweighs any "economic loss" for #FTX, the filing added.
++++++++++++++
#SBF's argument here can be summarised as:
"I havent actually been convicted, yet, of stealing that particular money, so I should be able to spend it to defend myself ...... from the charge of stealing it" -
#Crypto
#Ponzi
#Fraud
New York Post
Sam Bankman-Fried wants to use $460M Robinhood stake to pay lawyers
SBF allegedly acquired the Robinhood stake using money he borrowed from his doomed crypto hedge fund Alameda Research.