Coinbase cash on hand is down to around $4 billion. They seem to be setting about a billion dollars a quarter on fire to enable ponzi scams, shitcoins, and fraudulent stablecoins like UST/USDT. Don't worry, their CEO said that bankruptcy isn't on the table just before firings.

As a lawyer who served in the SEC Enforcement Division for 18 yrs, I see red flags when a financial firm like engages a 5-person shop in the Caymans for an "attestation," and then shills it as a valid audit. And no SEC expert would dare disagree.nytimes.com/2022/06/17/tec…

🚨BREAKING: $SOL Is about to get liquidated A whale has deposited 5.7M SOL ($170M and borrowed 108M USDC and USDT borrowed And to prevent this they are proposing to literally steal the user's funds and execute OTC trades:

LEAKED DOCUMENT SHOWS #BlockFi LOST MORE THAN US$285,000,000 IN PAST TWO YEARS OF BULL MARKET Read the second thread on BlockFi, where otter throws a challenge to BlockFi's CEO below 🦦 👇🏼 🧵

JUST IN: #Solana-based protocol Solend has voted to temporarily control the largest whale's account to mitigate liquidation risks.

BREAKING: FTX & Sam allegedly bailed out massive crypto companies to limit this crypto crash.

JUST IN: Stablecoin $USDD has dropped to $0.94

CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return, in an effort to resume withdrawals after a client failed to repay a $47 million debt: Bloomberg...

Tether’s death spiral continues. Stair-step net redemptions now $16.5 billion. June 30 audit, er, point-in-time attestation, looms. Nice seeing the lads throwing life vests back and forth. If you have money, er, crypto, still on an exchange, what in the world are you thinking? 1/

So many threads that say “we’re entering a crypto winter” — what was the summer? Unsustainable models like Celsius that just hadn’t popped?

Circle's USDC scheme is on the brink of collapse. If you read their SPAC IPO filings its clear they have been losing money constantly but theres something dirtier happening underneath. They're at major risk on defaulting on USDC reserves. A deep dive 🧵 on USDC. 👇

Plot twist.

CZ 🔶 BNB Ah, the old mirage of getting rich without effort or skills... "Just give us whatever money you have now, and you will soon be partying on your yacht with three girls in bikinis by each side."

AmericasWakeUpCall Ther have been hundreds of "blockchain technology" startups and projects. I don't know of one that has SUCCEEDED. Remember Honduras' land registry on the blockchain? Walmart using blockchain to keep giardia off their lettuce? >>

That awkward moment when Sam Bankman-Ponzi boy is bailing out firms that, *checks notes* HE OWES MORE MONEY TO.

Voyager’s Chapter 11 bankruptcy filing shows that Alameda Research (SBF) owes the firm $376 million. AKA the same company many were hoping would bailout Voyager owes them $376 million…

So was it all just a leverage circle jerk? Walameda loans $500M to Royager at 5%, who loans it to Falaxy at 6%, who loans it to SchlockFi at 7%, who loans it to 4DC at 8%, who loans it to Zelcius at 9%, who puts it in Anchor?

Bitcoin and blockchain technology is garbage. The information that it is a pyramid scheme is out there: the profits for investors come only from new investors By ⁦Jorge Stolfi⁩ english.elpais.com/science-tech/2…

It was a fucking Ponzi scam. cnbc.com/2022/07/17/how…

The American tech sector is probably set back a decade because of the weird economic distortions of crypto. How many next Googles or mRNA vaccines never got funded because the money went to fund a techno-obscurantist Ponzi scheme for some VC bros to dump on the public instead.