Bitcoin Era

[MagnarTheGreat]

Gizmodo - Company [Mazars] That Was Supposed to Tell Us if Binance Is Stable Calls It Quits
Mazars, the company that conducted Binance's ‘proof-of-reserve’ review, no longer has a working website, though CEO Changpeng Zhao has resisted a full audit.

Wall Street Journal - Binance Says Accounting Firm Mazars Pauses Work for Crypto Clients
Cryptocurrency exchange says outflows from platform swelled to $6 billion

 

[Teelie]

When the company auditing your finances calls it quits, that's a good sign your business is doing well.

 

[Prison Mike]

Mazars was the same firm that worked on Trump tax returns haha

 

[Iceman]

Ha, trouble ahead at Binance. These companies all feel like they can operate outside the law.

 

[MagnarTheGreat]

Gizmodo - Bitcoin Miner Core Scientific Files for Bankruptcy
The cryptocurrency industry takes another big hit—one of the largest publicly traded Bitcoin miners, Core Scientific, has filed for bankruptcy. The miner reportedly still plans to mine cryptocurrency as it pays off its debts.

 

[Sithborg]

Ha, trouble ahead at Binance. These companies all feel like they can operate outside the law.

Tech bro "disruption" is merely just breaking laws or exploiting loopholes because most lawmakers are too old to keep up with tech.

Probably should have taken some history lessons, though, as they are speed running pretty much all the great market crashes.

 

[MagnarTheGreat]

Sam Bankman-Fried's ex-girlfriend, FTX co-founder plead guilty to criminal charges

 

[Teelie]

That was remarkably quick. The evidence must have been so overwhelming there was no way they could stall it in court.

 

[Sithborg]

That was remarkably quick. The evidence must have been so overwhelming there was no way they could stall it in court.

They had a group chat called wire fraud. We are well beyond Stringer Bell comments on note taking.

 

[MagnarTheGreat]

How-To Geek - Your Crypto Money Might Not Legally Belong to You Anymore, Court Rules

 

[Teelie]

I have lost count of the reasons not to trust crypto.

 

[MagnarTheGreat]

Gizmodo - Celsius Was Allegedly Propping Up Its Own Crypto Token With Customer Funds
Shoba Pillay, the person tapped to examine Celsius’ goings on, said that execs including Alex Machinsky had sold tens of millions-worth of its native CEL token.

 

[Sithborg]

Amazing how that keeps happening.

 

[MagnarTheGreat]

From the CryptoBowl a year ago to this.

The Verge - Fox’s Super Bowl LVII ads won’t include any crypto companies

 

[MagnarTheGreat]

Judge says Bankman-Fried could 'conceivably' have bail revoked [for attempted witness tampering and other activities] | CNN Business

 

[Iceman]

Crooks all over the management of all this crypto stuff. People like no regulation but then where do you expect crooks to gravitate to.

 

[MagnarTheGreat]

Gizmodo - When It's Time to Ban Crypto, According to the IMF
IMF director Kristalina Georgieva said they favor ‘regulating’ crypto but if there’s too little, crypto bans ‘should not be taken off the table.’

 

[Kane52630]

 

[Iceman]

https://www.thestreet.com/investing/cryptocurrency/crypto-is-in-turmoil-again

 

[MagnarTheGreat]

Gizmodo - FTX Confirms $9 Billion in Customer Funds Vanished
According to a presentation to customers, ex-FTX CEO Sam Bankman-Fried allegedly let Alameda borrow $9.3 billion from customer accounts.

'vanished'...that's one way to put it.

 

[Iceman]

Gizmodo - FTX Confirms $9 Billion in Customer Funds Vanished
According to a presentation to customers, ex-FTX CEO Sam Bankman-Fried allegedly let Alameda borrow $9.3 billion from customer accounts.

'vanished'...that's one way to put it.

Money being lost from customer accounts is a crime. With other investment classes it's all supposed to be ringfenced to protect it but no one seems to follow any rules when it comes to crypto assets.

 

[MagnarTheGreat]

CNBC - More than $70 billion wiped off crypto market in 24 hours as bitcoin drops 8% below $20,000

• Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.
• Another factor weighing on crypto prices is the collapse of Silvergate Capital, a major lender to the crytpo industry. Silvergate said Wednesday it is winding down operations and liquidating its bank.
• Investors are also on edge after tech-focused Silicon Valley Bank said it sold off $21 billion worth of its holdings at a $1.8 billion loss.

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California

WSJ News Exclusive | Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts

Web3 is Going Just Great

 

[ComicChick]

i went ahead and sold off my ETH. only had a couple hundred worth but i don't see myself pursuing much crypto anymore so it can go lol

 

[Iceman]

CNBC - More than $70 billion wiped off crypto market in 24 hours as bitcoin drops 8% below $20,000

• Bitcoin fell below $20,000 on Friday hitting a near-two month low after a stock market sell-off in the U.S.
• Another factor weighing on crypto prices is the collapse of Silvergate Capital, a major lender to the crytpo industry. Silvergate said Wednesday it is winding down operations and liquidating its bank.
• Investors are also on edge after tech-focused Silicon Valley Bank said it sold off $21 billion worth of its holdings at a $1.8 billion loss.

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California

WSJ News Exclusive | Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts

Web3 is Going Just Great

That Silicon Valley Bank is a goner now too.

 

[MagnarTheGreat]

SVB Financial CEO Greg Becker Sold $3.6 Million in Stock Nearly Two Weeks Ago

Some banks flopping is fairly regular, though SVB is larger than most.

Banking regulators shutter SVB, collapse unnerves investors

FDIC: Bank Failures in Brief