Discover and read the best of Twitter Threads about #SigNet

Most recents (8)

🚨Ω🚨
$CUBI is now one of the most exposed banks, if not the single most crypto exposed bank, in the United States. They're also relying on brokered deposits to stay solvent, meaning they have to pay the highest interest rate of any bank or risk losing their deposits.

ngmi
🧵2/Ω
$CUBI is running the same game as $SBNY. Not even just the same game - they're literally running the same software. #TassatPay is just rebranded #SigNET. It's the kind of platform money launderers have wet dreams about.
🧵3/Ω
About $CUBI's brokered deposits game... They don't even have someone to negotiate with because #MaxMyInterest is apparently fully automated. In other words, #CodeIsLOL.
Read 10 tweets
🧵1/Ω
Amended $MCB 🧵: $MCB's auditor Crowe LLP raised a "critical audit matter" relating to the "qualitative" & "subjective" nature of $MCB's measurements of how many loans would go bad. (@RasooliSheida made a mistake w/r/t whether it was on the $MCB site but it's still bad. Image
🧵2/Ω
$MCB took a huge $35 million charge that wiped out their profits for 2022-Q4 in anticipation of getting fined civilly and possibly criminally for #PPP loan fraud of some kind.
🧵3/Ω
They did that because... they're under investigation. At the very least they are gonna get hit with major civil violations, but I have a hunch it will escalate to criminal bc of the #CryptoCom/#Binance connection... $MCB
Read 15 tweets
Tuesday Top Crypto News.

Everything you need to know in one short thread…
According to the Wall Street Journal (#WSJ) Coinbase Global (#COIN) told clients on Monday it’s no longer supporting #Signet, the real-time payments network of failed #SignatureBank.
The #Crypto #Fear and #Greed Index has hit its highest index score this year, reaching levels not seen since #Bitcoin posted its all-time high in November 2021.
Read 10 tweets
Barney Frank isn't an independent source.🚩

#SigNet, while it did have a few legitimate crypto firms using it, had MASSIVE volumes for SBF, CZ and Do Kwon as they stolen and laundered BILLIONS of 💲 for OFAC sanctioned Iran and Russia, drug cartels etc.

#ItWasTheCrime 🚨
@AlderLaneEggs we are still getting apologia for $SBNY. 🤦
Read 5 tweets
🧵1/Ω
ELI5: Why did #SilvergateBank / $SI just implode?

I realize some people may be wondering WTF just happened so here's the unannotated short version...

The story begins when $SI, a small regional bank, decided to go full crypto.
🧵2/Ω
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
🧵3/Ω
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
Read 30 tweets
🧵1/Ω
Now that #JosephDePaolo has suddenly resigned as CEO of $SBNY under a cloud of money laundering/fraud related smoke (he banked #Binance under a nonexistent Seychelles company which is illegal) here's a recording of an earnings call where he claims to not know who FTX is.
🧵2/Ω
In the aftermath of the #FTXplosion DePaolo, one of two CEOs of "crypto friendly" banks in the United States, would like you to believe that he has no idea what this "#FTX" thing is.

SBF was easily the most famous dude in finance at that moment and a CUSTOMER AT HIS BANK
🧵3/Ω
Maybe he really was that clueless. Would explain how so much #Binance money got laundered through his bank and how $SBNY ended up being #Tether's banker.
Read 13 tweets
OG: @pandanaiksapi:
#Binance is the largest crypto exchange in the world with a daily volume of over $15 billion, 10x bigger than the second. It's considered the safest for trading and storing #crypto assets, but is it truly #SAFU? #crypto #trading
A 🧵from a stupid trader (1/?)
Binance, founded by @cz_binance in 2017, has its origins in China. Due to the government's ban on #crypto, it had to move its headquarters to Japan. However, as Japan also started to implement stricter regulations for #crypto, Binance had to move again, this time to Malta. (2/?)
On Feb 21, 2020, the Malta Financial Services Authority (MFSA) announced that @binance does not have an operating license. Binance has also been investigated multiple times by the IRS and the US Department of Justice on charges of money laundering.


(3/?)
Read 42 tweets
🚨🧵1/Ω
does anyone find it kind of... 𝒆𝒆𝒓𝒊𝒆... that at any point in time there was more or less the exact same amount of #Tether on #Ethereum as on #JustinSun's #TRON?

it's almost as if #Tether was minting 2 $USDT for each $1 in #USD backing, one on each chain...

Ω👇Ω
🚨🧵2/Ω
I mean I guess we shouldn't really worry about it given that almost 100% of the $USDT on the #Tron blockchain was created for use by #SBF on his exchange #FTX. The #FTXScam is basically an honest exchange run by honest folks, right? #FTXScam
(h/t @DataFinnovation)

Ω👇Ω
🚨🧵3/Ω
Internet sleuths have been able to locate roughly half of the cash that backs $USDT. Surely any day now someone will stumble on all those tens of billions of dollars worth of "treasuries" that were formerly called "commercial paper"... (h/trick @DataFinnovation)

Ω👇Ω
Read 20 tweets

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