Tag: #Alameda #FTX #BITCOIN #CRYPTO

ECP Happenings Everyone is Trying to Rug Retail

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Everyone is Trying to Rug Retail

“We must especially beware of that small group of selfish men who would clip the wings of the American eagle in order to feather their own nests,” President Franklin Delano Roosevelt, January 6, 1941

The biggest barrier to Bitcoin adoption has been and continues to be altcoins and their promoters.

“F**k Around and Find Out.”
if you want to buy memecoins lol.

What’s a technology that you think is overhyped? Meredith Whittaker
I’m going to give a sideways answer to this, which is that the venture capital
business model needs to be understood as requiring hype. You can go back to the Netscape IPO, and that was the proof point that made venture capital the financial lifeblood of the tech industry.
Venture capital looks at valuations and growth, not necessarily at profit or
revenue. So you don’t actually have to invest in technology that works, or that even makes a profit, you simply have to have a narrative that is compelling enough to float those valuations. So you this repetitive and exhausting hype cycle as a feature in this industry. A couple of years ago, you would have been asking me about the metaverse, then last year, you would have asked me about Web3 and crypto, and for each of these inflection points there’s an Andreessen Horowitz manifesto.
It’s not simply that one piece of technology is overhyped, it’s that hype is a
necessary ingredient of the current business of the tech industry. We
should examine how often the financial incentive for hype is rewarded without any real social returns, without any meaningful progress in technology, without these tools and services and worlds ever actually manifesting. That’s key to understanding the growing chasm between the narrative of techno-optimists and the reality of our tech-encumbered world. –//–

The biggest barrier to Bitcoin adoption has been and continues to be altcoins and their promoters.

“F**k Around and Find Out.”
if you want to buy memecoins lol.

FTX collapse was a reminder… centralized platforms always risk failure.

Bitcoin, however, never defaults, never depends on shady operators. It’s the only safe bet.

The SEC’s crypto crackdown is DEAD.
John Reed Stark, ex-SEC enforcement chief, just said the agency is set to drop its Ripple appeal and halt ALL crypto cases.
The signs? SEC’s legal retreat against Coinbase & Binance. A top trial lawyer reassigned. Internal shake-ups. And now… Stark says crypto enforcement is OVER.
He called the Binance & Coinbase cases “done” and expects ALL SEC crypto lawsuits to be dismissed or settled in favor of crypto firms.
And Ripple? SEC’s appeal is likely gone.

#ftx repayments just hit.

FTX refunds hitting Kraken For 2022 values like a delayed karma payout – wonder how many of those dollars are going straight into memecoins
ETH holders getting same amount of ETH $ back

Feb 18, 2025, at 10 AM ET, is the 1st distribution of FTX repayments
$1.2B will be distributed:
– 28.75% of that didn’t do KYC
– 33.33% are claim buyers who likely won’t invest in crypto
– leaving only ~$400M (original holders)
If you have 1 BTC you will get 18K, price in 2022, If you have 1 SOL, you get $15
Meanwhile Ethereum hodlers with Ethereum in #FTX will get full $2500 same price in 2022

Starting Tuesday, some FTX customers will get repayments, over two years after its 2022 collapse.
Small claims under $50,000 go first, with billions to follow.

FTX failed after Sam Bankman-Fried’s firm misused funds; he got 25 years for fraud. The estate sold assets and expects 118% repayment, but payouts use 2022’s low crypto values, upsetting some.
Only 162,000 of 457,000 valid small claimants are verified so far.
FTX says delays ensure legal compliance.

Feb 18, 2025, at 10 AM ET, is the 1st distribution of FTX repayments
$1.2B will be distributed:

– 28.75% of that didn’t do KYC
– 33.33% are claim buyers who likely won’t invest in crypto
– leaving only ~$400M (original holders)

TRUMP MEDIA HAS AUTHORISED BITCOIN AND CRYPTO PURCHASES  BLOOMBERG – Trump Media authorizes investing in crypto assets.

SEC Commissioner Hester Peirce stated in an interview with Bloomberg that the SEC MAY NOT have jurisdiction over many of the memecoins flooding the crypto market.
Peirce noted that while each case should be assessed based on its specific circumstances, the majority of memecoins likely do not fall under the SEC’s jurisdiction, unless Congress or the CFTC decides to intervene. https://www.bloomberg.com/news/videos/2025-02-11/we-have-a-wonderful-workforce-at-sec-peirce-video

New SEC commissioner basically just said FAFO “F**k Around and Find Out.” if you want to buy memecoins lol. Actually insane.

Funny this probably has the opposite effect, if rugs are effectively legal then it commodities the behavior and there’s no reg arb value for token creators.

House Financial Services, House AG, Senate AG and Senate Banking Committees are forming a bicameral committee to lead on #crypto regulation where they will prioritize stablecoin and market structure legislation.

CZ responded on Twitter to the community suggestion of creating a memecoin based on his pet dog, stating that it was an interesting idea. He mentioned that, as usual for big decisions, he would take a day or two to consider whether to respect the dog’s privacy or reveal its information for the sake of creating a meme. He also noted that he might interact with some memes on BNB Chain.

“F**k Around and Find Out.”
if you want to buy memecoins lol.

Goldman Sachs reported owning $1.558 billion worth of BlackRock and Fidelity Bitcoin ETFs — MacroScope

Feds run nodes to spy on transactions,  This is why we need privacy protocols.
“network, including account smart contract code and changes made to the blockchain.
Archive nodes performed the same functions as full and also stored all historical data on the Ethereum blockchain. As Of in or about 2023, there was an archive Ethereum node in the Eastern District of New York.
https://www.forbes.com/sites/amorsexton/2024/10/30/the-operational-risks-of-ethereum-node-management/

“F**k Around and Find Out.”
if you want to buy memecoins lol.

“Follow the Money” Crypto
An in-depth interactive map on ‘Kumu’ of connections of individuals, venture capitalists, organizations, private companies and more surrounding the cryptocurrency space. Navigate the ‘Kumu’ map
https://embed.kumu.io/aaae57383cefa577118bb43cc8e8d52b

Howard Lutnick, the billionaire CEO of Cantor Fitzgerald, was confirmed by the Senate to be President Donald Trump’s Commerce secretary

@BoringSleuth Sep 21, 2024
We mapped out Tigran Gambaryan’s Exhibits provided in the Criminal Complaint’s against corrupt Agents Bridges and Force, and immediately found some Red Flags. https://threadreaderapp.com/thread/1837586590325166282.html

@BoringSleuth 2/12/25
In 2014, Israel had been called the center of the Bitcoin Universe. Their connections had been hidden, for the most part, up until the arrest of Charlie Schrem, founder of BitInstant. BitInstant was the first employer of Erik Voorhees’s.
Erik’s first Investors in Shapeshift, the Exchange he founded in response to Mt. Gox being shut down, was Roger Ver and the  Founder of Bitcoin Investment Trust, Barry Silbert.
https://forward.com/news/193160/bitcoins-jewish-whiz-kid/
https://x.com/BoringSleuth/status/1889761662934089998

“F**k Around and Find Out.”
if you want to buy memecoins lol.

Montreal entrepreneur Firoz Patel, subject of ICIJ’s #PandoraPapers, is set to spend an additional three and a half years in a U.S. prison for hiding tens of millions of dollars worth of bitcoin in an undeclared account following an earlier conviction.
https://www.icij.org/investigations/pandora-papers/canadian-businessman-sentenced-to-u-s-prison-for-concealing-bitcoin-stash/

Coinbase Derivatives to launch Solana $SOL futures. Very similar to FTT situation. CZ smells blood with the SOL unlock and he’s in full attack mode.

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ECP NetHappenings Newsletter Headlines 10-11-2023

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#HEALTH

Hopkins engineers join $45M project to develop sense-and-respond cancer implant technology The $45 million award to 10 teams of researchers from seven states will fast-track the development and testing of a first-of-its-kind approach to cancer treatment that aims to dramatically improve immunotherapy outcomes for patients with ovarian, pancreatic, and other difficult-to-treat cancers.

Scientists Warn: U.S. Drinking Water Often Contains Toxic Contaminants

#SECURITY

Patch now: This serious Linux vulnerability affects nearly all distributions
Qualys has discovered a nasty security hole, dubbed ‘Looney Tunables’, in the glibc C library. This means almost all Linux distributions have a bad security problem.

A “blood purity program”: Holocaust expert on why Trump is stoking fears of national blood poisoning!
Donald Trump’s anti-semitism and the danger of “poisoning the blood” rhetoric.

There could be crimes Trump committed that are so secret it isn’t worth charging: Experts

#POLITICS

Tremendous reporting from @ProPublica on the political machine run by #LeonardLeo, “The Man Behind the Right’s Supreme Court”
https://www.propublica.org/article/we-dont-talk-about-leonard-leo-supreme-court-supermajority

North Carolina Republicans Are Creating a ‘Secret Police Force’
This is a very frightening move by North Carolina Republicans. It is also very likely unconstitutional.
https://www.thedailybeast.com/north-carolina-republicans-are-creating-a-secret-police-force

#FIAT MONEY

Treasury Seeks Public Input on Draft OECD/G20 Inclusive Framework Pillar One Multilateral Convention Text
The Inclusive Framework’s Task Force on the Digital Economy released the current draft text of the Pillar One MLC, the Explanatory Statement to the Pillar One MLC, and the Understanding on the Application of Amount A Certainty (describing certain administration and dispute resolution parameters) following intensive negotiations. The three documents represent a years-long effort to find broad consensus among over 140 Inclusive Framework countries on a reallocation of taxing rights that better reflects the modern global economy.

BREAKING: The Biden administration is announcing an economy-wide ban on junk fees. A proposed FTC rule would ban businesses from charging hidden fees and require full prices to be shown up front. This would mean no more surprise fees at check out for hotels, tickets and more.

#FTX

Ex-girlfriend Caroline Ellison & Sam Bankman-Fried conspired to keep #Bitcoin under $20k by selling customer BTC.

When did FTX receive money into Alameda’s bank accounts?
Ellison: 2020. And into 2022. North Dimension was the name I was aware of.
AUSA: How much FTX money got deposited with Alameda?
Ellison: Ten to twenty billion dollars.

#Alameda had 10-20 billion dollars deposited to their bank accounts.
Alameda purchased 39 billion Tethers.
And allegedly sent 39 billion dollars to Tether.
With only 10-20 billion in deposits.
No wonder Tether fraud can’t do an audit…

#BITCOIN / #CRYPTO

Bitcoin consumes less than half the energy of the fiat banking system or gold mining. Why hasn’t Greenpeace campaigned against either of these industries?

NEW: #Bitcoin HODLers are stronger than ever!
Long-term holders now own 76% of the circulating supply (14.859M Bitcoin), and they’re accumulating at a rate of over 50k BTC per month 😱, suggesting that #Bitcoin’s supply is tightening.

MIT had Alex Mashinsky (mis-spelled on the Syllabus) give a lecture about Smart Contracts & Decentralized Finance in 2022.
Yes, the same Alex Mashinsky that was charged by the SEC with 7 counts of fraud.
I wonder how much people pay in tuition to attend a class where one of Crypto’s biggest felons shills them his bags? It seems the whole class was one big shill, much like Gensler did, when he taught a false History on Ethereum.

@jchervinsky
https://twitter.com/jchervinsky/status/1711905907603337668
How do you know that a federal court should dismiss an SEC enforcement action under major questions doctrine? When pro-SEC boosters are scared enough to write an ineffectual amicus brief begging “please don’t.” Three reasons why this brief gives me confidence that @Coinbase will win its case:
1) The breathtaking hypocrisy of the same author writing a 22-page paper *last month* arguing that Congress should pass new laws addressing crypto, directly contradicting the argument in this brief that the issue is already settled law. Last month: “This essay argues that crypto skeptics’ big bet on this Supreme Court declaring crypto tokens to be securities subject to the securities laws is incredibly risky…. Members of Congress should put forward legislation to codify the existing Howey test[.]”
Today: “Congress has already decided this question by granting the SEC jurisdiction to bring suits that allege that certain assets are securities.” https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.78.1.pdf
Which is it? Does Congress need to pass new laws because the Supreme Court will side with Coinbase, or has Congress already answered this question? I’ll place my bet on the former, as logic and common sense require, that Congress didn’t clearly and intentionally give the SEC authority to regulate *blockchain-based digital assets* back in the 1930s.
2) The obvious invalidity of the argument that the major questions doctrine should not apply to civil enforcement actions. Of course it does. The doctrine is best understood as a canon of statutory construction, which applies any time a federal agency asserts jurisdiction under federal law, regardless of the context. Here, the SEC says “the securities laws authorize us to regulate digital assets.” The major questions doctrine says, if digital asset regulation is an issue of vast economic and political significance (it is), then the SEC can only wield that authority if Congress “clearly” gave it to them. The SEC may wish for a loophole that says “but you can still wield that authority through regulation by enforcement” — after all, regulation by enforcement is the SEC’s favorite trick — but that’s not how the law works.
3) The far better arguments and reasoning set forth in amicus briefs by @BlockchainAssn, @crypto_council, @ProgressChamber, @CTATech, and a group of expert securities law professors explaining why major questions doctrine *does* apply here, and why the SEC’s theory on investment contract analysis fails:
– “The SEC has taken the novel position that nearly all digital assets sold on the secondary market are ‘investment contracts’ within the meaning of the federal securities laws, even though those transactions involve no ongoing contractual obligations. That position fails as a matter of text, history, precedent, and common sense.” https://theblockchainassociation.org/wp-content/uploads/2023/08/Coinbase-Amicus-Brief.pdf…
– “The SEC has suggested that by referencing both ‘contracts’ and ‘schemes,’ the Court in Howey must have meant to capture within the term ‘investment contract’ arrangements that did not involve any contractual undertakings. But nowhere does Howey suggest that it was doing away with the core textual and historical anchor of the statutory term ‘investment contract’—contractual undertakings.” https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.59.0.pdf
Tldr: Congress has never said tokens are securities; the law doesn’t support that conclusion; the court should dismiss the SEC’s case against Coinbase.

 

So Andrew Keys Computer made 1% of the entire Ethereum hashrate for at least the first month. Can you even imagine what amount China mined?
https://x.com/Leerzeit/status/1711813195290075247

 

@BoringSleuth 10/11/23
Propaganda 3.0

When Vitalik needed money to make his vision for Ethereum come true, he found his money in China, thru CCP affiliated entities. They’ve been involved since pre-Block 0.

I am of the belief that:

Greater than 66% of all $ETH tokens mined, Pre-Merge (Block: 15537393) on Ethereum ended up in wallets owned by entities backed by China/CCP (inc. the Ethereum Foundation).

These same entities were Ethereum’s largest Pre-Sale/ICO backers, and funded the foundation thru Wanxiang Blockchain.

The Majority of the Protocols, CEX’s, DEX’s, NFT Projects, Alt Coins, Sht Coins, Stablecoins, Layer 2’s, Casino’s, all are built and funded by these EXACT SAME ENTITIES.

On top of all of this, much of the crypto stolen from protocols ended up flowing thru wallets many of them own, or contracts they created.

Do you really think Eth 2.0, Proof of Stake is decentralized?

Sorry, it’s not. It’s never been. Not even close. All smoke and mirrors. Propaganda 3.0

I know that sharing the truth on-chain has been heard, and many people involved in the eco-system are taking a step back and beginning to ask the right questions.

Crypto lost its identity.

Crypto was hijacked by those that it threatened the most. Those who feared loss of power, influence, control, & wealth. They used corruption and theft to gain control over Crypto, all while having tools built to further monitor and control our daily lives. I hope that the wealth transfer from capitalizing on CVD-I9 isn’t enough to forever change the World for the bad. I hope we aren’t too late. Now is the time for everyone who can, to speak up and act, as it may be Our last chance.

Real change is going to come from the ones on the inside, and as much support as possible from the ones on the outside.

Embrace the Truth, Understand it, and Use it for Good, as there is not a better opportunity for positive, impactful change than what Conflict brings us.

Stay curious my friends,

—————–//———————