Reply With QuoteI've sold out, too much shir at the moment, I'll wait for another crash
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Looks like someone down at the SEC has finally read Raffe's posts on this thread and decided to do something about it before he ends up going over there to see them in person.
Full document available here. Included is a pithy self styled summary of their corporate business model:
Tote bags and T-shirts already available from Redbubble.
I've sold out, too much shir at the moment, I'll wait for another crash
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Apparently things are exactly as they seem: Binance is an even bigger fraud than FTX. No record remains unchallenged for very long in cryptoland.Originally Posted by demonloop
And forum darlings Solana and Cardano getting hit hard as well. BTFD, me thinks?
Someone who lies about the little things will lie about the big things too.
Cardumpo
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#repossessedlambos
How is Aggro Blockchain doing? How much time is left on their clock, three months, six months? I wonder if they have any unencumbered assets left that they can borrow against, probably not.
Any takers for a little capital increase? They should have done it when their stock went from 4p to 20p in a few weeks, but they were too busy looking for a new CEO at the time.
As always, Aggro bagholders are hoping for a little huge bitcoin rally to save them. What are the odds?
Someone who lies about the little things will lie about the big things too.
You leave them alone. According to the press release issued to accompany their Q1 2023 results:
"[We are] moving ahead with a focus on financial discipline, operational excellence, and growth and strategic partnerships. To support these initiatives, we recently strengthened our finance team and appointed Jim MacCallum, CPA, CFA as Chief Financial Officer."
"In terms of financial discipline, we are taking a much more critical view of all operating expenses, and we've implemented a robust internal process aimed at reducing non-mining operating expenses. Compared to 2022, we've reduced our expenses by 70%. We are also evaluating options to strengthen our balance sheet."
Speaking personally,I'd be quite interested to hear their definition of what constitutes a "non-mining operating expense". However I'm even more curious for further details on the "'BlockMiner' machines" they are due to receive "later this year". Presumably funded from "the expenses" they've already reduced by 70%.
I must borrow your crystal ball before Fridays Euromillions ;-)Apparently things are exactly as they seem: Binance is an even bigger fraud than FTX. No record remains unchallenged for very long in cryptoland.
And forum darlings Solana and Cardano getting hit hard as well. BTFD, me thinks?
I have no funds in Binance, so not arsed either way. But does the SEC filing a charge mean much these days? See the XRP fiasco for the best example of that. How long has it been dragging on?
Lolz.
“[w]e are operating as a fking unlicensed securities exchange in the USA bro.”
Last edited by Raffe; 6th June 2023 at 23:28.
Someone who lies about the little things will lie about the big things too.
Yeah that doesn't look great :-)
Sometimes it's better to ask for forgiveness rather than permission though
(And helps if you throw a few bln into the pot at the same time)
This won't be a death blow for Binance IMO
Last edited by demonloop; 7th June 2023 at 09:09.
HEHE Suicide Lizzy kinda tried that approach, 30 , 40 billion vapourised!
They have 300 petahash of ePic Blockminer machines on order that have already been paid for.
https://epicblockchain.io/wp-content...23/05/520i.pdf
Can you link to the info that these machines have already been paid for?
Someone who lies about the little things will lie about the big things too.
Sure.
It’s point 28 in the last financial statement.
https://www.londonstockexchange.com/...sults/15935832
It was all discussed in more detail in the recent video chat after the full year results.
They paid a $3.3m down payment to ePic and have recently paid the first $438k settlement payment. So they still owe $424k or about 10% of the total, on delivery.
Todays update says they’ve sold 32 BTC from the hodl to increase their cash position, so I’d guess this is in preparation for the machines arriving.
“The Group has entered into an agreement for the purchase of mining machines to be delivered in 2023. A deposit of USD$3.3M (£2.7m) is on account. Payments of USD$438k (£363k) and USD$424k (£352k) will be made prior to delivery of the machines.”
Whatever happened to keeping their coins on the balance sheet because number go up? Betcha those machines are already pledged against some external financing. When the cash runs out, shareholders will find out that the company has zero unencumbered assets.
"the Company may be unable to secure sufficient additional financing to meet its operating needs, and the Company may not generate sufficient working capital to fund its operations for the next twelve months as contemplated."
Oopsies. It's a doughnut.
Someone who lies about the little things will lie about the big things too.
I think half of the BTC miners are relying on BTC going up to at least $40k for a good few months before the end of 2024. If it doesn’t, then half the miners will go pop and I dare say MSTR will too.
The profit that BTC miners make goes parabolic when BTC goes up in value.
Tick Tock.
Yes. Tic toc.
Someone who lies about the little things will lie about the big things too.
My money is on Cleanspark, TerraWulf, Iris Energy and a couple of others, for this next bull run. Currently ~80% up on those first two. Lots of lessons learned from the Argo nightmare.
They will all go to zero.
Someone who lies about the little things will lie about the big things too.
I do love your binary predictions of boom or bust.
We are yet to have one of your predictions come true.
Tether, for example, is flying. Total opposite of your prediction that it’ll have collapsed and disappeared by now.
Tether has been lying about their reserves for years. When the Fed started raising interest rates, they suddenly found themselves with tons of windfall interest income on their reserves, as they pay no interest rates. This has enabled them to replace a lot of the worthless reserves with real stuff, so you can say they have been saved by the Fed. Why people are accepting interest-free USD tokens when they can get almost 5% in US government bonds is another question and completely beyond me.
Someone who lies about the little things will lie about the big things too.
They don't just swop their fiat cash for USD Tether tokens and let them sit there earning zero interest.
They swop them for other tokens like ETH that you can earn 5%+ interest on through staking, or they swop them for Pepe tokens that earn them a 10,000% profit in 24 hours
Hence why the US have given up and just said sue everyone and Gensler values his job more than his integrity
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So who is holding the USD 83 billion of tether tokens? Nobody?They don't just swop their fiat cash for USD Tether tokens and let them sit there earning zero interest.
They swop them for other tokens like ETH that you can earn 5%+ interest on through staking, or they swop them for Pepe tokens that earn them a 10,000% profit in 24 hours
Someone who lies about the little things will lie about the big things too.
If you “on ramp” with fiat, which creates the tether, then convert the tether to BTC or any other token, then I guess the tether sits on the exchange.
I’ve often wondered what happens if you convert your GBP to Tether so you can buy Bitcoin on an exchange, then sell the BTC back into USDC or another stable coin and “off ramp”…..what happens then?
You’ve created Tether by buying it, but have cashed out using another stable coin so it must leave an imbalance between all the stable coins.
Slightly confusing.
It doesn't sit on the exchange, it is exchanged (the clue is in the name) with the seller of the BTC, who then owns it. So they are then holding a token with zero interest rate.
No matter how you trade, somebody owns the interest-free tether at any period in time.
Someone who lies about the little things will lie about the big things too.
The SEC claim Binance US moved 12bn of user funds to companies controlled by CZ
CZ claims that Binance US had a total of 2bn in user funds
Someone is chatting sh1t
Time will tell who
Ah, nope that isn't true.
The Securities and Exchange Commission has accused Binance and Binance.US of redirecting over $12 billion in customer assets to entities controlled by Binance founder and owner Changpeng ‘CZ’ Zhao between 2019 and 2021.
The fresh SEC allegations come as supporting evidence in a request by the agency to a federal judge to place a temporary freeze on assets, beyond customer redemptions, at Binance.US.
(...) In a tweet posted Thursday, Zhao only addressed the Binance.US portion of the allegation.
"To the best of my knowledge, Binance.US had in total roughly $2 billion in user funds," he said, referencing part of the allegation that his trading platforms redirected customer funds to his own investment firms.
(...) The tweeted statement did not address the evidence presented to support allegations of market manipulation, uncertain collateral for assets traded on the U.S. platform, lying to customers about custody practices, or other claims made in the SEC's court filings.
https://www.theblock.co/post/233652/...to-zhaos-funds
Someone who lies about the little things will lie about the big things too.
Oopsies.
Someone who lies about the little things will lie about the big things too.
Working as intended.
https://www.wsj.com/articles/how-nor...ogram-d6fe8782
Someone who lies about the little things will lie about the big things too.
SEC lawsuit going well…
“There has never been any evidence presented by the SEC concerning mis-use of customer assets. In fact, the SEC lawyers conceded in Court earlier this week, when asked by the Judge, that they had no evidence suggesting that any such thing had occurred.”
That's a press statement by Binance. What are we to make of it?
This litigation is far from over, and Binance.US has agreed to some very interesting provisions in last weeks provisional settlement. There is a lot more to come.
Someone who lies about the little things will lie about the big things too.
Its a statement of what was said in court, which contrary to what was being claimed about CZ / Binance transferring out US funds
First blow to Binance, in what will be a long battle
It's a statement by Binance of what happened in court. The other party may disagree.
Someone who lies about the little things will lie about the big things too.
They can’t disagree with a court transcript.
https://twitter.com/cz_binance/statu...EWGpd8P93me7Rg
'but we have considerable evidence of.....'
Then it's cut off
I suspect there is more
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Bit comical now, ripping single sentences out of context and presenting them as proof of exactly what?
Maybe look at what independent people are writing about the settlement?
Binance.US and the US Securities and Exchange Commission (SEC) have come to an agreement that avoids a complete freezing of assets on the cryptocurrency trading platform as the legal case unfolds. As per the terms of the agreement, Binance Holdings, BAM Management US, BAM Trading Services, and the founder Changpeng “CZ” Zhao are obligated to return customer assets from Binance.US to their rightful owners.
Following recent developments, the platform has undergone restrictions that limit its utilization of corporate assets, with the exception of essential business expenses. Additionally, customers based in the United States have been granted the ability to redeem their funds from the platform. These provisions were outlined in the order presented by US Judge Amy Berman Jackson in the Washington federal court. The judge’s ruling brings about a resolution that satisfies all parties involved, effectively safeguarding billions of dollars in customer funds without requiring the exchange to cease its operations. At first, the SEC aimed to freeze all assets held by Binance.US, which is under the ownership of Zhao, co-founder of Binance Holdings Ltd. Amidst its ongoing battle with the SEC’s lawsuit and its steadfast assurance of customer asset security, Binance.US contended that a complete freeze of all funds would inflict significant damage upon its business operations and have adverse consequences for its customers.
Inside Bitcoins
CZ could urinate in a glass and his followers would drink it and call it delicious. What does accepting a settlement forcing them to "return customer assets from Binance.US to their rightful owners" say about the past handling of such assets? Asking for a friend.
Someone who lies about the little things will lie about the big things too.
Read the settlement for yourself. There is nothing, absolutely nothing positive in it for Binance and there is nothing that can be interpreted as a win:
https://www.johnreedstark.com/wp-con...nsentOrder.pdf
The SEC celebrates this as a win, and I think they have plenty reason to:
The Securities and Exchange Commission today secured emergency relief in which the all the defendants in its litigation against Binance Holdings Limited, BAM Management US Holdings Inc., BAM Trading Services Inc., and Changpeng Zhao agreed to repatriate to the United States assets held for the benefit of customers of the Binance.US crypto trading platform. The order from the United States District Court for the District of Columbia also prohibits defendants BAM Trading Services Inc. and BAM Management US Holdings, Inc. (together, “BAM”) from spending corporate assets other than in the ordinary course of business. The order helps ensure that Binance.US customers are permitted to withdraw their assets from the platform and that those assets that remain on the platform are protected and remain in the United States through the resolution of the SEC’s pending litigation against Binance Holdings Ltd., BAM, and their founder, Zhao.
“Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “Further, we ensured that U.S. customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct and hold Zhao and the Binance entities accountable for their alleged securities law violations.”
Specifically, the order (1) requires all of the defendants to repatriate to the United States assets held for the benefit of BAM’s U.S. customers; (2) requires BAM to maintain U.S. customer assets in the United States for the duration of the litigation and to facilitate customer withdrawals; (3) expressly prohibits BAM from transferring any assets or funds, or from providing control over such assets or funds, to co-defendants Binance Holdings Limited, Changpeng Zhao, or their affiliates; (4) restricts BAM from spending assets or funds except for ordinary course business expenses and requires BAM to provide the SEC with oversight over such expenses; (5) prohibits all of the defendants from destroying records; (6) requires all of the defendants to submit expedited sworn accountings of certain assets to the SEC; and (7) requires all of the defendants to submit to expedited discovery by the SEC on the custody and security of customer assets.
SEC
Someone who lies about the little things will lie about the big things too.
It's indeed going very well for Binance. Up Is Down and Black Is White.
European states working with SEC on Binance investigation
Exploring the similarities between crypto exchanges Binance and FTX
Binance deregisters in UK amid regulatory woes
Oh yes, and the SEC deal was a total win for CZ and Binance.
Onwards and upwards, next stop is on the moon!
Someone who lies about the little things will lie about the big things too.
The SEC wanted Binances assets frozen
Binances assets were not frozen, there were some commitments made to the court instead
I don’t see that as a win for the SEC, YMMV
Long way to go on this one
I wonder how the FTX investigation is going? That appeared to be an outright fraud, but it’s gone pretty quiet on that front
Is this the halving bull run already? Huge amounts of Tether were issued and bitcoin bought with leverage.
Get on board, next stop on the moon.
Someone who lies about the little things will lie about the big things too.
+10% last 24hrs
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31k
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Binance shut down in Belgium yesterday. Netherlands and France earlier this week.
Meanwhile , meme city
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Anyone know the timescale on the Blackrock EFT getting approval? (or not?) Surely BTC will go up if that happens
<tin foil hat on> I wonder if the pressure being applied to Binance has anything to do with the established big players wanting to come in (and dominate) the space, Blackrock as an example <hat back off, normal service resumed>
Sure, Jan.
Someone who lies about the little things will lie about the big things too.
That long? Jeez..
Hodling it is then
I expect it to happen quicker than Jan. Blackrock have many strings they can pull.
Someone who lies about the little things will lie about the big things too.
Hehe!
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