Nobody Cares: the Non-Fungible Thread

Kamilah Hauptmann

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Binance next?

Outflows from Binance accelerated to $6bn in the first half of this week, while accounting firm Mazars has halted its work on crucial “proof of reserves” reporting, as the crypto exchange battles to avert a crisis of confidence.
From Hacker News:
and
All of the above and:

5) Binance does significant money laundering for Iran and Russia, so any complete picture of their balance sheet would invite sanctions and international retribution.
 

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In case someone wants the map for this quest.

 
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More of the same (criminal actions and fraud, that is).

According to a complaint made public on Tuesday in Manhattan federal court, Avraham Eisenberg's trades in futures related to Mango's crypto token MNGO enabled him to withdraw $110 million in cryptocurrencies from other investors' deposits, with no apparent intention to repay the funds.

Eisenberg was arrested on Monday night in Puerto Rico, U.S. Attorney Damian Williams in Manhattan said in a court filing. It was unclear whether Eisenberg has a lawyer.

However, according to Eisenberg, he's not a crook:

 
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Kamilah Hauptmann

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More of the same (criminal actions and fraud, that is).




However, according to Eisenberg, he's not a crook:

 

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OCC and the Fed at various times have played footsie with the crypto industry, with OCC granting special charters to crypto banks. But now they have followed the lead of [chairman of the SEC Gary] Gensler, who took the same hard line against owning crypto assets last April, through a bulletin saying that banks would have to mark digital assets as liabilities on their balance sheets for accounting purposes. Gensler’s bulletin has been mostly successful in keeping banks out of crypto.

Gensler also prevented the creation of an exchange-traded fund made up of Bitcoin funds, which would have made it easier for banks and individuals to get exposure to crypto, in much the same way as derivatives broadened the damage from the housing bubble collapse outward from just those who physically owned mortgages or mortgage-backed securities to a far larger group of investors.
 
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Also what the fuck, Fidelity?

Crypto decoded
Fidelity Crypto
SM

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Fidelity Crypto is not available in all states and only U.S. citizens are eligible. See our FAQs for details.
 
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MOAR.

Federal authorities on Wednesday arrested the founder of Bitzlato, a cryptocurrency exchange they said has been a financial haven for Russia-aligned criminals engaged in ransomware and illicit drug sales on the dark web.

Anatoly Legkodymov, a 40-year-old Russian national residing in Shenzhen, China, was arrested on Wednesday in Miami, US prosecutors said. The prosecutors alleged that on Legkodymov’s watch, Bitzlato processed roughly $4.58 billion worth of cryptocurrency transactions and that a “substantial portion of those transactions constitute the proceeds of crime, as well as funds intended for use in criminal transactions.” Bitzlato is known as a virtual asset service provider (VASP).
 
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All crypto currencies shall be managed through The Holy Church of His Watermelon X Conglomerate until the heat death of this universe. It is his dream. You will submit.
 
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I made myself a bet in my head about bitcoin when it was at $25,000. If I were into spending real money and shorted it till it got to $17,000 I won. If it went up to $32,000 I lost. Hmm, it's sitting at $30,000 right now. Maybe it's good I don't spend real money.