We all need a little more of this in our lives. NFT Market Collapses Just As Square Enix Sells Tomb Raider To Bet Big On Blockchain

Blade-Runner said:
Did you even read that document? It is quite literally not an audit.
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A little bit and it start with the sentence:
Independent auditors' report on the consolidated reserves report

Which if it is not an independent audit is quite misleading.
 
lopoetve said:
Oh yes, it is - but it's not an audit. It's a report. Oddly enough, they are often different things. See also: Arthur Andersen (https://en.wikipedia.org/wiki/Arthur_Andersen)
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I suspect that 98% of millennial fund managers have no fucking clue who Arthur Anderson were. Also humorous that anyone thinks that having an auditor with a recognisable brand name necessarily means everything is above board......see example 599:

https://www.ft.com/content/bcadbdcb-5cd7-487e-afdd-1e926831e9b7

It doesn't mean shit if there are not appropriate governance protocols in place and if the auditors don't do their jobs properly.
 
And here is another good article exploring Tether's shady beginnings and all the questionable characters involved:

https://thechainsaw.com/defi/crypto/tether-exposed-the-most-well-known-secret-in-crypto/

Unsurprisingly, Tether's bank Deltec (which hilariously is controlled by the co-creator of inspector gadget), was closely aligned with FTX.

https://finance.yahoo.com/news/co-creator-inspector-gadget-reportedly-190224219.html

You will not find a more villainous hive of scum than in the crypto industry. With all the red flags and proven frauds its hard to feel sympathy for anyone who loses money in crypto these days.

Edit: forgot this one, oldie but a goodie:

https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/
 
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Have you guys seen the crypto queen? She sold a bunch of nothing and is now wanted.

https://www.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec/index.html
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DukenukemX said:
Have you guys seen the crypto queen? She sold a bunch of nothing and is now wanted.

https://www.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec/index.html
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I'm not a fan of crypto, but I have to admit that Ignatova was just straight up fraud, not the normal ill-advised crypto-nonsense.

Yes, she told people she was going to replace bitcoin and sold a bunch of nothing, but it was even less nothing than typical crypto-currencies, because there was no crypto-currency behind it all. It was just false promises. It was just a straight up pyramid scheme, in the style of Bernie Madoff.

She is on record telling her inner circle how she was selling junk, and how they need to be prepared to disappear with the money when shit gets real.

She absconded with $4B of investor money. She reportedly travels with a cadre of armed guards, but hasn't been seen since she got on a Jet a while back. She either successfully disappeared with her cash, OR her armed guards decided that rather than working for a salary, they'd rather have all of the money, and that is why she hasn't been seen :p Who knows.

To be fair, stuff like this is easier because the crypto market is the wild west with no regulation, but her case is a separate and straight up fraud case compared to most crypto-bros who are misguided and think they are selling the future.

And this highlights the real problem with Crypto. Until it gets properly regulated, it will be the wild west full of snake oil salesmen, gangsters and con men. One might suggest we just regulate it and bring it above board, but as soon as you do, it sabotages the whole counter-culture movement around crypto, you know, "the fed doesn't oversee us, we can do whatever we want to, we are "liberating" the money supply, etc. etc, and once you do a majority of what many see as the value in crypto evaporates.

The crypto market is literally damned if they do, damned if they don't, and this is why I think it is inevitable that it collides with reality at some point and goes down in flames.

I'm hopeful that the SEC can take Ripple down a few pegs, but the whole case seems horribly mismanaged, with the SEC seemingly doing its best to try to piss off the judge, so that may not happen, but even if it doesn't, SEC won't stop there. They will continue to bring cases until they can regulate all of crypto, and once they are successful, crypto will become a footnote in history as when real oversight is present it will be apparent how scummy it has all been to date.
 
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