Symbio

just watching the crypto bubble unfold

sometimes researching stuff

[Protos @Protos]

Is Justin Sun mixing HTX’s reserves with Poloniex? https://t.co/MTefvQWesd

[Symbio @NoCryptFish]

@paoloardoino building a stable company my ass, your solvency has become extremely dependent on the gold & btc price in the past years.

your one quarter away from insolvency with that unstable backings!

[Symbio @NoCryptFish]

One of the 4 Binance's Insurance Funds for USDT margined perps is currently going down at a crazy rate and is soon depleted.

Either someone found a loophole to drain it or Binance is withdrawing money themselves. Would be unusual for binance to do it like this over weeks...

[Symbio @NoCryptFish]

Tethers Excess Reserves/Net Equity as percent of Total Reserves at lowest point since Q4 2022.🙃

Backing a Stablecoin with Gold & BTC was always stupid as fuck and greedy. If they crash further from here we will likely see a depeg as institutions will dump Tether imo.

[Symbio @NoCryptFish]

Tethers worst attest (expecting 3-4B. $ loss QoQ) should come out today! 🙃

[Protos @Protos]

SpaceX $SPCX IPO banks yell ‘buy’ as stock craters https://t.co/1Kz1GTcJUw

[Symbio @NoCryptFish]

From my calculations Tether made a ~3.8 Bil. $ loss on their BTC & Gold holdings in Q2. (assuming they didn't sell any since last attest)

That's a -46% decline on their excess reserves🙃

[Symbio @NoCryptFish]

@RhoRider Narrator: despite its name, Strategy did not, in fact, have a strategy and just went with shit on the fly.

[Isaac Saul @Ike_Saul]

Musk is way, way worse than a lot of people (myself included) thought. And he's now using his unbelievably large platform to egg on clear threats of violence against "traitors" (political opponents) and "invaders" (immigrants)

[Symbio @NoCryptFish]

It's absolutely mind boggling that HTX/@justinsuntron just keeps serving Russian citizens after the UK sanctions.

...visibly for every one in their public telegram channels.
They don't even try to hide it.

This messages are from yesterday 🙃

@Protos

[Bitfinex'ed 🔥🐧 Κασσάνδρα 🏺 @Bitfinexed]

Saylor: Never sell your bitcoin! Borrow money! Mortgage house! Do whatever you need to buy bitcoin!!!!!!!111111oneoneone

Saylor 2026: We are going to sell our bitcoin… at a loss! Epic strategy.

[Symbio @NoCryptFish]

HTX's Proof of Reserves (PoR) page now cites some mysterious Custodial Wallets since this month. Addresses are unknown, rendering the PoR useless.

latest PoR shows that:
- 82% of the 1B. $ Stablecoins are "custodial"
- 70% of the ETH are "custodial"

🙃

[Symbio @NoCryptFish]

...best case for users is @justinsuntron is "just" trying to circumvent recent GB sanctions and on-chain filters...worst he's gone with user assets for good.

either way user's should withdraw their assets asap

[Symbio @NoCryptFish]

HTX's Proof of Reserves (PoR) page now cites some mysterious Custodial Wallets since this month. Addresses are unknown, rendering the PoR useless.

latest PoR shows that:
- 82% of the 1B. $ Stablecoins are "custodial"
- 70% of the ETH are "custodial"

🙃

[Symbio @NoCryptFish]

The recent HTX sanctions were absolutely devastating for the exchange.

There's ~5mil $ USDT left on the exchange, lol.

I guess Justin Sun got to sell some TRX now to fulfill withdrawals or soon come up with some bullshit why people cant withdraw their money🙃

[Symbio @NoCryptFish]

If Tether's Q1 profit is 1.03Bil. $ and excess reserves went from 6.3Bil. $ to 8.2Bil. $ then this theoretically means tether topped up its excess reserves with ~1Bil. $ from outside (for the first time?!).

lets see how long they can do that 🙃

[Symbio @NoCryptFish]

this is only an estimation and does not take other assets value or amount changes in between attests in consideration, so take it with a grain of salt.

[Symbio @NoCryptFish]

calculated the theoretical profit/loss of the tether reserves quarter over quarter with the last attest data and current bitcoin & gold prices and it's not looking good this quarter🙃

[Symbio @NoCryptFish]

Calc is basically latest gold/btc amount * gold/btc price chart. Other assets value are measured as unchanged since last attest. I excludes their public equity, which also is btc / gold related, so its even worse.

[Symbio @NoCryptFish]

@crypto1nfern0 Also usd borrowed to long btc/usd pair on bitfinex at all time high, currently 5.6B $ 👀

It's wierd that that usd borrowed isn't higher, given that btc longs went up alot the past 3 weeks...

who the fuck borrows 5.6 Bil. USD with 14% interest😂