Does Spartans want to explain to the community why there was at least $25M of commingling between Blockdag & ZKP presale funds with Spartans KOL payment addresses onchain?
Gurhan Kiziloz projects continue to show red flags with deceptive marketing as the number of retail investor complaints on social media grows.
Source 1: https://t.co/tIhyRYWrPm
Source 2: https://t.co/4QzxzSuT57
Source 3: https://t.co/GVTf6fXpSQ
Source 4: https://t.co/Mgtd5xAlIU
The Death of Critical Thinking in Crypto
Trigger Warning: @binance
I’m not here to convert anyone from their chosen religion - whether that’s a blockchain, CEX, or DEX.
I’ve found the tools that work for me - tools that help me make money, that I enjoy using, that improve the quality of my life. I don’t need anyone’s approval for that.
What’s right for me might not be right for you, and that’s perfectly fine.
I’m not insecure enough to need validation, nor delusional enough to think my opinions could sway the hearts and minds of so many to make a difference. As I've always said: if your bags require you to constantly shill them, you have the wrong bags.
But in this era of crypto religion - where everyone defends their prophets, worships their chains, and shills their tokens - we’ve lost something essential: critical thinking. The ability to separate fact from fiction, to search for truth without bias or ego.
And that skill is non-negotiable for any serious investor.
The facts are painting a clear picture: Binance triggered the global cascade of liquidations just days ago.
Many brilliant researchers have laid it out in detail. This isn’t conspiracy or speculation - it simply is. I’ve shared some of that research here for anyone who values truth over tribalism.
I don’t care whether Binance succeeds or fails, or whether their tokens and “DEX” offshoots win or lose. I’ve never been a Binance customer, and it makes no difference to my life either way.
But if this industry wants to evolve, we have to face catastrophic failures with logic, not loyalty. Learn from them, adapt, and do what crypto was built to do: solve our own problems without waiting for regulators to “save” us.
Some have said I’m using these facts as an excuse for my own massive loss - that it’s easier to blame someone else.
Let me be vulnerable for a second: it’s not easier. It’s harder.
I told my wife earlier that I’ve been struggling emotionally. Because as investors, we understand risk. We accept it. We build systems to manage it. When those systems fail because of our error, we learn and grow stronger.
But when you realize your system didn’t fail - someone simply drove a tank through your house - it’s not liberating. It’s depressing. You followed your own battle-tested plan, and still got robbed. That feeling - helplessness, violation - I hate it.
But here’s the truth: victimhood doesn’t pay. Quitting doesn’t pay.
Adapting does. Pivoting does. Overcoming does. This is what both we as an industry as well as us as individual investors must do.
There will always be predators in the deep.
The key is learning how to stay safe from them.
🫡 From the depths —
The White Whale 🐋
A Post-Crash Pilot Debrief from The White Whale
$62M - gone in a flash. But as was repeatedly pounded into my head in pilot training: any landing you can walk away from is a good landing.
As I’ve been processing yesterday’s events, I want to share a few thoughts from a place of honesty, vulnerability, and accountability - as I always have.
Let’s start with why I faced such a large liquidation, and then I’ll share some observations from the last 18 hours.
First and foremost: I got too fixated on the goal.
At one point this year, my unrealized PnL sat at 98 out of 100 million. Counting profits from other platforms, I had actually surpassed that goal - but because some of those platforms lacked HyperLiquid’s transparency, it became a mental game of “proof, or it didn’t happen.”
Heading into late September, my thesis was that because everyone expected a dip, it wouldn’t happen - and I wanted to be positioned in case I was right. I wasn’t. But I remained calm; I’ve survived every “black swan” this year and turned each into profit before.
That 100M milestone meant more than numbers to me. Years ago, I built a real-world company with that same amount as my exit target goal. But I walked away - choosing peace over profit. Running it had made me miserable; I was a prisoner to my own creation. So being able to finish that prior goal, this time on my own terms, became a form of redemption. A personal validation that I’d found a better way.
I’ve always been stubbornly resilient. Knocked down, yes - but never out.
That same determination that helped me survive life’s earlier chapters also made me impatient to start the next one. I wanted to move beyond daily trading and begin shaping the future of this space - helping build what comes next, not just benefiting from it.
Crypto is wild, beautiful, and broken in equal measure. My background has always been consumer-first: if you do right by people, your reward eventually comes. That principle belongs here, too - and I intend to bring it here.
But I rushed. I let excitement override discipline. And that’s on me.
While the timeline was full of “crime season” posts (ironically including my own), I’ve always believed this: you can’t claim the victories if you won’t own the failures.
Yesterday, when someone asked how I was handling it, I admitted I cried in my wife’s arms. Some mocked it with “no crying in the casino.” But I shared that moment intentionally - because sometimes, it’s okay to not be okay.
Vulnerability, especially among men, needs more voices.
And for the record - I’m still up for the year. I’ll recover, rebuild, and rise again.
A few quick observations from the wreckage:
L2 failures, once again.
During peak activity, Arbitrum and Base failed me - transactions hung while I tried to move stables. Solana, meanwhile, stayed rock solid. It wouldn’t have saved the position (nothing could outrun that $3200 ETH / $138 SOL wick), but once again Solana proved it performs when it matters most and earns more of my loyalty by the day.
Leverage isn’t the villain.
Some rushed to say, “See, that’s why leverage kills you.” I reject that. Leverage is just a tool - like a knife, a car, or money itself. Tools aren’t evil. The hand that wields them determines the outcome.
The humanity in the aftermath.
Amid the trolls celebrating others’ losses - a dark side of this space I’ll never understand - I also witnessed incredible compassion. People offering comfort, solidarity…even five individuals offering to send me money to help rebuild. I refused, of course - but the gesture hit me hard. It reminded me that for all the toxicity, there’s still goodness here.
Most days I’m the one offering support, not receiving it. Yesterday reversed that dynamic - and it meant more than I can express.
This wasn’t my proudest moment. But every chapter - even the painful ones - has purpose. If this experience reminds even one person to stay humble, to manage risk, to remain human through the chaos, then it wasn’t wasted.
Losses teach what profits never can: where strength truly lives. And mine was never in the number - it’s in the will to rebuild.
🫡 From the depths —
The White Whale 🐋