Thread Reader
Jack Farley

Jack Farley
@JackFarley96

Nov 23
7 tweets
Twitter

Wow, Scam Bankrun-Fraud ("SBF") continues to spin the same web of lies in letter to FTX employees, which is a disgrace. Lie #1: Before spring 2022, the value of FTX's assets ("collateral") was $60 Billion. This is a RIDICULOUS claim. A quick thread... (1/7)

We know that as of late October, most of FTX's assets consisted of: ~200 million FTT tokens ~6.5 billion SRM tokens ~6 Billion MAPS tokens ~192 Million OXY tokens (2/7)
How do we know that? These rough figures I estimated from reverse engineering the (un)balance(d) sheet SBF shared on November 10: (3/7)
Here's the problem: many of these tokens weren't part of the "circulating supply." Take the ~6.5 Billion in SRM tokens. The circulating supply of SRM is only 1 Billion, so FTX held -650% of the tokens. You're not supposed to be able to own more than 100% of something... (4/7)
...it gets worse. $SRM was so thinly traded in October 2022 that its 24 hour trading volume was only ~1/250th of FTX's $SRM holdings. 🤯 Pure fantasy. Shoutout to @DIRTY BUBBLE MEDIA: BARRY! for catching this in early November - I'll be interviewing him soon on @Forward Guidance (5/7)
this is too much to cover in one tweet thread. can't even finish lie #1 let alone get to lie #2 ("hyper-correlated crash") or lie #3 ("mislabelled fiat account" = THE MONEY WAS NEVER AT FTX) said "Jesus Christ" many times to myself while researching this links👇 (6/7)
link to SBF's letter to FTX employees: twitter.com/lizrhoffman/st… FTX balance sheet given to FT: ft.com/content/0c2a55… "Is Alameda Insolvent" dirtybubblemedia.substack.com/p/is-alameda-r… (7/7)
Liz Hoffman

Liz Hoffman
@lizrhoffman

Letter SBF sent today to FTX employees h/t @CoinDesk
Jack Farley

Jack Farley

@JackFarley96
Journalist and macro research @Blockworks_. Host of @ForwardGuidance podcast: https://t.co/YtVwCD0YO9
Follow on Twitter
Missing some tweets in this thread? Or failed to load images or videos? You can try to .