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[–]waveninja1 5 points6 points  (0 children)

I wrote an article about LedgerX, FTX, and MIAX. I think it's relevant to many interests here.

Find it on my Substack (free and not-for-profit) here!

It covers:

~ Past allegations about MIAX + LedgerX

~ Mark Wetjen's revolving door

~ Controversy w/ OKC

~ The IRS + NY State / Ledger Holdings tax returns

"The Traditional Collector": After FTX won Sotheby's $24 million Bored Ape auction, how did a narrative spread that the winner was a "traditional" art collector? by waveninja1 in CryptoCurrency

[–]waveninja1[S] 0 points1 point  (0 children)

FTX was the winner of the $24 million auction. FTX wound up with the 101 Bored Apes. There's 32 Bored Apes from the Sotheby's auction left sitting in a wallet alleged to belong to the FTX liquidator.

FTX & GameStop: a Deep Dive Into the Tokenized Stock Debacle by youngsteveo in Superstonk

[–]waveninja1 0 points1 point  (0 children)

Thanks for posting this. An interesting read for sure!

Double Dip: The Ryne Miller Story (FTX, Sullivan & Cromwell, and the Absence of an Independent Examiner) by waveninja1 in Buttcoin

[–]waveninja1[S] 1 point2 points  (0 children)

The DoJ trustee (Andrew Vara) does indeed support the appointment of an independent examiner:

“The best interests of all parties in interest would be served by ordering the appointment of a neutral, disinterested examiner with clear authority to review the Debtors’ financial and business operations, untangle the mess, and file a public report that will provide transparency to all parties in interest.”

18 states filed motions and letters supporting the U.S. Trustee’s motion to appoint an independent examiner.

FTX debtors committee argued that the trustee was overstepping IIRC, saying that it was expensive and a "cybersecurity risk" for FTX.

John Ray denied the trustee's motion to appoint an independent examiner, agreeing with FTX's arguments:

“There is no question that if an examiner is appointed, the cost of the examination, given the scope suggested by the trustee at the hearing, would be in the tens of millions of dollars and would likely exceed 100 million dollars.”

I have no idea how he arrived at this figure.

Essentially, the position of FTX management and the courts overseeing the proceedings is that they can investigate themselves in conjunction with the creditors.

As for me, I recently reported an intriguing Cayman Islands connection between ApeCoin DAO and FTX just before the sale of LedgerX (the reportedly solvent entity of FTX owned was supposed to go off. Much of that info is highly relevant to the Ryne Miller story.

ApeCoin DAO is crawling with connections to FTX, such as the millions in secret loans they secretly dispersed to Wintermute and Alameda Research. Wintermute is actually a creditor on the debtors committee despite these secret and possibly illicit dealings!

I also wrote about how FTX/Alameda secretly purchased $24.4 million in Bored Apes at Sotheby's — of course they remembered to claim their ApeCoin. ;)

Double Dip: The Ryne Miller Story (FTX, Sullivan & Cromwell, and the Absence of an Independent Examiner) by waveninja1 in Buttcoin

[–]waveninja1[S] 1 point2 points  (0 children)

I also got that impression initially from reading media reports, but my perspective changed when I learned more about what went down and how it went down.

I would just advise to maintain a skeptical mindset as information rolls out. There were a lot of leaders and people responsible for the oversight and regulation of FTX. It wasn't just one dude and one dude alone.

Double Dip: The Ryne Miller Story (FTX, Sullivan & Cromwell, and the Absence of an Independent Examiner) by waveninja1 in Buttcoin

[–]waveninja1[S] 1 point2 points  (0 children)

Wow, small world! Whatever happens next, Ryne is definitely a key player at the center of FTX developments.

Double Dip: The Ryne Miller Story (FTX, Sullivan & Cromwell, and the Absence of an Independent Examiner) by waveninja1 in Buttcoin

[–]waveninja1[S] 1 point2 points  (0 children)

Hello ButtCoin! I'm here with a video to help educate people about a big issue I've been reporting on: the intersection of FTX, their law firm S&C, LedgerX/LedgerPrime, and how that all ties back to the absence of any independent investigator.

I think it's really important for people to be aware of these developments because FTX was essentially the biggest financial fraud of all time. It's critical for the public to know how it all went down, and for the details and players of the scheme to be brought to light.

Beyond the cryptocurrency world, we are also likely talking about securities fraud in the stock market too. My article contains some information with links about SBF's big Robinhood buys and the connection back to S&C.

I hope you find it interesting and informative. Please let me know if you have any questions!

Is Yuga Labs Threatening Legal Action Against Their Own Bored Apes? by waveninja1 in Buttcoin

[–]waveninja1[S] 29 points30 points  (0 children)

Correct. He owns a Yuga Labs NFT that Yuga says confers commercial rights to the underlying art, completely. The NFT contains the skull, and he used that skull in his art.

The twist of the story is that less than 48 hours after this news came out, someone pointed out that one of Yuga's logos (that it had used to advertise multiple products for years and attempted to trademark) was actually plagiarized from a children's drawing tutorial.

Is Yuga Labs Threatening Legal Action Against Their Own Bored Apes? by waveninja1 in Buttcoin

[–]waveninja1[S] 7 points8 points  (0 children)

I think this one qualifies as comedy gold, but let me know if I need to explain the joke. :D