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Mastodon: AboutGet the appKeyboard shortcutsView source codev4.4.0-nightly.2025-04-01

#finreg

9 posts6 participants0 posts today
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⚯ Michel de Cryptadamus ⚯

oh look, another #fintech bankruptcy involving Evolve Bank & Trust.

some other fun places Evolve has popped up:

1. issuer of #FTX and #BlockFi debit cards (before those companies blew up and customers lost all their money)
2. #GeorgeSantos and #AndyOgles held their campaign money at Evolve
3. #Synapse bankruptcy which cost customers of a bunch of fintech "banks" like #Yotta most if not all of their money
4. Partnered with "anti-woke" fintech #GloriFi
5. Got hacked by Russia midway through Synapse bankruptcy proceedings
6. Anonymous crypto debit card issuer for #ZELF
7. Frequently found to be the bank used by #pigbutchering fraudsters
8. Sanctioned by federal reserve for #moneylaundering

The fact that Evolve has not been shut down is insane. Banking system cannot survive if these kinds of bad actors roam free like the wind.

* more on Evolve: fintechbusinessweekly.substack
* even more: fintechbusinessweekly.substack

SCOOP: Another BaaS platform bankruptcy (yes, it involves troubled Evolve Bank & Trust) BaaS platform Solid declares bankruptcy; it had partnered with Evolve Bank & Trust, CBW Bank & Lewis & Clark Bank. What we know: Solid memorably was sued by its own investors, FTV, who accused the company of manipulating revenue numbers during its Series B fundraise. The matter was ultimately settled with Solid buying back FTV's stake at a 56% discount. Solid and Evolve have also been embroiled in lawsuits stemming from Solid's relationship with EZBanc, an entity with links to a convicted Russian money launder. Suits stemming from the EZBanc relationship accuse Solid and Evolve of fraud, negligence, and breach of fiduciary duty, among other allegations. Now, the company is seeking Chapter 11 bankruptcy protection, according to a petition filed in U.S. Bankruptcy Court in Delaware on Monday, April 7th.
#EvolveBank#EvolveBankAndTrust#finreg
Public
⚯ Michel de Cryptadamus ⚯

Good overview of the insanity that is #MichaelSaylor's "buy billions of dollars worth of bitcoin with borrowed money" approach to financial engineering.

> "If #MicroStrategy's strategy is so brilliant, why isn't every company doing it? Should Apple stop making iPhones and just convert its cash to Bitcoin? Should Coca-Cola abandon soda production and become a Bitcoin holding company?"

basedtoschi.substack.com/p/ins

Based Opinions · Inside Microstrategy's Bitcoin PyramidBy Based Toschi
#finreg#MSTR#STRK
Continued thread
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⚯ Michel de Cryptadamus ⚯

3/ lol so i guess whoever hacked america's core bank regulator (#OCC) was in the OCC's computer systems reading people's emails for most of a year

> "People familiar with the investigation told Bloomberg that the attackers had access to more email accts than previously thought and to around 100 bank regulators' emails."

Attribution for the source of the hack has not been made though article notes some vague similarities to other Chinese #SilkTyphoon operations.

#cybersecurity#infosec#uspol
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⚯ Michel de Cryptadamus ⚯

#Ripple, a shitcoin pump and dump company convicted of massive securities law violations, buying a tradfi ("traditional finance") prime broker is a perfect example of the crypto industry making big moves to take over and integrate with america's existing financial system in a way that will be very hard if not impossible to unravel.

All of the money for this corporate takeover came from dumping Ripple's #XRP tokens on retail suckers.

Also Ripple CEO Brad Garlinghouse was one of the 2024 election's biggest donors.

ripple.com/ripple-press/ripple

Ripple Acquires Prime Broker Hidden Road
RippleRipple Acquires Prime Broker Hidden RoadRipple announced it is acquiring Hidden Road for $1.25 billion, representing one of the largest deals in the digital assets space, and becoming the first crypto company to own and operate a global, multi-asset prime broker. Learn more about the deal.
#crypto#uspol#finreg
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⚯ Michel de Cryptadamus ⚯

People should understand that companies going forward will just issue crypto tokens instead of deal with the securities regulations that have protected investors for a century. There will be no disclosure of things like income, assets, ownership structure, and risks.

The #SEC has already changed the rules so that a company that wants to issue a token to raise money can just say "this is not a security and thus is unregulatable" and if the SEC does not object within 60-90 days then that company is in the clear permanently.

Mark my words, we're going to see #SpaceX, #Tesla, #OpenAI, and all the other opaque private companies burning insane amounts of money issuing tokens in the not to distant future.

x.com/BanklessHQ/status/190675

X (formerly Twitter)Bankless (@BanklessHQ) on X.@RobinhoodApp CEO @vladtenev on why we need to tokenize private companies like SpaceX & OpenAI 👇
#uspol#finreg#CFTC
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