FatMan
@FatManTerra
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FatMan from Terra Research Forum Cryptocurrency & finance researcher Whistleblower of the Terra fraud. Assisted government agencies in taking down Do Kwon.
Joined May 2022
🧵 I've been using this account to document the Terra fraud, but there's a lot of info and it can be hard to parse. Here's a simple summary thread (linking to past tweets) outlining the key milestones in Do Kwon's destructive path of fraud - proving malice, greed, and crime.
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Terrifying video. BitBoy gives the floor to this woman, assuming she has no evidence of him being a scammer. She brings up the ZachXBT threads. He realizes that she has legitimate evidence, so he suddenly cuts her off and starts yelling that she's a child molestor. Just WTF.
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In the past 48 hours I have been contacted by several whistleblowers. These people would like to and will stay anonymous. I have learned some deeply troubling things and there is a lot more to come - this is just the very beginning. Here is some of what I can tell you.
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Caroline Ellison: Stanford degree in Mathematics.Sam Trabucco: MIT degree in Mathematics.SBF: MIT degree in Physics & Mathematics. These degrees are not easy to get. Make no mistake - these criminals didn't "accidentally" forget about $8b. This was methodical, systematic fraud.
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Only in crypto. "Yeah, this security was created by a dude who's literally wanted by the police, but if you click this little button you can trade it no problemo"
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There is far more that I cannot say, but know that I know, and know that justice is coming, because this time I think you went too far - this time you killed people - someone has to fight for them. If I go, someone will take my place. This is nothing - just the start. Go time.
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🧵 Some of you thought $80m per month was bad. That's nothing. Here's how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA & UST system and into hard money like USDT. (1/13).
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🧵 New blockchain data reveals the root cause of the May UST depeg. In the 3 weeks leading up to the depeg, one entity dumped over $450m of UST on the open market. 4 days after their last sale, UST started collapsing. That entity? None other than Terraform Labs. Details inside.
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🧵 Su Zhu is now back in Singapore working with a law firm specializing in white collar crime. He really doesn't want to go to prison, and creditors are after him. But how did he get to this point? Where did 3AC go wrong, and what should you do next?.
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Yikes. @stablegains took USDC and USD via wire from customers promising them 15%, put it all into Anchor without telling them, and skimmed 4% off the top. They have now changed the denominations in their app from USD to UST and are nuking the landing page & old terms. (1/2)
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A verified source has confirmed that Zhu Su, the CEO of 3AC, owned a megayacht worth $50m that he would show off to friends and prospective investors to signal his luxurious wealth. This yacht was purchased with borrowed money, and 3AC has been unable to cover it beyond the down.
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🧵 A verified insider has confirmed that FTX manipulated the Voyager assets auction in order to secure the winning bid. This was done to delay the recall of Voyager's loans to FTX & Alameda, which would have exposed SBF's fraudulent practices much earlier. More details below.
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🧵 Today, I'm sharing my long-standing theory behind a US government covert operation designed to partially crack Bitcoin privacy and deanonymize transactions. I believe that popular Bitcoin mixer ChipMixer is actually a United States government honeypot. Here's why.
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Anyway - this lady deserves a standing ovation. Most people do not have the courage to publicly confront a scammer in person. Whoever you are, thank you for trying to bring awareness to BitBoy's grift, and I hope your message spreads far and wide.
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I believe someone is funding a media campaign to influence the narrative around the FTX crew - who should be seen as nothing short of supervillains. Here is a Forbes reporter seeking favourable comments from "supporters" instead of reporting on the actual facts.
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If you're ever feeling down or angry at yourself about UST/LUNA, don't beat yourself up too much over it. It was highly sophisticated deception. A lot of brilliant minds fell for it. For example, Three Arrows Capital bought 10.9M locked LUNA for $559.6m - it's now worth $670.45.
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Yes, her accusations are legitimate and backed up by facts. To see what she's talking about, paste "from:ZachXBT BitBoy" in your search bar. BitBoy is a grifter, and the scam projects he works with funnel money risk-free out of retail into his own pockets.
1/ Let’s review all the direct scams Bitboy has worked with in the past. Just in case you forgot here is the flyer with how much he charges. I received this a while back by posing as a project interested in a promotion. 🧵 👇
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@RepMaxineWaters @SBF_FTX I sincerely hope that this is a ruse to get SBF into the US so you can sneak attack him with handcuffs and haul him to prison. If not, then I'm at a loss for words, and I will have to concede that you are exactly as corrupt as people say you are.
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Very dark day for crypto. You can call it naivety, but I've long considered CZ to be an upstanding and trustworthy ambassador of the space. Learning that Binance had secret in-house trading accounts & access to proprietary client data is disheartening and jarring.
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Messages popping up in public Discord servers of random people grabbing $3K-$20K from the Nomad bridge - all one had to do was copy the first hacker's transaction and change the address, then hit send through Etherscan. In true crypto fashion - the first decentralized robbery.
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Caught. The 'mystery' wallet with a 20M LUNA airdrop that was voting on Do's own proposal, delegating to North Star, insider trading ASTRO, etc. - it is officially confirmed that it belongs to Do Kwon himself. (1/3)
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This is incredible. A centralized yield service, CoinFLEX, gave a $47m uncollateralized loan to someone who can't pay it right now. To fund other customers' withdrawals, they are now turning his debt into a token and selling it to people, offering 20% APY on it. Amazingly degen.
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Korean prosecutors allege that Do Kwon tried cashing out over 3,313 BTC through KuCoin and OKX shortly after a warrant for his arrest was released. They allege that these funds came from the LFG reserves, which Do Kwon previously claimed had been deployed to defend the UST peg.
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@SBF_FTX I know about the 30% Serum handshake deal with Jump and what you did to retail investors after.
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For the past few weeks, I have been investigating evidence and testimony from people involved in Terra's extensive shill network, as well as potential back room promotion deals with YouTube influencer/grifter Ran Neuner. Today, his legal team threatened me with a lawsuit. (1/3)
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@coinmamba @cz_binance CZ is denying you service after you threatened to destroy his business on social media if he didn't pay you back for a scam he wasn't responsible for. Not saying I necessarily agree with his decision, but this is not as egregious as you make it sound. Seems pretty reasonable.
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BitBoy Crypto publicly threatens Celsius with a lawsuit, then remembers two days later that he was complicit in the grift since he shilled Celsius to millions of people and profited off of it, so he can't start the class action himself. Can't make this stuff up.
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From Voyager's subreddit. Pretty messed up; we keep talking about these companies throwing around nine-figure sums and make fun of people like Su Zhu, but in the end, they're all still living lavish lives. That $650m wasn't theirs - it was hundreds of people's savings added up.
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I have received word from a verified source at a top law firm in the US that class actions are being prepared against Binance, Gemini, Kraken, and Coinbase under the Securities Act for the sale of UST and LUNA to US customers. They are looking to file within ten weeks.
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Crypto is too funny to be real sometimes. • accidentally sends a woman $10.5m.• She buys a luxury mansion with a gym & cinema.• They realize 7 months later and sue her.• She doesn't turn up to court and loses by default; now has to sell the house
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@stablekwon I know about the bailout from Jump in May 2021 and I know exactly how much you owe them every month in LUNA (hint: how many zeroes in a million?).
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A verified source has confirmed that Su Zhu is urgently trying to sell his $35m house in Singapore, currently held in his son's trust. He is requesting the funds to be transferred to a bank account in Dubai and has no intention of paying creditors with the proceeds from the sale.
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I'm pretty sure a leaked balance sheet, flimsy collateral, internal embezzlement, and the CZ tweet brought down FTX - not some delusional scammer with a messiah complex who shilled FTT to his audience. Anyway, as requested, I'll screenshot this so everyone can make fun of you.
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@jump_ I know exactly what you did to manipulate retail into losing billions on UST but especially LUNA.
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🧵 On-chain data reveals the covert operations of a Binance listings insider. Over the course of several months, this anonymous individual front-ran the infamous Binance listing pumps of multiple altcoins, booking a 7-figure profit. And he left a trail for us to follow. (1/9).
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After Hodlnaut defrauded their customers by secretly putting everything into UST, the court-appointed judicial managers stored the leftover funds for creditors in various places for safekeeping. Including $13m in FTX. RIP, double rugged.
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🧵👇 Do Kwon and Terraform Labs defrauded the retail public of hundreds of millions of dollars *that they currently still have*. It came out of the pockets of LUNA & UST holders and went into their wallets. Here's why you should be mad, and here's what you can do about it. 🧵👇.
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What infuriates me is that scammers with power or a large platform can very, very easily knock down and discredit credible criticism - and gaslight/strawman people into believing they were right all along. There is no possible recourse because the respondent has no real voice.
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Prepare your online presence. If FTX goes into bankruptcy, there is a good chance that full names and crypto balances of all users will be made public. It will be a privacy nightmare, and many will be blackmailed/harmed. Consider this an eventuality and take preemptive measures.
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@KanavKariya I know who controls you behind the scenes (B); I know about your Slack group having a 14 day retention window.
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Mirror Protocol is being exploited again as we speak, and the devs are completely MIA. So far, the attacker has drained over $2m and counting - the attack will get worse when markets open tomorrow unless the dev team steps in and fixes the price oracle. @mirror_protocol (1/4).
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This is obvious, but I'll say it anyway on behalf of all UST holders: any airdrop sent to us by any network is purely a gift of your own volition. Accepting or moving this airdrop does not constitute a waiver of our right to redeem 1 USD or $1 of LUNA for 1 UST. Like if you agree.
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Call me cruel, but I will have absolutely zero sympathy for people who read all of this and still get scammed by Su's second fund, SBF's next exchange, Do's new blockchain, Mashinsky's platform revamp, Caroline's new fund etc. You should all know better by now.
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@zachxbt @TheCryptoLark Wow. Unequivocal, categorical evidence that these people directly use their followers as exit liquidity and that their videos are completely disingenuous. This needs to be illegal. Absolutely disgusting. Great job with the thread!.
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Only in crypto. Stockholm syndrome combined with desperation creates some fascinating results.
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A Taiwanese man jumped from the 13th floor to his death after his $2m in LUNA turned into $1k. This is the first verified account (from prosecutors in Taipei) of a suicide directly caused by Terra. Harrowing - this life is gone and will never come back.
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Do Kwon, the man who brought so much horror and suffering to thousands of people across the world for his own enrichment, is now officially a wanted fugitive. A great day for justice. And there are still a few more shoes left to drop. May the best man win.
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While legal bullying of this scale is scary - I have little money and no power - I have a much more formidable force standing behind me. The truth. I will post the thread anyway (after my findings are complete, which will take a few days). See you in court, I guess (3/3).
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Can't sleep, so I'll add this. Jump Trading publicly runs validator nodes on one of Solana's key oracles (Pyth) and the key bridge (Wormhole). An employee from Jump has told me that they consider both Pyth and Wormhole to be multi-billion dollar exits to dump on retail. (1/2).
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This is pretty wild. The Solend team wants to take over the whale's account and execute the liquidation themselves. The whale's position is so degenerate that if SOL drops too low it will create cascading liquidations across the DEX books (and potentially bad debt). "DeFi"
SLND1, the first governance proposal for Solend DAO has been proposed.
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A verified source has confirmed that 3AC borrowed money from multiple funds and counterparties and put it into Anchor to generate yield without telling them. Their UST position was confirmed to be at least nine figures before the Terra depegging event.
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I don't fully understand why people are blaming the influencers who promoted FTX. SBF hoodwinked regulators and auditors, curating a perfect image. How could mere promoters have known? The red flags never indicated depositor fraud. Let's not rewrite history; FTX looked 100% safe.
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Korean media reports that for years, Do Kwon had secretly been sponsoring a prominent Montenegrin politician using illegal funds. Two days ago, a Montenegro high court approved Do Kwon's bail request again, allowing for his release from prison.
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Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 'community owned'. This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they're lying through their teeth. (1/6)
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Is he. Is he making a joke on the backs of people who committed suicide over LUNA and Anchor?. The little respect I had left for him just vanished.
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Genesis handed Do Kwon $1B in Bitcoin - real, hard money - in exchange for 1B UST tokens that TFL printed out of thin air. Do Kwon's wistful comment on the trade is amusing, since he's probably laughing behind the screen at how he pulled off one of the greatest cons of all time.
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Even the big trading accounts you perceive as "successful" are usually engaging in cherry picking. They tend to craft feeds that allow for compelling post hoc underscoring of their "correct" calls. They count on people not checking their history (most don't) or calling them out.
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Maybe controversial Binance take: I believe it's 100% within reason for a business owner to deny service to a customer that is blackmailing them with slanderous & negative social media coverage.
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@saylor @MicroStrategy You will go down in history as a great hero or a great fool. In either case, you will forever be remembered. Godspeed, sir.
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A verified source has confirmed that FTX's PR firm, M Group Communications, has been contracted to release negative media articles about competitor exchange Binance. Hired journalists are given access to a "black book" of anti-Binance contacts & references for research.
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Thought it would be fun to share a story from last year where I watched a friend of mine pump a sh*tcoin on Binance by buying billboards and a BitBoy Crypto video. Nothing we don't already know, but I found it fascinating to watch in real time. (1/9).
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Two hours ago, Freeway halted all platform withdrawals. They also wiped the names of all team members from their website. It looks like it's over. Another $100m+ rug.
If anyone has funds in crypto yield platform Freeway, I would suggest withdrawing right away. I believe they are operating a Ponzi scheme. In my opinion, it's likely that Freeway will collapse within the next few months and that all depositors will lose everything.
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🧵👇 What if I told you that Mirror Protocol, up until 18 days ago, was susceptible to the one of the most profitable exploits of all time, allowing an attacker to generate $4.3m from $10k in a single transaction? Here's how I discovered this - by pure serendipity. 🧵👇.
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Should we start using the term Kwonzi more often? I propose a definition. Kwonzi: a financial scheme with borrowed elements from and a similar negative-sum nature to a Ponzi but not a Ponzi - cleverly obfuscated by sophisticated manipulation, legitimate technology, and jargon.
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From sh*tposting online from his luxury apartment, making fun of victims. To going on the run from international police. To now rotting in a US jail cell, awaiting trial, potentially facing a hundred years. It's beautiful when a plan comes together. May justice be served.
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@TikTokInvestors Based legend, we need to find this queen. Also, filming this encounter is the only societally productive thing Maren Altman has done in her entire life.
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The FBI and SDNY are investigating the Terra fraud. Things are about to get real for our Korean friend. There are some forces in this world that you simply do not want to mess with.
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@KyleLDavies It's easy to blame others, but you left out the part where you lied about your AUM, offered ridiculous rates in a desperate bid to get more funds, and stole from your partners' segregated accounts. We all make bad trades and that's okay - but deceit & theft are not.
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Ever since I hit 〜50K followers, I've been receiving quite a few offers to promote random projects and sh*tcoins (ranging from $3K for shilling an NFT to $20K to be an ambassador for a small exchange). Makes me reconsider the guidance from all the "influencers" I used to follow.
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Incredible documentary about how the Bored Ape Yacht Club NFT collection was indeed just a manipulation experiment born out of racism and Nazi ideology. These people successfully 'trolled' the entire world, including international media & celebrities.
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A verified insider has confirmed that the "high net worth individual" who owes CoinFLEX money is Bitcoin Cash advocate & CoinFLEX shareholder Roger Ver. Ver had a long on BCH, and the platform allowed him to run a deficit because he personally guaranteed he would pay them back.
This is incredible. A centralized yield service, CoinFLEX, gave a $47m uncollateralized loan to someone who can't pay it right now. To fund other customers' withdrawals, they are now turning his debt into a token and selling it to people, offering 20% APY on it. Amazingly degen.
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Binance deciding to burn millions of dollars out of their own pocket because of the unreasonable demands of an angry Twitter mob is a true exemplar of the raw, unbridled power that PR & social media hold.
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The SEC has now directly confirmed that Jump secretly bailed out the UST project, propping up the peg and prolonging the Ponzi without any public disclosure whatsoever. Jump made over $1b in profits through their dealings with TFL and Do Kwon.
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🧵 👇 I have discovered evidence that TFL and Hashed were manipulating Anchor interest rates by inorganically inflating Borrow, making Anchor look more sustainable than it really was. This insidious protocol-level fraud robbed people of the ability to do their own research. 👇 🧵.
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Best part of my day on CT today: Martin Shkreli pitching his crypto startup to a fake 3AC account
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I will stay until my work here is done - I want to see Terra 2 returned to the builders/community, I want restitution for UST victims, I want justice for criminals. I am not suicidal. I am invigorated by purpose. Know that if I disappear or die, it will be no fault of my own. GN.
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A class action lawsuit has been filed against Terraform Labs, Jump Crypto, Jump Trading, Republic Capital, Definance Capital, GSR Markets, Three Arrows Capital, Nicholas Platias, and Do Kwon for the collapse of UST & more.
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South Korea issues an arrest warrant for Do Kwon. May the games begin.
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Alameda's bitcoin-denominated loans from Voyager coincide with every major dump in the last few months. (h/t @hellspawncrypto @arronschaar for the pictures)
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If someone sells you an "amazing revenue share investment" but they have enough money to buy it themselves (they're not raising capital) - red flag. You have to question why they're using external exit liquidity instead of profiting from it themselves. (Hint: it's usually fraud.).
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🧵👇 Anchor collapsed and took people's life savings with it. Let's find out more about where they come from and what they lost. Here's some data I collected from 703 people who lost money on UST. I find it incredibly interesting, and I think you guys will too. 🧵👇.
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On May 11, when retail victims could still salvage $0.50 per UST, Do Kwon publicly announced that he would rebuild & recollateralize UST. Many looking to sell clung on due to this promise. Five days later, UST collapsed completely & Do abandoned it. Deeply malicious deception.
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🧵 I just spent two hours going through 109 Anchor victim impact statements, and my heart is incredibly full. Numbers and charts make it hard to quantify the scale of the tragedy that happened this week. I don't think any words can do it justice, either. Here's some more data. 🧵
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These guys are in deep trouble - they lost about $42m in funds from 4,878 customers and probably have no way to pay it back (they're a small startup) because they went all in on Anchor's invincibility. Conviction bets are great, but not when toying with people's savings. (2/2)
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Inspired by Lady of Crypto, a while ago I pitched my own investment scheme to Twitter. In two hours, I received over one hundred DMs. I raised 3.45 BTC from Twitter and 2 BTC from Discord - over $100k, with more requests flooding in by the minute. But there's a little twist.
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Anyone else find it incredibly amusing that Tether, the company this person has been yammering & warning about for years on end, ended up being pretty much the only major crypto company that didn't screw over their end users in some way lol
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🧵 We all know that the collapse of Do Kwon's fraudulent stablecoin, UST, left a wake of destruction & suffering. But what - precisely - happened? Here are some of the victims' stories. There are no accompanying words necessary from my end. Welcome to Do Kwon's legacy.
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One last thing before I go to bed. I'm sorry if I offended anyone, including the billionaires. The people have given me the honour of having this platform. I cannot misuse it - I'm morally obliged to post what I believe to be the truth and nothing but the truth. (1/2).
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If anyone has funds in crypto yield platform Freeway, I would suggest withdrawing right away. I believe they are operating a Ponzi scheme. In my opinion, it's likely that Freeway will collapse within the next few months and that all depositors will lose everything.
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Today's affidavit from the Singapore Police states that they found out about Hodlnaut's Anchor exposure through my Twitter thread (the same thread JT threatened to sue me for), which then caused them to issue a seizure order for Hodlnaut's assets. We love some Twitter justice 🤝
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Genuinely not trying to be an a**hole here. But if someone's smiling like a kid in a candy store when talking about people killing themselves, they're a total sociopath, right? How tone-deaf can you be? Jesus Christ.
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CoinDesk Korea just released the bombshell revelation that the wallet behind the UST depegging is actually owned by Terraform Labs. If true, this would mean TFL intentionally caused the depegging. But it's not true - it's total nonsense. (1/4).
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