Will Gate.io go bankrupt?
នឹង https://t.co/Q1M8T0O4yl be the next #អេហ្វធីអេច?
1.🧵
Here are some findings.👇
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
2.
Today on-chain sleuth @zachxbt ធ្វីតថា https://t.co/Q1M8T0O4yl was hacked for $230 million on April 21, 2018.https://t.co/1zS2FZC7Yz
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
3.
Interestingly, the first transaction of https://t.co/Q1M8T0O4yl’s hot wallet was also on April 21, 2018.https://t.co/Q1M8T0O4yl hid the fact that funds were stolen. pic.twitter.com/PIHOd73rP3
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
4.
យើងបានវិភាគ https://t.co/Q1M8T0O4yl’s 4 wallets on Ethereum and found that https://t.co/Q1M8T0O4yl only has $479M in assets.https://t.co/Q1M8T0O4yl កាន់កាប់ 71M $GT(259 លានដុល្លារ) និង 3.1T $ SHIB($29M), which add up to 61% of the total assets.https://t.co/ALbCCYGmBB pic.twitter.com/JqJqLS94Hd
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
5.https://t.co/Q1M8T0O4yl កាន់តែ ៥ $ ETH (៥៩ លានដុល្លារ) និង ៣២ លានដុល្លារ ដុល្លារដុល្លារអាមេរិក, which add up to only 21% of the total assets.https://t.co/PLQsVszyU1
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
6.https://t.co/Q1M8T0O4yl ទទួលបាន ១៤៩៦១៩៦៨៥៧៣៧៩០២២ $ ETH(405 លានដុល្លារ) ពី https://t.co/INIxikglp6 on October 21 and transferred a total of 284,975 $ ETH(359 លានដុល្លារ) ទៅ https://t.co/INIxikglp6 from October 25 to October 30. pic.twitter.com/XtT93HvGlp
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
7.@គ្រីស និង @ហ្គេត _ យ៉ូ's response to this was "wrong transfer" and all 320K ETH would be transferred back.
But why on-chain data shows only 284,975 $ ETH was returned? @han_gate
What about the rest 35,025 $ ETH?https://t.co/jI8g7IBGeR
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
8.
Coincidentally, the time when the 320K ETH transfer occurred was so close to the time when https://t.co/Q1M8T0O4yl released the Proof of Reserve Evaluation Report.
ចងចាំអ្វី @cz_binance said in the tweet?👇https://t.co/ULwsQge3EY pic.twitter.com/jBYgyrLLL6
— Lookonchain (@lookonchain) ខែវិច្ឆិកា 15, 2022
The state of capital allocation to cryptocurrency
1/ Last week's events in crypto have led me to self-reflection. I've spent the past four years tracking and analyzing capital allocation to this sector. Understanding the regulatory hammer is coming, now, more than ever, is the time to speak out about all the issues I've seen. pic.twitter.com/ow0UBYHdsA
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
2/ In 2017/18, ICOs were the main driver of capital allocation as opposed to VC. ICOs were riddled with scams & terrible ideas, but the Public ICO model was more democratic than what we have today. Sure, VCs were investing, but it could be on the same terms as your average joe. pic.twitter.com/qjgpvswnI7
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
3/ It is no coincidence that most of the most alluring trends also were democratic & had not been value captured by VC: Anyone could participate in an ICO. Anyone could farm YFI (DeFi). Anyone could mint a Crypto Punk or a Bored Ape (NFTs).
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
4/ We should be asking ourselves, "How did we get here? Why is it that in 2022 our systems are significantly more gated than in 2017? @jack ។ angered many people when he said, "You don't own Web3, The VCs and their LPs do. Was he wrong? pic.twitter.com/axmT5OECFG
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
5/ Many point out the iniquities of 1 ecosystem (High FDV Solana projects) but ignore that the upside in their ecosystem has also been captured. ANYONE could have bought Ethereum. As for its future (L2s)? That's reserved for the likes of SoftBank, Sequoia, & Tiger Global pic.twitter.com/gR5sFLgRPx
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
7/ It may be the case that public sales are mostly a thing of the past and the VC model is the only way forward due to regulations. Regardless, it's time to demand transparency on these token raises. For an industry that broadcasts transparency, it is completely lacking here
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
8/ Projects want to act like a typical startup (selling equity + token warrant) but are then a decentralized protocol when it's convenient for them. The way we are demanding proof-of-reserves from exchanges, we should be demanding full transparency on any token they list.
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
9/ We've created a system where we have pubicly-listed tokens that any retail user can purchase, yet its creators are not required to disclose how much money they've raised, how many times they've raised, when they raised it, who bought it, and at what price did they purchase it
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
10/ There is way too much irony with the fact that we're trying to create open systems while many of the creators of these systems themselves aren't open about critical information that is imperative for ordinary users and investors
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
11/ Angel Investing: In my opinion, the current funding landscape isn't called out as it should because many have graduated to the special privilege of being an angel investor. Many have forgotten their beginnings. Why call out something that is advantageous to yourself?
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
12/ Angel Investing II: The openness to financially participate at the ground level still exists, but only if you have graduated to that angel level. Unlike any other industry I've seen, Cap Tables in crypto sometimes look like novels with a plethora of individuals pic.twitter.com/7KVGsCAOId
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
13/ Potential conflicts of Interest: Who gets the most access to deal flow outside the most renowned VCs in the space? Cryptocurrency exchanges and Market Makers. The ELI5 is that projects like having them on their cap table in the expectancies of being listed & market making pic.twitter.com/NcTPmtmkDk
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
14/ I have no doubt that for some exchanges like Coinbase, Kraken, etc., the venture arm is fully separate from their Exchange business. However, can we confidently believe that for the many exchanges that operate in the shadows? The Alameda/FTX fallout exemplifies this concern pic.twitter.com/orDhFI87hH
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
15/ Should exchanges have direct exposure to many of the tokens that they are listing on their platforms? That is a question we should be asking pic.twitter.com/eP9vCvVKyR
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
16/ Imagine a world where the most active investors in traditional finance are Nasdaq Ventures and the NYSE, and the financial information on those listed securities is opaque. That is our reality in the crypto sector. This is what we have created
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
17/ What's to come? This year alone, billions have been raised by crypto-related VCs. The concern? Many of these funds raise so much capital because they are Rolling Funds. After recent events, no doubt a lot of LPs will look to cut exposure and call back their capital
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
18/ This also does not include many funds that announced a new fund but were based on pre-commitments. Ex) Fund X raises $75 million for a new crypto venture, but in reality, it only had, say, $25 million committed. A lot of the $ announced was soft-committed and won't be there.
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
19/ What about all of the capital that has already been allocated? Year to date, nearly $30 billion has been deployed into crypto businesses. In theory, businesses should have years of runway with this abundance of capital. But what if a lot of this money was already spent? pic.twitter.com/7DYP8NFIIK
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
20/ The upcoming months will show what companies were prepared for an extended winter and which were as wreckless as a crypto degen trader fantasizing of an "Up only" environment. Oct already was the lowest funding month since Feb 21, and this was before all the recent turmoil
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
21/ What should be taken from this? It's time to cut the bullshit. It's time, to be honest. It's time to improve. It's time to self-reflect. It's time to self-regulate. It's time to be transparent. It's time for projects raising $ to stop hiding under the veil of decentralization
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
22/ Maybe nothing changes. What I do know is that my team and I have manually recorded nearly 6,600 crypto-related funding deals and over 770 M&A transactions, and @TheBlockRes will do everything in its capacity to make these markets as transparent as possible pic.twitter.com/6wwHC4V0m8
— twan (@dantwany) ខែវិច្ឆិកា 14, 2022
ប្រភព៖ https://www.cryptopolitan.com/best-twitter-threads-of-the-day-november-15/