It’s a newsletter! It’s Amy’s turn, so you can read this one over at her blog. [Amy Castor]
In this edition:
- Tether is very good friends with the Feds
- SEC rejects Coinbase’s proposal to carve out special new rules for it
- Binance is still being Binance
- FTX will likely liquidate
- Three Arrows Capital creditors will likely get back 46%
- Crypto media goes through mergers
- Mt Gox payouts seem to have started
Mark Karpeles with aggrieved bitcoin trader outside Mt. Gox in Tokyo in 2014
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Israel/Palestine is and has always been an integral part of Argentina. Javier Milei should invade Israel/Palestine and make Tether the national currency there. (Though as we all know, the President of El Salvador, Nayib Bukele, is Palestinian, so the adoption of Tether rather than Bitcoin might become an international incident.)
Anyway, Tether just hasn’t been the same since Razzlekhan’s music career went on hiatus. As Cher once sang, the music’s no good without you, babe; the music’s no good at all…
Here is a brief history of events this week for those that don’t know. The fact that the market thinks this is a sign MT Gox Creditors are about to flood with their sales just goes to show few outside of the creditors list are aware of what’s actually happening and how absurd the situation is. If anything, it is looking less likely at this point that this will not going on for many more years to come with no payouts. This is what happened in the last month-ish and mostly, this week:
– Trustee makes vague statements that some people will get their FIAT ONLY portion and it will start with Japanese creditors by end of year
– The PayPal payments start, using the trustee’s paypal account (to random – not just Japanese distribution) which is setup for a bulk CSV upload
– Early on, it is clear that a corruption of the Trustee’s bulk payment upload file occurred prior to uploading it to paypal, and the 3 columns (email, amount and currency indicator) had been mixed, duplicated and misaligned data of amounts to user account / email references. Myriad of issues reported such as, no payment at all, one wrong / incorrect amount, 2 incorrect amounts, 2 or more correct amounts.
– The trustee sends email demands to creditors (again, some receiving the demands and some not) requesting the creditors refund the amounts
– Creditors start sending refunds and eating the potentially hundreds of dollars in fees per person. Very quickly, the trustee’s account is suspended – by paypal, and creditors are told they cannot refund
– Creditors who selected wire transfer or bank transfers have received nothing still and no communications on when that will start or if it will
– A group of creditors starts sending the Trustee emails threatening action, and expressing extreme and even defamatory disappointment in the Trustee’s ability to function in his capacity
– The trustee responds to entire group of creditors threatening legal and police + criminal action against said creditors
Inside take:
There is almost ZERO chance the trustee will ever be successful in executing payments to the creditors given his track record of years upon years of delays. A simple bulk payment spreadsheet / csv to manage a handful of paypal small sum fiat disbursements was a complete disaster. The general community has no faith at this point that much of anything in the way of BTC or the bulk of the fiat money disbursements will be seen.