there's many weird things about this... I've been researching this stuff for days now and I have to say i will kind of blown away that Mr. Lamb went on TV and confirmed some conclusions i had gotten to at best a 50/50 level of certainy based on data i could fine.
read this summary of a lot of extremely hard evidence dug up by r/btc sleuths to give you an idea of why the situation between Mark Lamb and the customers whose $90M his exchange CoinFLEX seems to have lost (or possibly even stolen, though that seems less likely). the story keeps getting weirder and now FatManTerra just started posting about it as well on Twitter, so hold on tight.
- Mark Lamb's plan to fix the withdrawals issue for his users is... to sell his users an ultra Ponzified bullshit token paying 20% interest¹. what can i say, the man has large cojones... and BloombergTV reporters didn't challenge him. disgraceful.
- Mark Lamb alluded to the existence of a secret market for large derivatives positions. He talked about the need for more transparency around extremely large derivative positions often held by mega-whales and market makers that have never been made public. This blew me away because this is exactly what i suggested might be the case in this very long thread containing a lot of formal data analysis... As mentioned in that thread I was thinking the odds were ~50% i might be right.
- Mark Lamb blamed an "ultra high net worth individual" who wouldn't meet a margin call as the reason for the closure. This begs a couple of questions.
- what kind of mega whale can't meet a margin call for < $40M?
- if CoinFlex is such a backwater handling mostly Bitcoin Cash then why is a mega-whale making trades so big on it that he can't meet the margin call?
- Mark Lamb's ultra ponzi coin is called rvUSD. Some on twitter have noted the initials of Roger Ver appearing in the name of the coin. Here's the specifics on the bullshit. Is Roger Ver broke? (or at least having a "liquidity issue"?
(bear in mind it's always possible that this story about the whale could be a lie or a psyop or whatever)
¹ this fundraising plan is the same exact same strategy announced by AEX, a pretty big exchange serving the Chinese market that also halted withdrawals. can't help but think they might be related, and even that perhaps AEX is run by the same team w/different branding. AEX is prolly bigger than you think - their PR materials cited a "$1 billion bank run" which is... a big bank run.
UPDATE: oh look Bloomberg put the actual video up. to see this arrogant prick's bullshit attempt to fool people who don't understand that offering a 20% APY is just... absurd fills me with rage. if you only know one thing about interest rates, know this: Madoff paid 12%. tell your friends, preach the APY truth.
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