Best Twitter threads of the day – June 5th
Breakdown of SEC filing against Binance/CZ
1/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Breakdown of SEC filing against Binance/CZ
Covers Binance, Binance US, CZ and all his entities. pic.twitter.com/uF7618KYf9
2/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Claims was aware of the rules and avoided registration.
This is one that is debatable because of the rule clusterfuck that the US is. pic.twitter.com/BRV500bgQW
3/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Calls out BNB, simple earn, and BNB Vault on the US platform as investment schemes.
That will be a slam dunk for them.
Tries to lump in BUSD in there – which is a snake move. Doubt that one sticks. pic.twitter.com/NR8skaPV7E
4/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Meh. pic.twitter.com/s86rsgrVdy
5/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Intermingling of the international and US entities – which gives US nexus exposure to their international entity and employees.
Pretty bad and opens them up to more action. pic.twitter.com/vQSiKr6kMP
6/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Specifically targeting US users does make the SEC's case pretty easy here. pic.twitter.com/1tkENpWSfP
7/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Claims that at times, CZ moved billions of assets of users funds into Merit Peak an entity he controlled in the US and had transferred those assets to third-parties.
Very similar to what SBF had done. pic.twitter.com/iLn7tz6bfg
8/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Meh and meh. pic.twitter.com/1z4i4kOhPH
9/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Wash trading would have been not as big an issue but they are claiming evidence of a CZ owned entity wash trading to specifically inflate volume and prices of assets on Binance US which is a huge self-dealing and fraud problem. pic.twitter.com/AUiWKw01Rq
10/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Stipulating conflict of interest clauses: pic.twitter.com/0ycpU7CCyB
11/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Claims it was a broker-dealer without registration.
Given the BNB Vault offerings alone that seems reasonable. pic.twitter.com/77YqoSc28Q
12/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
This one is a doozy that will get overlooked.
This is the claim of fraud and deceit which is why I think you'll likely also see something coming from the DoJ – would be rare for them to make a claim like this and not have a DoJ referral as well. pic.twitter.com/qVLgU1oGTT
13/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Seeks blocking them from engaging in anything related to crypto, acting as a broker dealer or clearing agency and disgorgement of ill-gotten gains and civil monetary penalties for defendants including equitable relief (i.e. they wanna fine him to death) pic.twitter.com/XAWAIrStf7
14/14
— Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023
Because of Binance US and Merit Peak and US users, their jurisdictional case is also pretty sound.
They can likely pressure on US assets if Binance fails to come to the table. pic.twitter.com/0yPwz2XNyA
Millions of gamers will be exposed to NFTs
Millions of gamers will be exposed to NFTs! 📈
— Carl (@Carl_m101) June 5, 2023
I think the way Nike and EA are handling this is a big W for all of us.
🧵⤵️
(1/10) pic.twitter.com/p2Tc3aGuOx
First:
— Carl (@Carl_m101) June 5, 2023
Bookmark this for future reference, since I think this will actually be our door opener for gaming NFTs.
(2/10)
To recap: NIKE and EA just announced their partnership to bring digital .SWOOSH items into their ⚽🏈 games.
— Carl (@Carl_m101) June 5, 2023
But it’s the way this will work which is actually genius.
(3/10) https://t.co/TfwfdMMQEs
Step 1️⃣
— Carl (@Carl_m101) June 5, 2023
Nike sold 97k .SWOOSH „Our Force 1“ boxes (built on Polygon), which will reveal certain type of digital AF1 shoes later.
(4/10) pic.twitter.com/qifVJmjWFw
Step 2️⃣
— Carl (@Carl_m101) June 5, 2023
Their latest announcement says that future EA Sports games will integrate select .SWOOSH items.
Although details are yet to be laid out, we know the NFTs will go into the games.
(5/10) pic.twitter.com/8QY4FaHXKS
Step 3️⃣
— Carl (@Carl_m101) June 5, 2023
As with any games, customization is a big part of the experience and gamers love to dress their players with the freshest styles.
(6/10) pic.twitter.com/5fMnbxqoDy
Step 4️⃣
— Carl (@Carl_m101) June 5, 2023
Introducing the trojan horse:
Gamers will see the new outfits in the game without actually knowing they are NFTs (because they obviously hate NTFs).
And there will be a demand for them.
(7/10) pic.twitter.com/PjcVRvzSvU
Step 5️⃣
— Carl (@Carl_m101) June 5, 2023
We don’t know how exactly they will be integrated, but given it’s built on Polygon NFTs, we might even see an in-game integration.
Big bonus: Owning items on chain will make them transferable between games.
(8/10) pic.twitter.com/mYxRrAOSW3
Given that we are talking about the biggest gaming franchises collaborating with one of the biggest brands, this is 100% bullish.
— Carl (@Carl_m101) June 5, 2023
If this is successful, many others will follow suit.
NFA.
(9/10)
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