Trung Phan Profile picture
Nov 15 6 tweets 3 min read
Word count NYT's puff piece on SBF:

"Fraud": 0
"Enron": 0
"Crime": 0
"Illiquid": 0
"Stolen": 0
"Hidden": 0
"Criminal": 0
"Back door": 0
"He's getting sleep": 1
Then the NYT puff piece ends with a note on the cryptic thread, which SBF says "I'm making it up as I go."

It may actually be a ruse -- he adds one tweet after deleting an old incriminating tweet -- so as to fool tweet bot counters:
Conversely, I started with my FTX wrap with the words “criminal financial engineering f**kery” in the 2nd paragraph.

🔗 trungphan.substack.com/p/ftx-the-32b-…
And yes, other financial media outlets have used those words
Recent articles from WSJ (uses word “criminal”) and CNBC (“illegal”)
In NYT article, Alameda CEO admits to misappropriating FTX customer deposits.

Per FTX Terms of Service, the deposits are not FTX’s to use…and FTX can’t loan it.

NYT writes it up FTX “used” and “lent” deposits. Think the appropriate words are: “wire fraud”, “stole”, “theft”.

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More from @TrungTPhan

Nov 14
The FTX-branded condom NFT selling for $420,000 was def the biggest red flag
Def adding it to my article of 100+ running bookmarked FTX tweets trungphan.substack.com/p/ftx-the-32b-…
I wonder if anyone paid $1,000,000 for the NFT that granted “Lunch with SBF”
Read 4 tweets
Nov 12
If you're trying to wrap your head around FTX, I bookmarked 100+ tweets over the past week including: the timeline, SBF's story and major red flags.

And the memes (so many memes).

Please read and share: trungphan.substack.com/p/ftx-the-32b-…
Image
Me back on Twitter checking for FTX/SBF updates after leaving the app for 5 minutes
Read 5 tweets
Nov 12
when authorities show up to the FTX Bahamas office
I'm writing a long one on FTX for my newsletter tomorrow...if you want to see how many tweets one person can bookmark, subscribe here: getrevue.co/profile/trungt…
Read 4 tweets
Nov 11
Bernie Madoff's ponzi scheme was shockingly un-sophisticated.

He essentially kept money in a single Chase checking account and paid out redemptions from it.

Before blowing up, the checking (checking!) account held $5.5B.
PS. Subscribe here if you want to read my deep dive on FTX’s blowup that drops tomorrow: trungphan.substack.com

PPS. Back to Madoff, this is what a Ponzi scheme looks like: “equity like” returns with “bond-like” volatility.
Madoff details are wild:
◻️ His "fund" owned $200k total of securities (Lehman, Morgan Stanley, Fidelity Investments, Bear Stearns, M&T Bank)
◻️ At one point, Madoff was NASDAQ's largest market maker
◻️ The DOJ has returned $14B+ of $18B investor losses

en.m.wikipedia.org/wiki/Bernie_Ma…
Read 5 tweets
Nov 7
Precision on Lego manufacturing is wild.

Every new piece has to fit with every piece ever made. So the most variability between pieces that Lego allows is 0.0005” (half a thousandths of an inch).

Here are some other details: Image
The Lego factories run have dozen of machines running 24/7 and each machine has a different mold (for different pieces)
Below is a retired Lego mold that produced 120 million pieces.

Here’s the value via Reddit: “At 8 bricks per run, 120m bricks would take 15m runs to complete. 120m bricks at $0.25 would produce $30m worth of 2x3 Lego bricks. All from one mold.”

🔗 reddit.com/r/pics/comment… Image
Read 6 tweets
Oct 31
Just paid $100 for 5 blue checkmarks.

Honestly, worth it. Image
I actually use Twitter Blue (Top Articles, Edit are useful). And Twitter gives me so much pleasure (bathroom trips are 1000x better), happy to pay more… especially with more creator features.

Either way, my newsletter is always free and you can sub here: trungphan.substack.com
“Trung, why on earth would you pay $100 for 5 blue checks”

ME:
Read 5 tweets

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