NEW REPORT: 🚩Bitdeer’s $100M+ black hole? Following our April report on $BTDR and Bitdeer's annual report, we now believe the company has inflated its assets by over USD 100 mln via dubious, potentially fraudulent valuations of newly acquired companies (link & thread below) 🧵

An open letter has been published by alleged ex-employees of Bitdeer’s Chinese undisclosed related party, Phastran, accusing Bitdeer board member Chao Suo of illegal practices. $BTDR claims that it completely left China and it has never acknowledged its links to Phastran.

Shunning traditional solutions for its woes, $BTDR’s Jihan Wu turns to homeopathy

Bitdeer has a new facility being built in Massillon, Ohio. As of about an hour ago two of the buildings are burning to the ground. Think the Q1 startup expectations are going to be pushed back.

As Tether sells off more and more of its stake in $BTDR, remember that Jihan Wu has still failed to explain why his last company was in business with pig butchering kingpin Wang Yicheng in Thailand.

A new report on $BTDR is about to be released by “the Catalyst”, allegedly made up of ex-employees of Phastran (Beijing Feichen), a company we identified as an undisclosed related party of Bitdeer in April. Will be interesting to see if new, verifiable information comes to light.

🚨TRUMP PARDONS CONVICTED BINANCE FOUNDER CZ PER WSJ CRIME IS LEGAL. 🤘

Bitdeer has yet to explain why its acquisition of Le Freeport makes any commercial sense despite its ostensible lack of utility for its core business. We believe this case highlights the reputational and AML risks Bitdeer willingly exposes itself to via Le Freeport. ENDS

Medvedev ostensibly made no secret of his connection to KSK Group, incorporating the US firm KSK International Inc in Georgia in 2019, when the money laundering scheme is alleged to have commenced. /4

KSK Group was founded by Igor Ostrovsky, a former banker who had once worked for the Privat Group of now-jailed Ukrainian oligarch Ihor Kolomoiskyi. In 2007, he reportedly sold the bank he founded, Prado Bank, to entities connected to Gazprom, the Russian state-owned gas firm. /3

According to the US Treasury, these transactions had links to Russian government-tied oligarchs. How might the KSK Group and Medvedev be connected to those parties?

The money laundering scheme centered on Feliks Medvedev, a Russian-American resident of Georgia (USA). Medvedev received funds from the Russian firm KSK Group and two associated individuals via shell companies. He was then directed to buy gold bullion, including from SGPMX. /2

$BTDR: one of the businesses based inside Bitdeer's Le Freeport, the Singapore Precious Metals exchange (SGPMX), has been fined by the Singapore Ministry of Law for its role in a USD 150 million Russian money laundering scheme. So what happened? 🇸🇬🇷🇺🧵 /1

$BTDR: Jihan Wu has admitted to Norwegian newspaper "DN" that Bitdeer remains a shareholder of at least one Chinese company, M2 Semi, as previously exposed by Callisto Research (and previously undisclosed by Bitdeer). This directly contradicts $BTDR's statements to the SEC.

If Tether has $105B in its reserves, why is it raising cash?

Ask yourself why Tether may need $20B of cash via new equity when: It’s “worth” $500B It “earns”a 99% net margin It “earned” $4.9B last quarter alone investing “deposits” for itself It has $172B reserves It refuses an audit It claims no need for an IPO (requiring an audit)

💥Yesterday, we received a cease and desist letter from KuCoin's legal team demanding we remove our investigation into their alleged role in a $1.5 billion money laundering network tied to former Thai Prime Minister Thaksin Shinawatra. We stand by our reporting and won't be

One of the few counterarguments we have heard to our reports on $BTDR is the following: "if you're right about these fraud red flags, why isn't Tether selling any shares"? We believe the below screenshot speaks for itself.

Kudos to @Protos for picking up this thread where we left off. Surprising absolutely nobody, Tether didn't respond to questions about its links to the mysterious Omar Rossi, who has links to corruption- and banking- related scandals. Our original thread is shown in the article.

$BTDR bulls will literally see the guy who was running Bitmain, the ASIC producer mentioned below, which distributed two sets of accounts with a multi-hundred-million-USD discrepancy in 2018, and not think twice about trusting the accounting of his current ASIC business

Tether digital gold growing? Bull shit….it’s not grown in over 3 years Tether’s chief economist is learning at Paolo’s knee that it’s all about spin claiming XAUt is the fastest growth in real world adoption. It’s not growing. Since it’s last sizeable mint in April 2022,