Uncategorized
Is Your Bank “Important” Enough To Save? Don’t Count On It…
Is Your Bank "Important" Enough To Save? Don’t Count On It…
Authored by Mark Jeftovic via BombThrower.com,
The Elites are bailing out their…

Authored by Mark Jeftovic via BombThrower.com,
The Elites are bailing out their own banks, not yours
The systemic banking and financial crisis I’ve been warning about for years has arrived. (In fact, the report I put out in January seems to be playing out in spades).
The printing of 37 trillion dollars out of thin air over the pandemic widened the wealth inequality gap – and they followed that up with the most drastic and rapid interest rate hiking cycle in Fed history.
What did they think was going to happen?
Now the banks are failing – Silicon Valley Bank went from passing its KPMG audit with flying colours and getting their debt rated “A” by Moody’s mere weeks ago, to the executives frantically paying themselves bonuses and selling their shares in the hours and days before the bank failed and was taken over by the FDIC.
98% of the deposits in SVB were uninsured, meaning that those deposits wouldn’t shouldn’t have been covered by FDIC insurance. That means any accounts with balances above $250K were facing the loss of their funds.
But this is Silicon Valley Bank – this is where the elites place their bets on Silicon Valley unicorns. So we can’t have that.
In a hastily convened meeting between the FDIC, the Fed and the US Treasury, it was decided that all deposits would be covered, insured or not.
Crisis averted, right?
Wrong. It turns out that only SVB and Signature banks would be covered; if any other banks fail, like your bank, your community co-op in your hometown or state, or any other bank in flyover America far away from the Coastal elites – if they get into trouble (because people are moving their money into “protected” banks), then that’s not covered.
... That’s tough titties for you.
Here it is folks - from the mouth of the US Treasury Secretary herself:
— Mark Jeftovic, The ₿itcoin Capitalist (@StuntPope) March 17, 2023
Silicon Valley (mostly profitless unicorns incubated with printed money) are anointed and protected.
But your community bank can go fuck itself, and so can you.
Eat cake pleb. pic.twitter.com/o6rBFGghFi
In a stunning admission, when asked point blank by Rep. James Lankford (R-OK) whether a community bank in his home state of Oklahoma would have uninsured depositors made whole the same way the Silicon Valley Unicorns did, Yellen had to come clean:
“A bank only gets that treatment if a super-majority of the Fed board, and I, in consultation with the President conclude that failure to protect uninsured depositors would create systemic risk to the banking system”
In short “not necessarily”.
While Yellen was bobbing and weaving around the question, Lankford stated it clearly:
“If you’re a depositor with a Big Bank, preferred by the Fed, you’re fully insured no matter what. If you’re a depositor with a small bank, you aren’t”.
Once again, the government is picking winners and losers; just like under lockdowns, when they shut down small businesses and forced everybody into Costco and Wal-Mart.
“It’s called stakeholder capitalism”, I’ve mused, “and you’re not a stakeholder”.
Well, this time they’ve blown up the banking system real good – and this time they may not be able to kick the can down the road.
They may not even be able to save the “Too Big To Fail” banks by the time this is all over.
This could be the early innings of the final breakdown of the financial system I’ve been warning about for almost two years, when I released The Crypto Capitalist Manifesto.
Since then, we’ve been in a crypto-winter, and starting a few months ago I started to sense a thaw.
In fact, the way things are playing out right now are so closely resembles what I put out in my most recent report, that it’s downright eerie.
-
What to look for in the breakdown of the financial system
-
Why Bitcoin was poised to break out of its slumber (written before it exploded 65% higher year-to-date and became the best performing asset of 2023)
-
What the narrative would be from the establishment shills when it all came unglued, and
-
Which stocks would be the leading sector in the next Bitcoin super-cycle
It was written in early January and when I compare it to what’s happening now, I kinda scare myself…Read The Bitcoin Bottom Report here.
* * *
P.S I’ve mentioned previously that after the crypto winter was over, I would be doubling the price of The Bitcoin Capitalist Letter. With Bitcoin up 65% YTD, I think we’re there. When I get back from Costa Rica, I’ll be plugging in the new website and that’s when the price doubles. But you can still lock in the old rate, for life – right here.
Uncategorized
VanEck to donate 10% of profits from Ether ETF to core developers
The Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should give back some Ether…

The Protocol Guild, a team of over 150 Ethereum core developers, will be the beneficiary. VanEck argues that asset managers should give back some Ether ETF proceeds to the community.
Global asset manager VanEck will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for 10 years, the company announced on X (formerly Twitter) on Sept. 29.
The beneficiary will be the Protocol Guild, a group of over 150 developers maintaining Ethereum’s core technology. According to VanEck, it’s only fair for asset managers to return part of their proceeds to the community building the crypto protocol. It stated:
“If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way.“
With this move, VanEck joins other crypto-native communities supporting the Ethereum network, including Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO and Nouns DAO.
According to a public dashboard tracking donations sent to the Guild’s mainnet, 4,846 contributions have generated over $12 million in donations. Funds are then distributed among its members according to a weighted ratio based on their contribution periods.
Big announcement!
— VanEck (@vaneck_us) September 29, 2023
We intend to donate 10% of our $EFUT ETF profits (https://t.co/gr652AkUvv) to @ProtocolGuild for at least 10 years.
Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.
Details
The network core developers are reportedly working on Ethereum Improvement Proposal EIP-4844 (Proto-Danksharding). The upgrade will introduce a new kind of transaction type to Ethereum, promising to reduce transaction fees for layer-2 protocols.
VanEck disclosed its upcoming Ethereum Strategy ETF on Sept. 28, saying it will invest in Ether futures contracts. The fund will be actively managed by Greg Krenzer, head of active trading at VanEck, and is expected to be listed on the Chicago Board Options Exchange in the coming days.
Other traditional investment firms set to offer exposure to Ether futures include Valkyrie and Bitwise, while the line for a spot Ether ETF keeps growing with Invesco Galaxy, ARK 21Shares and VanEck waiting for regulatory approval. The United States Securities and Exchange Commission (SEC) recently delayed a decision on whether to approve a spot Ether product until December.
Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’
ethereum crypto etf cryptoUncategorized
FTX exploiter moved over $17M in ETH in the last 24 hours
A significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract.
According…

A significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract.
According to recent information from Spot On Chain, an address linked to the FTX exploit identified as 0x3e9, has conducted transfers exceeding 10,000 Ether (ETH), worth roughly $17 million, across five different addresses since Sept. 30. The addresses had remained inactive for several months before the recent activity.
Within these transactions, a significant portion of 7,749 ETH, equivalent to $13 million, was directed toward the Thorchain router and Railgun contract. Furthermore, the exploiter engaged in a swap involving 2,500 ETH, valued at $4.19 million, converting it into 153.4 tBTC at an average rate of $27,281 per token. This address, which has recently become active, has exhibited noteworthy activity and is anticipated to continue transferring ETH, most likely to Thorchain.
At the time of the initial hack on Saturday, Sept. 30, the approximate losses amounted to nearly 50,000 ETH. This incident occurred just a short while before SBF's criminal trial scheduled for Oct. 2023.
FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ETH ($17.1M) via 5 addresses over the past 24 hours:
— Spot On Chain (@spotonchain) October 1, 2023
- sent 7,749 $ETH ($13M) to the Thorchain router and Railgun contract
- swapped 2,500 $ETH ($4.19M) to 153.4 $tBTC at $27,281 on avg
Notably, the address has been… https://t.co/xzmDz8Vmma pic.twitter.com/4Ykp0zih6G
Nevertheless, these occurrences have generated a significant amount of downward pressure on the ETH price, which currently maintains a level slightly above $1,650. This situation arises as the market anticipates the introduction of Ethereum futures ETFs on Monday, Oct. 2.
FTX co-founder Sam Bankman-Fried, commonly known as SBF, is scheduled to go to trial in October. This comes after his arrest in The Bahamas and subsequent extradition to the United States, marking several months since these events occurred.
The trial is expected to last for six weeks, beginning with the selection of the jury on Oct. 3, followed by the initial court proceedings on Oct. 4. Bankman-Fried faces a total of seven charges connected to fraudulent activities, comprising two substantive charges and five conspiracy charges.
Related: Valkyrie backtracks on Ether futures contract purchases until ETF launch
During the legal proceedings, the FTX founder has consistently pleaded not guilty to all allegations. Despite numerous attempts to secure temporary release, Bankman-Fried continues to be held in custody at the Metropolitan Detention Center. His most recent request for release was denied by Judge Lewis Kaplan, citing concerns about the possibility of him fleeing.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
ethereum crypto etf cryptoUncategorized
SEC initiates legal action against FTX’s auditor
The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor…

The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor independence.
The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX before its bankruptcy declaration.
According to a Sept. 29 statement, the SEC alleged that accounting firm Prager Metis provided auditing services to its clients without maintaining the necessary independence as it continued to offer accounting services. This practice is prohibited under the auditor independence framework.

To prevent conflicts of interest, accounting and audit tasks must be kept clearly separate. However, the SEC claims that these entwined activities spanned over a period of approximately three years:
“As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection.”
While the statement doesn't explicitly mention FTX or any other clients, it does emphasize that there were allegedly "hundreds" of auditor independence violations throughout the three-year period.
Furthermore, a previous court filing pointed out that the FTX Group engaged Metis to audit FTX US and FTX at some point in 2021. Subsequently, FTX declared bankruptcy in November 2022.
The filing alleged that since former FTX CEO Sam Bankman-Fried publicly announced previous FTX audit results, Metis should have recognized that its work would be used by FTX to bolster public trust.
Related: FTX founder’s plea for temporary release should be denied, prosecution says
Concerns were previously reported about the material presented in FTX audit reports.
On Jan. 25, current FTX CEO John J. Ray III told a bankruptcy court that he had “substantial concerns as to the information presented in these audited financial statements.”
Furthermore, Senators Elizabeth Warren and Ron Wyden raised concerns about Prager Metis' impartiality. They argued that it functioned as an advocate for the crypto industry.
Meanwhile, a law firm that provided services to FTX has come under scrutiny in recent times.
In a Sept. 21 court filing, plaintiffs allege that U.S. based law firm, Fenwick & West, should be held partially liable for FTX's collapse because it reportedly exceeded the norm when it came to its service offerings to the exchange.
However, Fenwick & West asserts that it cannot be held accountable for a client's misconduct as long as its actions remain within the bounds of the client's representation.
Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis
cryptocurrency blockchain crypto crypto-
Uncategorized20 hours ago
Bitcoin Payment Service BTCPay Server Now Easier to Integrate with React Apps
-
Government22 hours ago
Henderson on Illegal Weed
-
International18 hours ago
Putin Signs Decree To Draft 130K Young Men In Fall Conscription
-
International12 hours ago
Is The US Military Laying The Groundwork To Reinstitute The Draft?
-
Uncategorized17 hours ago
Expect new crypto regulations to follow Bitcoin ETFs
-
Government23 hours ago
October 2023 Monthly
-
International10 hours ago
These Are The World’s Top Diamond-Mining Countries, By Carats & Value
-
International14 hours ago
What Is The Top Priority Or Number One Concern Of Most Americans?