story time kids

have you heard about SOC 2 Type I & Type II certifications?

but did you know you can pretend to have them?

companies normally show the SOC 2 Type I & Type II certification badge on their website if they are actually SOC 2 Type I & Type II certified

is it the case with nexo?

it does seem so

https://nexo.io/security

apparently it isn't

too bold of me to assume they are 

SOC 2 Type I & Type II certifications are very hard to achieve

easier if you pretend to claim these certifications as yours

https://en.wikipedia.org/wiki/System_and_Organization_Controls


in this case BitGo is SOC 2 Type I & Type II certified 

so our bulgarian boys at nexo decided to call it a day and link to bitgo blog post instead to claim the credit

hypocrisy and pretence are a core part of the cefi business model

business as usual nothing wrong

as my investigations continue 

follow me to stay updated 

i am digging out more deets

sers look here

@otteroooo
@VersusBtc 
@Bitfinexed 
@TheOrangeShield 
@yeezuscapital 
@fintechfrank

@RichardHeartWin 
@Pentosh1

@intel_jakal 
@Frances_Coppola 
@Cryptadamist

@watcherguru



You can read the unrolled version of this thread here: https://typefully.com/professorponzi/gDd8Xq2

Is Nexo SOC 2 Type I & Type II certified as they claim on their website?



🚨 as of today people all over the Nexo Telegram are complaining they can't withdraw their assets 🚨



Nexo liquidity crisis impending?



@otteroooo 

🧵 thread about helpless nexo users 🧵

🚨 @Mr_Nobody_1010 can't withdraw his funds from Nexo, it is pending for a week 🚨

https://t.me/nexofinance/1179375

🚨 @acoinary Hi. Ticket id 00568023. Almost 24 hours without being able to withdraw 1% of my assets 🚨

https://t.me/nexofinance/1179381

🚨 @Amiga5zerozero Also waiting 24hr+ now for fiat withdrawal. Starting to think the fud isn't fud 🚨

https://t.me/nexofinance/1179397

nexo supporters are asking users to shut up

how long can you shut people up?

https://t.me/nexofinance/1179407

professor's goal is not to spread fud

nexo's own users are now starting to think fud isn't fud

better late than never

maybe this time fud really is not fud

respectfully sers

@otteroooo 
@TheOrangeShield 
@yeezuscapital 
@fintechfrank
@RichardHeartWin 
@Pentosh1
@intel_jakal 
@Frances_Coppola 
@Cryptadamist 
@watcherguru

@Bitfinexed 

You can read the unrolled version of this thread here: https://typefully.com/professorponzi/N2kVbCB

Nexo users are complaining about pending withdrawals

⚠️ Important Message ⚠️

⌛ USDC could be on the verge of a massive implosion, it is essential to act right now before you run out of valuable time⌛


follow this thread for the major red flags professor has found in Circle and its stable coin #USDC


🚨🚨🚨🚨 Major Red flag 🚨🚨🚨🚨

Circle Yield, their major product offered returns as high as 7.7% 

until they could no longer sustain those crazy APYs

their website is now modified but what what goes on the Internet, stays on the Internet

https://web.archive.org/web/20211102080643/https://www.circle.com/en/products/yield

🚨🚨🚨🚨 here is the fun part 🚨🚨🚨🚨

Circle's SEC filing clearly states the shadowy counterparty risks

who are these counterparties?

https://www.sec.gov/Archives/edgar/data/1876042/000110465921122565/tm2124445-1_s4a.htm

🚨🚨🚨🚨 more red beacons 🚨🚨🚨🚨

the mighty financially sound stable coin issuer has to keep raising funds to support operations

it is also rushing for the SPAC but me thinks it is unlikely they would succeed

https://www.circle.com/en/pressroom/circle-announces-400m-funding-round

🚨🚨🚨🚨 as per sources 🚨🚨🚨🚨

high yields came from high risk under-collateralized loans to high risk counterparties such as Genesis, BlockFi, Celsius (now insolvent), Galaxy, and 3AC (now insolvent)

when they defaulted, Circle was left holding the bag

🚨🚨🚨🚨 unaudited proof of reserves 🚨🚨🚨🚨

in a bid to regain confidence, they published a breakdown of the reserves

here's the catch, the proof of reserves are unaudited a.k.a "trust me bro"

would you believe in unaudited financial documents?

https://twitter.com/jerallaire/status/1547608325478498307

🚨🚨🚨🚨 Action Required 🚨🚨🚨🚨

get out of the vicious circle

professor has studied many ponzi schemes, she has seen many families losing their life savings in the grand fiasco of UST and Terra Luna




⏭ Next steps ⏭

⏭ nothing is financial advice always do your DD
⏭ de-risk yourself until the tide is gone
⏭ trust but always verify
⏭ follow for more alpha

stay safe anon

signing off 

@otteroooo 
@Cryptadamist 
@TheOrangeShield 
@GeryCraig 
@THORCHAIN_LOVER 
@_miandering 
@ThompsonDeFi 
@Bitfinexed 
@gnoble79
@CryptoInsider23