Brex Deal Reveals Liquidation Preferences to Many Shareholders
Any VC types want to opine on how this plays out for Brex employees / common shareholders?
Seeking High‑quality Fintech, Finance, and Stablecoin Analysts
I've been re-calibrating who I follow on X, to reduce noise/shameless self promoters and increase signal. Who's posting original, fact-based analysis on fintech, banking, finance, stablecoins that I should be following?
Airwallex's Longstanding Red Flags Tied to Evolve Bank
Red flags on Airwallex have been obvious for some time (incl its prior relationship with... Evolve Bank & Trust)
Coinbase Burns Political Capital, Gains No Clear Win
Must listen for anyone following crypto market structure legislation. Coinbase seems to have expended a lot of political capital, made enemies in its own industry, and for no clear win-
New Deal Framework Enables Profitable 10% Cap Credit Lending
Good news: I have formed the framework of a future deal to profitably do credit card lending with a 10% rate cap 😐
Your Crypto‑bank Integration Is Fundamentally Flawed
If this is how you’re integrating crypto into tradfi bank app, you’re doing it wrong: https://t.co/kWU3jPhsdf
Fed Refuses Transparency on Synapse Oversight, Cites Confidentiality
Fed continues stonewalling all requests for transparency regarding its oversight of Synapse, arguing it is confidential supervisory information: https://t.co/VQcPyPqkNw
Chase Tacks Ads Onto Coinbase ACH Funding Statements
I do love that when you fund a Coinbase account via ACH debit from Chase, Chase inserts an advertisement into your statement: https://t.co/b5WB6xasj4
Evolve Bank Exec Pleads Fifth on Yotta FDIC Risk
Fintech Biz Weekly just dropped: Evolve Bank exec pleads the 5th Amendment in missing money case. Ex-head of BaaS Hank Word declined to answer questions under oath about if the bank did anything to jeopardize FDIC coverage of Yotta end users'...
FBI Traces $1 B in Crypto Through Figueira’s Wallets
“The FBI has identified approximately a billion dollars' worth of cryptocurrency that was passed through crypto wallets utilized by Figueira and his laundering operation” (h/t @criptolawyer) https://t.co/BNb8abIyKy
Stablecoin Failures Mirror Banking‑as‑a‑service Risks
Is the stablecoin space "speed running" the problems we saw in banking-as-a-service? @AlexH_Johnson and I did a bonus ep of Fintech Recap, discussing what lessons banks & "infrastructure" companies should learn from the Kontigo mess. https://t.co/kh6Hi6EYHb
Stripe Cuts Off Payment Processing for YC-Backed Kontigo
Looks like YC-backed Stripe may have cut off merchant acquiring for YC-backed Venezuelan sanctions evasion app Kontigo (English: the main use I gave to @kontigo_app died yesterday. It seems like @stripe stopped their card processor.)
Bank Opens Branch Aimed at Podcasters
They opened a new bank branch in town, and the target market seems to be… podcasters? https://t.co/25dDb4UEIc
Coinbase Backs Venezuelan Crypto App, Raising Sanction Concerns
Wait, is he... endorsing sanctions evasion? Coinbase, per Pitchbook data, led Venezuelan crypto app @kontigo_app's funding round announced last Dec.
Mastercard Cards Still Fueling Venezuelan Sanctions Evasion
Looks like @Mastercard-issued cards still operating for Venezuelan sanctions evasion app @kontigo_app If anyone knows who the issuer is (Rain?) or can share BIN/IIN (first 6 digits), would appreciate it!
Kontigo Pitches Bitcoin Retirement, Promises $205M by 2045
A fun @kontigo_app nugget that didn’t make the piece: it offers bitcoin, positioned as a retirement investment, and claims users can earn $205 million profit by 2045: https://t.co/fkLnA6CtKM
Kontigo and CEO Decline Direct Inquiry
To avoid any doubt or erroneous speculation, I reached out to both Kontigo and its CEO directly on Thu Jan 8. The company declined to engage. https://t.co/wrAcUPo1vp
Questioning Due Diligence Behind Stripe's Kontigo Partnership
What kind of due diligence did @stripe @Stablecoin @raincards @checkbook do before working with Kontigo, exactly? https://t.co/gpNCUPnzM0
US Money Fuels Spanish‑Language Sanctions‑Evasion App
Apparently, you can land American investors for a sanctions evasion app, as long as it's en español. Kontigo's stated investors only include ONE LatAm-based investor🤔
Y Combinator, Coinbase Fund Venezuelan Sanctions‑evasion App
Fintech Biz Weekly just dropped: Y Combinator & Coinbase invested in a Venezuelan sanctions evasion app linked to the Maduro regime, including, rumors say, the son of Nícolas Maduro: @kontigo_app The story is a LONG one. You know where...
Evolve Finds Additional Funds After 600-Day Freeze
🚨On Thursday, almost 600 days since Synapse/Evolve end users had their funds frozen, Evolve announced that it, I guess, “found” some more money — https://t.co/ZpCcjXfezR
Former FDIC Chair Leads Plaid’s Open‑Banking Policy
Interesting: Synapse bankruptcy trustee and former FDIC Chair Jelena McWilliams is the new head of policy for open banking aggregator Plaid
OCC Proposes Rule to Clarify National Trust Banks' Authority
OCC just dropped notice of proposed rule making to “clarify” the authorities of national trust banks: https://t.co/lAzLETRWVx
TomoCredit, Backed by Mastercard, Still Committing Fraud
Periodic reminder that Mastercard- and Morgan Stanley-backed TomoCredit is still running a straight up fraud: https://t.co/rpegLuEn28
Most Americans Would Ditch Credit Cards if Rates Capped
Correction to the Yahoo story @ChopraUSA cites: Most Americans would not have credit cards if credit card rates were capped as Trump proposed.
Kontigo Detects and Thwarts New Authentication Attack
Kontigo claims it detected & stopped another "hack" attempt; English: "We detected a new attack attempt targeting our authentication processes. Our security team contained it in time and activated additional protocols."
User Reports Repeat Hack, Funds Vanished without Trace
A @kontigo_app user saying they were hacked again; English translation: "they emptied my account again, but this time there was no transaction record left. I need urgent help, please."
Hacked Venezuelan Stablecoin Promotes 10% Tether Returns
Recently hacked Venezuelan stablecoin "bank" @kontigo_app says crypto withdrawals are now possible; is encouraging users to convert to Tether by offering 10% returns: https://t.co/7UUNhXkfY7
Seeking USDC-to-Bolivar Withdrawal Success via Pago Móvil
Are any @kontigo_app users able to successfully withdraw from USDC to Bolivars via Pago Móvil or bank transfer?
Kontigo Stablecoin Bank Hacked; Users to Be Reimbursed
Y Combinator-backed stablecoin "bank" Kontigo, which has links to JPMorgan Chase & Checkbook, was hacked, user funds appear to have been stolen. English translation: "We detected an unauthorized access that affected funds of some users. Your funds are protected and any...