⚯ Michel de Cryptadamus ⚯

it's looking increasingly possible that the implosion of a random auto parts company could lead to a full blown financial crisis.

billions of dollars is apparently just straight up missing. multiple companies that are getting hit in the fallout are crypto players, including #HowardLutnick's #CantorFitzgerald and #crypto bank #WesternAllianceBank (#WAL) which is part of #TassatPay.

* https://x.com/junkbondanalyst/status/1976104317783589268
* https://x.com/junkbondanalyst/status/1976258844956426635

cc @GhostOnTheHalfShell

#firstbrands #firstbrandsgroup #bankruptcy #jefferies #economics #uspol #uspolitics #autoparts #cryptocurrency #banking #bank #investmentbanking #investmentbank

Oct 9, 2025 at 3:48pmWeb
Show threadDan SugalskiOct 9, 2025
@cryptadamist If this is the trigger for the AI bubble popping (which oddly I could 100% see) I... would be in retrospect unsurprised. If we're lucky it pops a crypto bubble (Does crypto have bubbles? Seems more like they're pustules or buboes) that'd be fun to watch too.
Show thread⚯ Michel de Cryptadamus ⚯Oct 9, 2025

@wordshaper crypto has been on a roughly 4 year massive boom/bust cycle since bitcoin came into being.

and while it's still very early and tough to say how far this will go, it definitely could end up popping the AI bubble if there's enough shady financing that suddenly gets exposed in other sectors.

Show threadDan SugalskiOct 9, 2025
@cryptadamist Every single goddamn time I see a financial story in the press my big takeaway is "we need more financial regulatory enforcement" because these people are *never* coming up with new ways to scam or defraud people. It's always the same old ways, we know a lot of ways to prevent it, we just don't.
Show threadzenkatOct 9, 2025
@cryptadamist @GhostOnTheHalfShell Any long-form write-ups in this?
Show thread⚯ Michel de Cryptadamus ⚯Oct 9, 2025

@zenkat @GhostOnTheHalfShell 2nd link in my post has a bloomberg writeup. i think this is all very new, like the situation has dramatically changed in just the last few hours.

here's the hilarious letter from debtor's counsel: https://x.com/sindap/status/1976248093009187080

here's an FT article: https://www.ft.com/content/36582d44-2592-4de7-a252-c2797fa65a48?shareType=nongift

#firstbrand #firstbrandsgroup

Sujeet Indap (@sindap) on X

not the email you wanna get from debtor’s counsel: https://t.co/6NsuBLObnO

X (formerly Twitter)
Show threadWm.sonOct 9, 2025

@cryptadamist @zenkat @GhostOnTheHalfShell

Not pretending to understand the crypto world, but see also the price of gold right now.

People with money are driving it up, I feel like because they see what's coming.

Show threadAlaric Snell-PymOct 9, 2025
@cryptadamist @GhostOnTheHalfShell I recently saw a YouTube video about First Brands and its collapse and what it might mean, by the excellent rap news (don't ask) commentator Patrick Boyle: https://m.youtube.com/watch?v=LrTd6SsBa_g
AAA Rated Junk: What Tricolor and First Brands Reveal About Credit Markets!

YouTube