A cryptocurrency exchange: "Given the excruciatingly detailed procedures [our auditor] was undertaking for the relatively simple balance sheet of [our money laundering apparatus], it became clear that an audit would be unattainable in a reasonable time frame." Well, yeah. https://twitter.com/Bitfinexed/status/957403495782498304 …
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At this point though it’s fascinating to see the extent to which “extend and pretend” can work for unregulated banks avoiding bank runs. How many obvious signs of chicanery can be willfully ignored if it lets us pump ponzis?
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