Crypto Shuffles Funds! đŸ˜±

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Now, it appears that Falcon Finance, a concern run by a chap named Andrei Grachev – and a perfectly decent sort, I’m sure, though one does wonder about the names these crypto fellows come up with – has decided to up sticks and remove all its funds from those frightfully modern centralized exchanges. Apparently, it’s a “risk management strategy.” One suspects a touch of nerves, if you ask me. One simply doesn’t trust these exchanges, you know. Too many chaps with sticky fingers.

Grachev himself, in a recent communication to the, shall we say, ‘enthusiasts’ of the crypto world, informed them that the funds had been spirited away due to “security concerns.” A perfectly reasonable worry, given the sort of shenanigans one hears about. And, to add a touch of respectability, they’ve even got an independent auditor who’s signed a letter confirming the great escape. A letter! Honestly, the lengths these people go to.

“We moved all funds away from CEXes, got an attestation letter from the auditors that confirmed that,” declared Grachev. Sounds rather official, doesn’t it? Almost as if they were expecting a bit of a fuss.

And, as if that weren’t enough activity for one week, they’re planning a “transparency page.” A page! Imagine that. Showing where the money goes. It’s positively revolutionary. It’s due to appear sometime this week, though they’re still wrestling with the layout, which, I gather, involves things like “movements of funds” and “crypto holdings.” Dreadfully technical. 🧐

Why is Falcon Finance departing from CEXs?

The reason for this exodus, it seems, is a desire to appear rather more robust in the risk department, a commendable goal, and to generally avoid having anything to do with those centralized exchanges. One can’t blame them, really. It’s like keeping your best silver tucked away, rather than leaving it on display for any passing rogue.

Grachev, in a moment of uncharacteristic loquacity, emphasized this shift alongside promises of greater “on-chain visibility” – whatever that is. By removing their funds, Falcon Finance hopes to avoid the sort of unpleasantness that has plagued centralized exchanges in the past – account freezes, hacking, and general mismanagement. One shudders to think!

They also claim to only dabble in “market-neutral strategies” which sounds frightfully dull, and maintain strict reserve backing for every USDf minted. The idea is, apparently, to be utterly boring. Which, in the world of crypto, is rather a clever tactic. 👍

According to the brief (a very official-sounding word), Falcon’s reserves are “overcollateralized” at 116%, with 89% held in stablecoins and Bitcoin (BTC). Audited, naturally. One wouldn’t want any funny business. It all sounds terribly responsible, really.

Shifting the funds “on-chain,” it turns out, makes it easier to prove they actually have the money. A novel concept, one might think, but apparently essential in this peculiar world. It allows for more “efficient, transparent financial operations.” One hopes it doesn’t involve too much jargon. 🙄

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2025-07-22 15:55