I run @pennyworks_. We do NAV for DEFI. Previously fixed-income quant trader/PM, crypto miner, tech nerd. @developer_dao #6622. @dospunksNFT whale.
Joined August 2014
- Tweets 2,928
- Following 569
- Followers 1,388
- Likes 2,845
175 Photos and videos
Pinned Tweet
5 Oct 2021
Starting thread of threads to keep my thoughts on #crypto, #tech and #finance organized. Some threads have a complementary in depth blog post on substack. π§΅π
ivan13.substack.com/
9
13
123
Jun 14
Glad @wsj is covering this! Polymarket should step up and make this right. We should strive for better business models powered by better tech. Not hide behind the pretense of smart contracts to scam people.
Jun 13
The @WSJ covered my case.
I lost around $35,000 on Polymarket after betting on a market that, in my view, should have resolved based on the transaction date β not a later disclosure date.
This is no longer just about one traderβs loss.
It is about whether prediction markets can change interpretations after users have already taken risk.
Polymarket needs to answer clearly:
Are written rules binding, or can they be reinterpreted after the outcome becomes inconvenient?
wsj.com/finance/polymarket-pβ¦
@Polymarket
@shayne_coplan
#StopPolyScam
90
Jun 6
Not gonna sugar coat it. I called the $STRC ponzi. And it's not even 1 year yet. At least Madoff had his scheme running for years.
22 Jul 2025
This will end in tears? Sounds awfully like algorithmic stablecoin...
Or it stays small because bond traders are not dumb. And with these new risk factors, yield will have to be higher than equivalent long bonds. Risks on both sides.
Stretcher is a better name.
2
91
Ivan Zhang π¦π retweeted
22 Jul 2025
This will end in tears? Sounds awfully like algorithmic stablecoin...
Or it stays small because bond traders are not dumb. And with these new risk factors, yield will have to be higher than equivalent long bonds. Risks on both sides.
Stretcher is a better name.
21 Jul 2025
π¨STRATEGY ANNOUNCES $STRC (STRETCH)π¨
You're about to understand a financial engineering move so insane, it makes traditional equity look like Monopoly money.π
1
1
2
233
Jun 6
This is a great thread. This is exactly why in TradFi, just posting a single top Line NAV is not enough transparency. It doesn't address self dealing, provenance of funds or source of income. If DeFi is indeed better, we need to show more transparency, not less!
Jun 4
the team has been quite careful to ensure MS1-3 do not touch but 2 signers of MS3 (lending) had accidentally executed transactions for MS1 (LP)
thereby establishing MS3 as a team wallet
etherscan.io/tx/0xd7825f69d8β¦
etherscan.io/tx/0xf6372b3d5eβ¦
2
92
May 30
It's very sad. Banks that have capital ratios around 8-10% are yelling on the rooftops about protection against risky stablecoins which are 100% backed by treasuries.
May 29
JUST IN: JPMorgan CEO Jamie Dimon lashes out at The Clarity Act, says banks are going to fight it and Coinbase CEO Brian Armstrong is "full of sh*t" π³
"We'll fight it. If we lose, we lose. It will be fought."
The Bankers are MAD they're losing.
1
62
Ivan Zhang π¦π retweeted
27 Sep 2021
For #Python #developers that are still testing the waters, or want a really quick way to dip their toes into #crypto and #NFT, I've made the shortest tutorial that'll get you deeper than 90% of the participants in this space. Read the thread & try it out!
gist.github.com/mirage007/f2β¦
2
9
24
May 26
Who needs marketing when we've got Marc?
I used to say we are like the SWAT team for DeFi accounting, somehow that message got slightly lost in translation...
3
3
107
Ivan Zhang π¦π retweeted
May 26
Easiest way to explain what sets us apart vs competition.
@crlfq @pennyworks_
2
2
4
240
Ivan Zhang π¦π retweeted
22 Jan 2022
For those that haven't experienced a 50% drawdown in a matter of days, this is the true moment when you get initiated into the crypto community. Congrats, You made it! Now go back to refreshing your portfolio.
1
3
19
Ivan Zhang π¦π retweeted
15 Nov 2021
Iβve read too many posts of people losing their crypto. Hereβs how to keep your NFTs safe like an OG: TLDR, get a hardware wallet. π§΅π
The main risks you are reducing are:
1. Preventing others from getting access to your keys (hacks)
2. You losing access to your own keys (loss)
3
5
17
Ivan Zhang π¦π retweeted
9 Jan 2022
1/ For those that are serious about protecting their crypto, my review of the @gridplus Lattice 1 hardware wallet:
I got this device is because of its killer feature: the ability to parse transaction data into readable inputs, it makes it easy to see what exactly you are signing.
3
5
28
Ivan Zhang π¦π retweeted
5 Oct 2021
Starting thread of threads to keep my thoughts on #crypto, #tech and #finance organized. Some threads have a complementary in depth blog post on substack. π§΅π
ivan13.substack.com/
9
13
123
May 22
Yes, 1000%. Crypto funds are on the cutting edge. That means that they engage in transactions that is well beyond hotel/taxi expenses and payroll. You need a specialized team well versed with not only accounting of capital market transactions AND deep understanding of DeFi products. That's why most crypto bookkeeping tools don't work, where's that expert that's tagging things for you?
May 20
Until crypto gets standarised accounting practices, these types of investigations are necessary to understand the structural leverage of the products.
DYOR
1
77
May 21
Reminds me of that time they ran a fake privacy phone startup that sold real phones that had a backdoor...
Sounds like they could have made it as real crypto founders. The bar for our industry is so low. We need to level up!
May 20
THIS IS ACTUALLY INSANE!π€―
The FBI launched its own crypto token last year just to trap the scammers.
They were sick of pump and dumps. So they built a real token with a real site and real branding, called it NexFundAI, and waited to see who would show up.
Within weeks, scammers were lining up to fake the volume for undercover agents.
Then one of them got on a recorded call and said it out loud. Their entire business model was making regular people lose money so they could profit.
The FBI had all of it on tape.
18 charged. $25M seized. Arrests across 3 countries.
The wildest part? The FBI ran a cleaner crypto project than half the founders out there. And the whole thing was a trap from day one.
1
49