{"id":36775,"date":"2025-11-07T03:10:19","date_gmt":"2025-11-07T03:10:19","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=36775"},"modified":"2025-11-06T23:11:08","modified_gmt":"2025-11-07T03:11:08","slug":"seas-1-ep-4","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/seas-1-ep-4\/","title":{"rendered":"Seas 1 Ep 4"},"content":{"rendered":"
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– Cory Klippsten, founder of Swan Bitcoin, posted a celebratory thread on Bitcoin’s price breaking $100,000, attributing it to institutional inflows and ETF approvals, including a chart showing YTD gains over 150%.<\/div>\n
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– The post ties into broader 2025 market trends, where Bitcoin’s halving in April and Fed rate cuts fueled a rally, supported by Chainalysis data indicating $50B in new corporate holdings.<\/div>\n
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– Top replies mix optimism with risk warnings, such as a reply from @maxkeiser echoing $1M predictions, while others cite Glassnode metrics on whale accumulation as bullish signals. <\/div>\n
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Season 1, Episode 4:<\/div>\n
THE ONE WHERE RAPHAEL ZAGURY, A CLOSE TETHER ASSOCIATE, IS INSTALLED AS AN \u201cINDEPENDENT\u201d DIRECTOR AT TETHER\u2019S SPAC, XXI\/$CEP<\/div>\n
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I see that our former employee Raphael Zagury @alphaazeta has been named an \u201cindependent director\u201d at Cantor Fitzgerald\u2019s (@cantorfitzgerld @howardlutnick) Tether-funded Bitcoin SPAC, Twenty One Capital (NASDAQ: $CEP). [1]<\/div>\n
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How can Zagury be \u201cindependent\u201d when he leads Elektron Energy (per his LinkedIn) and Proton Management, two companies with close ties to @tether_to?  In July 2024, while Zagury was still Swan\u2019s CIO and Head of Mining, Zagury sent a detailed business plan to Giancarlo Devasini, Zachary Lyons (Tether\u2019s Deputy CIO, and another director at XXI\/$CEP), @PaoloArdoino, San Naidoo (then a Swan Investment Director), and Michael Alexander \u201cAlex\u201d Holmes @trojan81 (then Swan\u2019s Head of Mining BD) outlining how they would use Elektron to gut the Swan\/Tether mining joint venture 2040.  Zagury\u2019 proposed plan shows Tether becoming a majority shareholder of Elektron.  Not sure how a director of XXI\/$CEP can be \u201cindependent\u201d if he\u2019s the CEO of a company deeply enmeshed with Tether.<\/div>\n
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Meanwhile, Tether-controlled Northern Data just signed a $200M agreement to sell its mining arm to an unnamed buyer, likely Elektron Energy LP.  Not sure who controls this Elektron entity (there are several recently formed \u201cElektron\u201d-named related entities; check them out in the BVI, Delaware, and Wyoming), but if Tether has any stake in it, then it\u2019s on every side of the Rumble-Northern Data-Elektron Energy deal, with Zagury right in the middle of it all.  More detail here: x.com\/coryklippsten\/\u2026<\/div>\n
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Perhaps these questions are best answered by Twenty One\u2019s law firm, @SkaddenArps, which also reps Tether.  It would be interesting to know how the law firm that produced information showing Zagury\u2019s ties to Tether also deemed him \u201cindependent.\u201d  For more on director independence, here\u2019s Skadden themselves on the subject: skadden.com\/insights\/publi\u2026<\/div>\n
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Perhaps the most obvious question is how Zagury can serve as a director at all after his own notes from when he was Swan\u2019s CIO show he stated that the \u201crain and hellfire need to start\u201d and that the \u201cteam resignation and move with Tether needs to be on tandem,\u201d adding \u201cConfidentiality and IP- we would be exposed\u201d and that they needed \u201cLegal cover from Tether.\u201d [2]<\/div>\n
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Does CEP\/$XXI really want a board member who schemed to start \u201crain and hellfire\u201d against the company he served?  Or is it not really Twenty One\u2019s management making the decisions, but Devasini, who unilaterally controls Tether, and through Tether, CEP\/$XXI?<\/div>\n
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LOTS more to come.  Hope you\u2019re ready for the next episode\u2026<\/div>\n
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[1] The Twenty One Capital XXI\/$CEP SPAC filing sec.gov\/Archives\/edgar\u2026<\/div>\n
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[2] @Protos coverage: \u201dSwan Bitcoin lawsuit targets former executives, implicates Tether\u201d<\/div>\n
protos.com\/swan-bitcoin-l\u2026<\/div>\n

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Cory 🦢 Bitcoin @ Swan.com<\/a><\/b><\/td>\n<\/tr>\n
\u2066\u202a@coryklippsten\u202c\u2069<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/td>\n<\/tr>\n
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Season 1, Episode 4:
THE ONE WHERE RAPHAEL ZAGURY, A CLOSE TETHER ASSOCIATE, IS INSTALLED AS AN \u201cINDEPENDENT\u201d DIRECTOR AT TETHER\u2019S SPAC, XXI\/$CEP<\/p>\n

I see that our former employee Raphael Zagury \u2066\u202a@alphaazeta\u202c\u2069<\/a> has been named an \u201cindependent director\u201d at Cantor Fitzgerald\u2019s pic.x.com\/2KoVVi0pmu<\/span><\/a><\/td>\n<\/tr>\n

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11\/6\/25, 8:00\u202fAM<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n <\/td>\n<\/tr>\n
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Chapter 1 to Chapter 14\u2019s an \u201cEaster Egg\u201d at <\/span>#ch1 to #ch14. Including #ch2 which\u2019s chapter 2 at my house in Napa California<\/span><\/div>\n

http:\/\/www.youtube.com\/watch?v=ejeIz4EhoJ0<\/span><\/p>\n


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On 09-09-39, “What They Will NEVER Teach You at Stanford Business School” debuts at 300 w 44th St at New York Fashion Week’s front row
http:\/\/www.youtube.com\/watch?v=QXIaNZi3mHQ<\/span><\/span><\/div>\n

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net\/larrychiang\/what-a-super-model-can-teach-a-harvard-mba-about-credit<\/a><\/span><\/p>\n

American Express hosts me mentoring you about FICO scores at New York Fashion Week
t.co\/inxTmZAj<\/a><\/span><\/p>\n

My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve 
http:\/\/www.youtube.com\/watch?v=eudADPfTWiE<\/span>
<\/span>***********<\/span><\/div>\n

Steve Jobs Texted me on 650-283-8008 in the same way that Mr Jobs called Bill Hewlett <\/span>https:\/\/x.com\/superSaiyanSkai\/status\/1941392367304761636\/video\/1<\/a><\/span><\/div>\n

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<\/span><\/div>\n
Larry Chiang<\/span><\/div>\n
Fund of Founders<\/div>\n
Founding Stanford EIR<\/div>\n
@duck9 alum, Deeply Understood Capital Credit Chinese Knowledge 9<\/div>\n
Solo Founder Uber API<\/div>\n
650-566-9600 Office<\/div>\n
650-566-9696 Direct<\/div>\n
Cell: 415-720-8500 <\/div>\n

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650-283-8008 (cell)<\/span><\/div>\n

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Editor of the widely syndicated “What They Don’t Teach at School”
whattheydontteachyouatstanfordbusinessschool.com\/blog<\/a><\/span><\/p>\n

CNN Video Channel: ireport.cnn.com\/people\/larrychiang<\/a><\/span><\/p>\n

Read my last 10 X posts at www.X.com\/LarryChiang<\/a><\/span><\/p>\n

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com\/blog\/?s=Ny+times+bestseller<\/a><\/span><\/p>\n

www.fastcompany.com\/embed\/c0d4562ea2049<\/a><\/span><\/p>\n

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http:\/\/www.youtube.com\/watch?v=vDBY0GkI3-g<\/span><\/p>\n

Emergency swings and cutting deals as an 9 year old
http:\/\/www.youtube.com\/watch?v=OFGY7v9C4G0<\/span><\/p>\n

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http:\/\/www.youtube.com\/watch?v=usu0luYy9pw<\/span><\/span><\/p>\n


<\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

– Cory Klippsten, founder of Swan Bitcoin, posted a celebratory thread on Bitcoin’s price breaking $100,000, attributing it to institutional inflows and ETF approvals, including a chart showing YTD gains over 150%. – The post ties into broader 2025 market trends, where Bitcoin’s halving in April and Fed rate cuts fueled a rally, supported by […]<\/p>\n","protected":false},"author":1,"featured_media":36776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36775","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/36775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/comments?post=36775"}],"version-history":[{"count":0,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/36775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media\/36776"}],"wp:attachment":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media?parent=36775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/categories?post=36775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/tags?post=36775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}