Swan Whistleblower Exposes Embezzlement and Ordinals Trading Scheme
Last week during the Bitcoin 2024 Conference in Nashville, a shocking event was witnessed by an anonymous source. Terrence Yang, formerly of Swan Bitcoin, was caught trying to sell Ordinals in the men’s bathroom.
https://x.com/_podconf/status/1818369307262525532
After the news was broken on the Bugle Weekly podcast, this reporter was reached out to by another anonymous source still working at Swan. The recent round of layoffs, affecting 60% of the company staff, was publicly attributed to the lack of growth in their new mining division.
https://x.com/coryklippsten/status/1815429462210539706
According to the whistleblower, this is in fact untrue. The real reason behind the financial troubles leading to the layoffs is completely unrelated to the operations of the mining division at Swan. The real reason is an internal employee engaging in a massive case of embezzlement.
That employee is none other than Terrence Yang.
Mr. Yang has been a very outspoken anti-Ordinals figure since the beginning of the Ordinals movement, but in secret from the very beginning he has been embezzling company funds to gamble on Ordinals. The whistleblower suspects his plan was initially to trade for profit, returning company funds and keeping the excess gains, but Mr. Yang’s trade performance was abysmal.
He ignored Bitcoin Frogs and Quantum Cats, choosing to invest in almost exclusively unknown low quality Ordinals collections. None of these have recovered past the initial pump, which Terrence did not sell, creating devastating losses for Swan through the embezzled funds.
All of this was discovered after Rapha Zagury, Chief Investment Officer, noticed the missing funds. After a thorough search of the office, a seed phrase was found in Mr. Yang’s desk with a transaction history confirming receipt of the Swan company funds, as well as holding a large collection of Ordinals currently held at a loss.
This revelation as to the true origins of Swan’s financial woes comes as a complete surprise, not only due to Mr. Yang’s personal ranting against Ordinals in public, but the general anti-Ordinals position of Swan as a company.
