Dow’s Cash Flow Increases The Safety Of Its Dividend Yield

On a price return basis, the Safest Dividend Yields Model Portfolio (+4.4%) outperformed the S&P 500 (+3.8%) by 0.6% from June 23, 2022 through July 19, 2022. On a total return basis, the Model Portfolio (+4.8%) outperformed the S&P 500 (+3.8%) by 1.0% over the same time. The best performing large cap stock was up 12% and the best performing small cap stock was up 14%. Overall, nine out of the 20 Safest Dividend Yield stocks outperformed their respective benchmarks (S&P 500 and Russell 2000) from June 23, 2022 through July 19, 2022.

This Model Portfolio only includes stocks that earn an attractive or very attractive rating, have positive free cash flow and economic earnings, and offer a dividend yield greater than 3%. Companies with strong free cash flow provide higher quality and safer dividend yields because I know they have the cash to support the dividend. I think this portfolio provides a uniquely well-screened group of stocks that can help clients outperform.

Since its spin-off from Dupont De Nemours Inc. (DD) in 2019, Dow has grown revenue by 13% compounded annually and net operating profit after-tax (NOPAT) by 65% compounded annually. Dow’s NOPAT margin rose from 6% in 2019 to 13% over the trailing twelve months (TTM), while invested capital turns improved from 0.7 to 1.1 over the same time. Rising NOPAT margins and invested capital turns drive the company’s return on invested capital (ROIC) from 4% in 2019 to 14% TTM.

Figure 1: Dow’s Revenue and NOPAT Since 2019

Dow has increased its regular dividend from $2.10/share in 2019 to $2.80/share in 2021. The current quarterly dividend, when annualized, provides a 5.5% dividend yield.

Dow’s free cash flow (FCF) comfortably exceeds its regular dividend payments. From 2019 to 2021, Dow generated $16.0 billion (43% of current market cap) in FCF while paying $5.7 billion in dividends. Over the TTM, Dow has generated $6 billion in FCF and paid $2 billion in dividends. See Figure 2.

Figure 2: Dow’s FCF vs. Regular Dividends Since 2019

Companies with strong FCF provide higher quality dividend yields because the firm has the cash to support its dividend. Dividends from companies with low or negative FCF cannot be trusted as much because the company may not be able to sustain paying dividends.

DOW Is Undervalued

At its current price of $52/share, DOW has a price-to-economic book value (PEBV) ratio of 0.3. This ratio means the market expects Dow’s NOPAT to permanently decline by 70%. This expectation seems overly pessimistic given that Dow grew NOPAT by 65% compounded annually since 2019.

Even if Dow’s NOPAT margin falls to 9% (vs. 13% over the TTM) and the company’s NOPAT falls 5% compounded annually over the next decade, the stock would be worth $75+/share today – a 44% upside. See the math behind this reverse DCF scenario. Should the company’s NOPAT not fall at such a steep rate, or even grow from current levels, the stock has even more upside.

Critical Details Found in Financial Filings by My Firm’s Robo-Analyst Technology

Below are specifics on the adjustments I make based on Robo-Analyst findings in Dow’s 10-K and 10-Qs:

Income Statement: I made $3.1 billion in adjustments with a net effect of removing $930 million in non-operating expenses (2% of revenue).

Balance Sheet: I made $16.6 billion in adjustments to calculate invested capital with a net increase of $11.3 billion. The most notable adjustment was $9.0 billion (18% of reported net assets) in other comprehensive income.

Valuation: I made $24.1 billion in adjustments with a net effect of decreasing shareholder value by $19.8 billion. Apart from total debt, one of the most notable adjustments to shareholder value was $6.1 billion in underfunded pensions. This adjustment represents 16% of Dow’s market value.

Disclosure: David Trainer, Kyle Guske II, Matt Shuler, and Brian Pellegrini receive no compensation to write about any specific stock, style, or theme.

New Constructs leverages reliable fundamental data to provide unconflicted insights into the fundamentals and valuation of private and public businesses.

Source: Dow’s Cash Flow Increases The Safety Of Its Dividend Yield

Critics by Macrotrends

Dow annual/quarterly free cash flow history and growth rate from 2017 to 2022. Free cash flow can be defined as a measure of financial performance calculated as operating cash flow minus capital expenditures.

  • Dow free cash flow for the quarter ending June 30, 2022 was 2,607.00, a year-over-year.
  • Dow free cash flow for the twelve months ending June 30, 2022 was , a year-over-year.
  • Dow annual free cash flow for 2021 was $4.79B, a 18.72% decline from 2020.
  • Dow annual free cash flow for 2020 was $5.893B, a 48.51% increase from 2019.
  • Dow annual free cash flow for 2019 was $3.968B, a 91.69% increase from 2018.

Dow annual/quarterly revenue history and growth rate from 2017 to 2022. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income.

  • Dow revenue for the quarter ending June 30, 2022 was $15.664B, a 12.81% increase year-over-year.
  • Dow revenue for the twelve months ending June 30, 2022 was $60.129B, a 30.19% increase year-over-year.
  • Dow annual revenue for 2021 was $54.968B, a 42.62% increase from 2020.
  • Dow annual revenue for 2020 was $38.542B, a 10.27% decline from 2019.
  • Dow annual revenue for 2019 was $42.951B, a 13.41% decline from 2018.

Current and historical gross margin, operating margin and net profit margin for Dow (DOW) over the last 10 years. Profit margin can be defined as the percentage of revenue that a company retains as income after the deduction of expenses. Dow net profit margin as of June 30, 2022 is 11.06%.

Current and historical p/e ratio for Dow (DOW) from 2017 to 2022. The price to earnings ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS) number. The PE ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure. Dow PE ratio as of August 03, 2022 is 5.40.

Current and historical current ratio for Dow (DOW) from 2017 to 2022. Current ratio can be defined as a liquidity ratio that measures a company’s ability to pay short-term obligations. Dow current ratio for the three months ending June 30, 2022 was 1.64.

Historical dividend payout and yield for Dow (DOW) since 2021. The current TTM dividend payout for Dow (DOW) as of August 03, 2022 is $2.80. The current dividend yield for Dow as of August 03, 2022 is 5.43%.

Related contents:

Dow Jones index falls over 400 points amidst rising US-China tensions The Financial Express

16:26 Tue, 02 Aug
05:55 Tue, 02 Aug
15:03 Mon, 01 Aug
21:00 Tue, 02 AugS&P 500 Nasdaq Markets
15:55 Wed, 03 AugChina Taiwan Business (US)

More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://alpariforex.org/fa/registration/?cpa_partner_id=13687690   Alpari Forex Trading

https://dealcheck.io?fp_ref=armin16   Dealcheck Real Estate Evaluator

https://jvz8.com/c/202927/369164  prime stocks

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlinkindexer

 https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle                                        

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

https://jvz4.com/c/202927/381560   ALL-in-One HD Stock Bundle

https://jvz6.com/c/202927/382326/   Viddeyo Bundle

https://jvz8.com/c/202927/381617/  The Forex Joustar

https://jvz3.com/c/202927/383751/ ADA Web Accessibility Compliance 

https://jvz3.com/c/202927/383942/  10 Bold Actions In Positive Life & Work

https://jvz3.com/c/202927/383706/  Adtivate Agency

https://jvz1.com/c/202927/384099/   My Passive Income Blueprints

https://jvz3.com/c/202927/329145/  Content Tool Kit

https://jvz6.com/c/202927/382663/    ReviewReel

https://jvz3.com/c/202927/383865/     QR Verse Bundle

https://jvz4.com/c/202927/379307/    VIADZ Ad Template

https://jvz2.com/c/202927/383051/    EngageYard Ad Creator

https://jvz4.com/c/202927/381011/   Videevolve

https://jvz4.com/c/202927/383751/  Local Leader Bundle

https://jvz8.com/c/202927/383119/   Tonai Voice Content

https://jvz2.com/c/202927/383848/   Vocalic Commercial

https://jvz3.com/c/202927/383483/  Dropshiply Store Creator

https://jvz6.com/c/202927/384025/  Levidio Royal Podcasting

https://jvz6.com/c/202927/383094/  Develop Self Empowerment

https://jvz1.com/c/202927/379223/   Hostley Domain Creator

https://jvz6.com/c/202927/383447/   Mech Forex Robot

https://jvz4.com/c/202927/383177/   Motion Kingdom Studio

https://jvz8.com/c/202927/144577/   Forex Blizz Trading

https://jvz3.com/c/202927/382851/  AdRaven

https://jvz2.com/c/202927/383307/   Animaxime V2

https://jvz8.com/c/202927/375692/  Promovidz Promotion Videos

https://jvz3.com/c/202927/381148/  AffiliateMatic

https://jvz4.com/c/202927/379051/  CanvaKitz Business Templates

https://jvz1.com/c/202927/383113/  Agencyscale Business Agency

https://jvz3.com/c/202927/347847/  Pitchdeck Professional Presentations

https://jvz2.com/c/202927/381179/   YTSuite YouTube Ads Campaigns

https://jvz8.com/c/202927/382455/     Living an International Life

https://jvz1.com/c/202927/188236/    Galactic Dimension backgrounds

https://jvz6.com/c/202927/381749/    Xinemax Hollywood Creator

https://jvz3.com/c/202927/381194/   DFY Suite 4.0 Agency

https://jvz4.com/c/202927/381231/    Appowls Mobile Apps

https://jvz1.com/c/202927/381935/   Ezy Multi Stores

https://jvz3.com/c/202927/381950/  TrafficForU

https://jvz2.com/c/202927/381556/  WOW Backgrounds

https://jvz2.com/c/202927/381685/   Your 3DPal

https://jvz6.com/c/202927/381617/   Forex Joustar

https://jvz2.com/c/202927/381129/   Ultrafunnels A.I

https://jvz3.com/c/202927/128215/   DUX Forex Signals

https://jvz3.com/c/202927/381003/   Trendio Keyword Content

https://jvz1.com/c/202927/381439/  FX Goldminer

https://jvz2.com/c/202927/380937/  Linkomatic

https://jvz2.com/c/202927/378775/  Pixal 2.022

https://jvz1.com/c/202927/379983/   VidVoicer

https://jvz6.com/c/202927/380087/   Big Audio Club

https://jvz1.com/c/202927/379995/  Podcast Advantage

https://jvz8.com/c/202927/380159/  Reputor

https://jvz6.com/c/202927/379863/  TubePal

https://jvz4.com/c/202927/380543/  Local Sites

https://jvz1.com/c/202927/369500/   PodKastr Commercial

https://jvz6.com/c/202927/351606/ Insta Keyword

https://jvz1.com/c/202927/376325/   Facedrip

https://jvz8.com/c/202927/374505/  7 Minutes Kit

https://jvz6.com/c/202927/383057/  Aweber Crash Course

https://jvz3.com/c/202927/46987/   WP Simulator

https://jvz8.com/c/202927/379995/  Podcast Advantage

https://jvz2.com/c/202927/380692/  Boost Optimism

https://jvz1.com/c/202927/36517/   Superior Muscle Growth

https://jvz6.com/c/202927/379480/  TV Boss Fire

https://jvz1.com/c/202927/379455/  Webprimo Website Builder

https://jvz2.com/c/202927/379339/  LocalCentric

https://jvz4.com/c/202927/378683/  WebCop

https://jvz3.com/c/202927/384619/  Agency Client Finder

https://jvz8.com/c/202927/384625/  Power Reviews

https://jvz8.com/c/202927/380933/   Survai

https://jvz2.com/c/202927/378775/  Pixal

https://jvz3.com/c/202927/383937/  Webinarkit

https://jvz2.com/c/202927/384700/  YoDrive

https://jvz6.com/c/202927/384381/  RSI Seo

Bankman-Fried Warns: Some Crypto Exchanges Already “Secretly Insolvent”

fter throwing lifelines to troubled digital currency platforms BlockFi and Voyager Digital, Sam Bankman-Fried, the 30-year-old billionaire founder of FTX, warns that some crypto exchanges will soon fail. The question on everybody’s mind in the crypto world is whether we’ve reached the market bottom. Nearly $2 trillion in crypto market value has evaporated since November.

Two bellwether digital assets Luna, a $40 billion crypto asset associated with TerraUSD, a $16 billion stablecoin designed to maintain parity with the U.S. dollar, have collapsed. Earlier this month bitcoin traded for below $20,000, its lowest level since December 2020. But the fallout is far from complete. Earlier this month, Singapore-based Three Arrows Capital (3AC), a highly levered crypto trading firm with $200 million of exposure to Luna revealed that it was nearly insolvent.

Three Arrows’ had borrowed large sums from numerous crypto firms including New Jersey’s Voyager Digital and New York-based BlockFi. In order to survive Three Arrows default, the two digital asset exchanges turned to billionaire Sam Bankman-Fried, founder of FTX and the richest person in crypto, worth some $20.5 billion. Between FTX and his quantitative trading firm Alameda, he provided the companies with $750 million in credit lines.

There is no guarantee that Bankman-Fried will recoup his investment. “You know, we’re willing to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things and protect customers,” he says. We’re willing to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things.”

Bankman-Fried’s cash infusions are far from altruistic. He has emerged as a smart vulture capitalist in the beleaguered crypto market, knowing full well that his own fortune depends on its healthy rebound and growth. Bankman-Fried has also bought into crypto brokerage Robinhood, where FTX has already accumulated a 7.6% stake, and is rumored to be considering an acquisition.

Bankman-Fried denies any active merger talks with Robinhood but tells Forbes that more crypto exchange failures are coming. “There are some third-tier exchanges that are already secretly insolvent,” says Bankman-Fried. Fried’s FTX, along with Coinbase, Kraken and Binance, are giants among digital asset exchanges. They have millions of customer accounts and functionally they operate similarly to online stock brokerages. But outside of these whales, there are more than 600 crypto exchanges around the world operating in a largely unregulated frontier.

Never heard of AAX, Billance and Hotbit? You aren’t alone, but like Coinbase they trade bitcoin, ether and dogecoin and offer generous margin loans–as much 20 times their initial capital— to their clients. Lacking any meaningful regulatory oversight many crypto exchanges have been vulnerable to scammers and hacks.

Japanese exchange Coincheck was hacked for $530 million in crypto in 2018, Singaporean exchange KuCoin lost $275 million in 2020, and then in December 2021 Cayman Island-based Bitmart was breached for $200 million. Back in 2016, Bitifinex was hacked to the tune of nearly 120,000 bitcoin worth $2.5 billion now.

But, despite the generous bailouts, not even Bankman-Fried is able, or willing, to throw good money after bad in perpetuity. “There are companies that are basically too far gone and it’s not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or that there is not much of a business left to be saved,” says Bankman-Fried, who declined to name any specific crypto exchanges.

As Forbes reported in its analysis of the world’s best 60 crypto exchanges, the digital asset exchange business generally lacks standards to certify a new entity before or after they start soliciting client funds. The SEC doesn’t regulate the exchanges and the Commodities Futures and Trading Commission has oversight of only a handful of crypto derivatives markets. In the United States there is no member organization like FINRA to self- regulate crypto exchanges.

Bankman-Fried is worried about continued failures because during the euphoria of rising crypto prices, exchanges kept upping the ante to attract customers with generous yields for deposits. BlockFi or Voyager were promising yield payments to customers, upwards of 12% per year that had to be paid for either by charging at least that much more interest to borrowers or more likely, by putting that money to work in decentralized finance DeFi applications.

That worked fine when crypto was going nowhere but up. It looks disastrous now. “There are companies that are basically too far gone and it’s not practical to backstop them.”

Like J.P. Morgan during the stock market panic and crash of 1907, Bankman-Fried is taking advantage of the crypto chaos to expand his empire. He recently closed the acquisition of Liquid, a troubled Japanese exchange. BlockFi and Voyager Digital are in his grip and despite his denials, Robinhood may be next. According to sources familiar with his loans to Voyager, Alameda is likely to lose at least $70 million of the credit it has already extended. In 2021, publicly-traded Voyager’s Digital had a market value of more than $3 billion.

Today it shares trade for pennies and its market cap of $62 million points to an imminent bankruptcy filing. Despite the carnage, Bankman-Fried tells Forbes that FTX remains profitable and has been for the past 10 quarters. FTX’s biggest rival Coinbase lost $432 million in the first quarter of 2022 and its stock is down almost 90% from its all-time high.

Bankman-Fried also has his eye on crypto miners, many of whom leveraged their balance sheet at breakneck pace to quickly scale and take advantage of this 21st century digital gold rush. The stocks of publicly-trading crypto miners including Marathon Digital Holdings and Riot Blockchain are down more than 60% year to date.

One bellwether crypto asset Bankman-Fried is not worried about is Tether, world’s largest dollar-pegged stablecoin with a market cap exceeding $70 billion. Many industry watchers have deemed it a ticking time bomb with questionable collateral whose failure would almost certainly be an existential threat to the entire cryptocurrency market. Tested during the Luna collapse Tether briefly lost its $1 peg and fell to a price 95 cents. However, it successfully processed over $10 billion worth of withdrawals and has since recovered.

Says Bankman-Fried, “I think that the really bearish views on Tether are wrong…I don’t think there is any evidence to support them.”

Steven Ehrlich

I am director of research for digital assets at Forbes. I was recently at Kraken, a cryptocurrency exchange based in the United States.

Source: Bankman-Fried Warns: Some Crypto Exchanges Already “Secretly Insolvent”

Related contents:

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations Business Insider IndiaOne Of Crypto Biggest Exchange Finds New Ways Of Revenue, Applying Fees On Inactive Users The Crypto Basic

07:42

Founders of $10 Billion Crypto Hedge Fund Have ‘Ghosted’ After Bets Go Bad

The co-founders of an influential multi-billion-dollar crypto hedge fund have suddenly gone MIA right at the moment that people want their money. Days of swirling rumors have been followed by harder evidence that Three Arrows Capital, or 3AC, is ghosting its business partners as it attempts to avoid insolvency after the firm overleveraged itself ahead of the recent “crypto winter,” which has plagued the industry and led to a steep decline in crypto prices.

Now, firms are scrambling to distance themselves from 3AC to assure customers that their funds won’t go down with the ship run by Zhu Su and Kyle Davies, two childhood friends who suddenly found themselves wielding billions in the Wild West of emerging crypto markets. “Losing a bet is one thing, but at least be honorable and not drag others into your bets who have nothing to do with it. Certainly don’t ghost on everyone since potentially, they could’ve helped you,” the head of trading at a firm that does business with 3AC said on Twitter.

The largely self-funded hedge fund has become a prominent investor in almost all arenas of the cryptocurrency industry, as well as a prolific borrower, making its inability to meet margin calls over the last week—money a firm has to pony up to cover losses—a subject of concern throughout the sector.

Rumors of issues at 3AC started to percolate over the last week, as crypto prices plunged and evidence emerged that the firm was frantically unloading tokens. “They’re not responding to anyone,” an unnamed source at a crypto trading firm told The Financial Times. As the frustration grew louder, 3AC’s normally prolific co-founders went silent, until Su sent out a cryptic and ominous tweet on Tuesday. “We are in the process of communicating with relevant parties and fully committed to working this out,” he wrote, without any additional context. He has not tweeted since, nor has Davies.

The head of trading at the Hong Kong-based firm 8 Blocks Capital, Danny Yuan, released a statement on Wednesday saying that 3AC had stopped responding after 8 Blocks requested a large withdrawal on Monday, June 13. After 3AC didn’t respond, a member of Yuan’s firm noticed that “~1m was missing from our accounts with them.” Additional attempts at contact went nowhere, and 8 Blocks Capital went elsewhere for information.

“What we learned is that they were leveraged long everywhere and were getting margin-called. Instead of answering the margin calls, they ghosted everyone. The platforms had no choice but to liquidate their positions, causing the markets to further dump,” Yuan said. In other words, 3AC had bet on crypto prices going up with borrowed funds (or “leverage” to use financial speak) meaning that any gains are higher but losses hurt much more. Yuan then called on platforms holding funds associated with 3AC to freeze them.

Zhu and Davies made their first public comments in an interview with the Wall Street Journal published on Friday morning, where they said that they were exploring asset sales and “rescue by another firm,” the outlet reported, and hoped to secure an arrangement with their creditors to give the firm some runway.

The apparent crisis afflicting 3AC is already sending ripples through the industry. On Thursday, the yield generation platform Finblox said that the company would pause reward distributions and limit withdrawals for all customers as it evaluated the effect of 3AC’s financial stress on its platform. 3AC is an investor in Finblox, the company said. 

The crypto lender BlockFi would not confirm if BlockFi had liquidated 3AC’s position, saying in a statement to Motherboard that it is against company policy to “comment on specific counterparties.” But BlockFi added that it “exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan.” (Unnamed sources told The Financial Times that BlockFi had indeed liquidated 3AC’s position.)

The stench of 3AC is so strong that even those who are not attached to the company have felt it necessary to distance themselves. Tether, the stablecoin currency, for one, issued a statement calling rumors that it had lending exposure to 3AC “categorically false.”  

The question is whether 3AC is a canary in the coal mine for crypto hedge funds, or just an overzealous fund that took too many risks. Mike Novogratz, the founder of Galaxy Digital Holdings, for one, has said he expects two-thirds of crypto hedge funds to soon fail.

Since its founding in 2012, 3AC has become one of the largest crypto hedge funds in the world, and its demise could cause trouble throughout the sector. Zhu and Davies, friends since high school who attended Columbia and joined Credit Suisse as derivatives traders together, started the fund while they lived in an apartment together, and have since become rumored to be “among the world’s biggest crypto holders,” according to Bloomberg.

3AC mostly (and maybe only) managed the co-founders’ own money, which Zhu claimed allowed 3AC “the ability to make very good decisions on market timing.” It also allowed for unusually large, risky bets, and for a while, the firm achieved astonishing results. The analytics firm Nansen estimated 3AC held $10 billion in blockchain assets as of March, and the company has investments all over the crypto ecosystem. As of December, that included a stake in the world’s biggest Bitcoin fund, the Grayscale Bitcoin Trust, that reportedly exceeded 5 percent.

 To increase the size of its bets, 3AC borrowed money from a number of firms, dramatically increasing its potential windfall. But when the crypto market started to crash, 3AC got hit hard. The hedge fund had invested in places like the play-to-earn game Axie Infinity and the Solana blockchain, whose token values have crashed in recent months. It also invested in Celsius, a crypto bank that has suspended withdrawals indefinitely amid rumors of insolvency. 3AC’s worst bet may have been Luna, a cryptocurrency that plummeted to near-zero in a dramatic implosion.

Now, 3AC appears to be scrambling to find money wherever it can, such as by selling massive amounts of tokens. One NFT fund the company had backed even moved all of its 70 pieces of digital art on SuperRare, which it had spent more than $20 million collecting, to a single address, indicating asset consolidation.

Ahead of the crash, Zhu and Davies professed an almost religious devotion to the potential of cryptocurrency. The libertarian Su had repeatedly pushed his “supercycle” thesis publicly, claiming crypto prices would continuously rise as it gained prominence relative to government currencies. “I also think we are entering an era where the potential of Bitcoin to become one of the key reserve currencies of people and nations is becoming clearer than ever,” Zhu told Bloombeg in April. “It will not be a smooth ride, but it will be a highly meaningful one for those who take the journey.”

On May 27, Zhu admitted that his grand supercycle theory was “regrettably wrong,” adding that “crypto will still thrive and change the world every day,” comments that Davies echoed in the Wall Street Journal. “We have always been believers in crypto and we still are,” he said.

By Maxwell Strachan

Source: Founders of $10 Billion Crypto Hedge Fund Have ‘Ghosted’ After Bets Go Bad

More contents:


More Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

 http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://jvz8.com/c/202927/369164  prime stocks

  https://jvz3.com/c/202927/361015  content gorilla

  https://jvz8.com/c/202927/366443  stock rush  

 https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

 https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

 https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

 https://jvz4.com/c/202927/358049  profile mate  

 https://jvz6.com/c/202927/279944  senuke  

 https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

 https://jvz8.com/c/202927/376524  super backdrop

 https://jvz6.com/c/202927/302715  audiencetoolkit

 https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

 https://jvz6.com/c/202927/375706  socifeed

 https://jvz2.com/c/202927/184902  gaming jobs

 https://jvz6.com/c/202927/88118   backlinkindexer

 https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

 https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

 https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

 https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

 https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

 https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

 https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

https://jvz4.com/c/202927/381560   ALL-in-One HD Stock Bundle

https://jvz6.com/c/202927/382326/   Viddeyo Bundle

https://jvz8.com/c/202927/381617/  The Forex Joustar

SoftBank’s Startups Insist The Bruised Investor Still Expects Growth Despite The Economic Downturn

The economic storm is upon us, but it hasn’t changed SoftBank’s expectation that its portfolio companies will continue to prosper if only they focus on product and growth. That’s the message Masayoshi Son’s Japanese conglomerate is sending to its startups even as SoftBank posted a bruising $27 billion loss over the last fiscal year as inflation spirals, war siphons resources and interest rates head skyward.

Forbes contacted around half of SoftBank’s Vision Fund portfolio companies to learn how tech’s largest investor was advising founders to weather a slowdown that has already erased billions of dollars from the valuations of public and private technology companies.

“No matter we are in a bear market, they still think that the most relevant thing is growth, and product, and that from the founder’s perspective is great,” says Juan Urdiales, CEO of Spanish hiring platform Jobandtalent, which raised $120 million in a SoftBank-led round in March 2021. Urdiales is not alone.

Forbes spoke with 20 other founders out of a pool of 300 startups worldwide backed by SoftBank’s $140 billion Vision Fund 1 and 2. Founders such as Kevin Gosschalk of Captcha maker Arkose Labs, say they were told that “focus” and “lean” growth were the priorities in an economy sagging under rising interest rates and untamed inflation

As signs of a bear market appeared on the horizon this year, SoftBank sharply dialed back the pace of its financings after making a record 183 investments last year. It has made just 32 investments since the start of the war in Ukraine at the end of February, as SoftBank founder Masayoshi Son told investors that he intends to pull back on such deals by 50% to 75%.

That shift was preceded by an earlier change of strategy at the Vision Fund, the world’s largest tech investor. The London-based team shifted from the $1 billion wagers in capital-hungry companies such as Uber and WeWork it made with its Vision Fund 1, to make more traditional venture-style investments with cheques as low as $10 million spreading its chips across industries and countries.

“The reality is that if you want to continue investing multi-billion a year it’s very hard to concentrate on a few positions and find these very large companies that can digest that,” says Yanni Pipilis, EMEA Managing Partner for the SoftBank Vision Fund.

As a minority investor in many of the Vision Fund 2 companies, SoftBank had a smaller role to play in talks about a startup’s future, says Pipilis. “So the discussions we have are more often at a board level are advisory rather than telling founders what they should do,” he says. “There’s no one-size-fits-all approach but of course in an environment like this one we will look at your cash burn, hiring, marketing plans and see how we can adjust that to potentially increase your runway.”

SoftBank has, like many of its rivals in Silicon Valley, refocused on European startups over the past 18 months after valuations and founders’ demands in the U.S. surged. SoftBank nearly doubled the capital allocated to European startups to 25% in its second fund after Vision Fund 1 was dominated by large American and Asian companies.

Even so, the speed and scale of SoftBank’s spending across its sprawling operations can lead to overlaps and confusion. Just days apart in April 2021, two separate Vision Fund teams invested over $3 billion in two Norwegian startups with rival warehouse robotics technology. The stablemates could soon be pitted against each other as online grocer Oda expands into Germany while Autostore seeks to power Germany’s retail giants.

Some of SoftBank’s rivals have struck a more cautious tone. In a memo to founders in its portfolio last month, Sequoia Capital issued a gloomy warning that “Cheap capital is not coming to the rescue” to bail out struggling startups. Tiger Global, SoftBank’s rival in what critics brand “spray and pray” investing in late-stage startups, has also faced major headwinds and has written off $17 billion across its portfolio.

In May, Tiger invested in 33 companies, down from 50 in January, according to Pitchbook. But despite the looming signs of a downturn, Tiger’s backers appear undaunted, raising $12.7 billion in March for a new growth fund, and is reportedly in talks to raise yet another fund focused on private markets.

SoftBank has come down to earth since this time last year, when it smashed Japan’s record for corporate profits on the listing of South Korean ecommerce player Coupang and the then-booming valuations of companies in its Vision Fund portfolio. Those milestones were before rising interest rates, sharp stock-market declines and fears of a recession hammered public and private tech valuations.

Meanwhile, banner Softbank investments such as Alibaba and ride-hailing app Didi have been swept up in China’s tech crackdown. SoftBank’s own share price has plunged 36% over the last year. It is also managing a $140 billion corporate debt pile, among the largest in the world, and a raft of high-profile executive departures.

Most recently, some of SoftBank’s biggest bets in Vision Fund 2 have started to wobble. Last month, Klarna, Europe’s most valuable startup, laid off a tenth of its employees and cut back expectations after posting a nearly $500 million loss last year. GoPuff, the $15 billion instant delivery app, is shuttering more than a dozen warehouses and laid off 400 employees in May. And View, a “smart glass” window maker, which raised $1 billion from SoftBank before going public via SPAC, is at risk of being delisted by the Nasdaq while trading at a 81% discount from its peak a year ago.

SoftBank’s star investment Alibaba, now trades at a 50% discount to its price last year, says Amir Anvarzadeh, a Singapore-based analyst with Asymmetric Advisors, who recommends shorting SoftBank. “Over the last few years, SoftBank’s transformation to become a venture capital firm has been a disaster,” says Anvarzadeh.

lite1-2-1-1-1-1-1-1-1-1-1-1-1-1-1-2-1-2-1-2-1-1-1-1-1-1-1-1-1-1-1-2-1-1-2-1-1-1-1-1-1-1-1-1-1-1

SoftBank has been here before. Son was one of the biggest winners of tech investing in the 1990s, just before the dot-com bubble burst, thanks to massive bets on Yahoo and E-Trade. But the subsequent selloff saw SoftBank lose 99% of its market cap, and Son’s personal wealth took a major hit. Son revived SoftBank as a major telecom operator but has more recent brushes with disaster from multi-billion bets on failed startups like WireCard, Greensill Capital, and Katerra – each raising questions about SoftBank’s due diligence process. The WeWork saga in particular took a financial and reputational toll on both SoftBank and Son.

Founders interviewed by Forbes say they have also got the message from SoftBank that it can’t be expected to bail out a floundering startup. SoftBank has led scores of rounds for loss-making startups but now pushes for another investor to lead any subsequent rounds. “We deliberately embarked on a strategy several years ago of having rounds led by others, and being willing to participate and support rounds,” says Anthony Doeh, a partner at SoftBank Investment Advisers.

“As a founder you should never count on continued support from your investors financially,” says Rob van den Heuvel, CEO of Netherlands-based shipping startup Sendcloud, which raised $175 million in September in a round led by SoftBank. “Our business is doing well and they reiterated their support a couple of weeks ago. … I would understand if they don’t support businesses that are not doing well.”

Though for now, such factors have not shaken the confidence of its portfolio companies, outwardly at least. Urdiales says he was warned by other founders that SoftBank’s exposure to public markets could determine whether it was a long-term investor. “We have seen many investors who are tremendously affected by market trends,” Uriadales says. “You don’t want an investor that changes their mind every quarter.”

I joined Forbes as the Europe News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Prior to

I’m a staff reporter at Forbes covering tech companies. Follow me on Twitter at @davidjeans2 and email me at djeans@forbes.com

Source: SoftBank’s Startups Insist The Bruised Investor Still Expects Growth Despite The Economic Downturn

More contents:

American Express Announces First Crypto Rewards Credit Card On Its Network

American Express will soon debut the first crypto rewards credit card on its network. Announced today at the Consensus cryptocurrency conference in Austin,TX the card, developed in partnership with crypto wealth manager Abra, will transact in U.S. dollars and offer crypto back on any purchase category and amount. The rollout is expected later this year.

According to Abra’s CEO Bill Barhydt, who spoke with Forbes ahead of the announcement, the crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra with no annual or foreign transaction fees. In addition, the card will offer several benefits from the American Express Network, including offers for shopping, travel, dining and Amex’s purchase protections.

“We’re thrilled to combine the strength of our payments network with Abra’s innovation and expertise in crypto. This is a credit card for crypto explorers and enthusiasts alike,” said Mohammed Badi, President of Global Network Services at American Express.

Though first for American Express, the Abra crypto card is only the latest in a string of products offered by cryptocurrency companies on major payments networks, such as Gemini crypto card, which offers rewards in the form of bitcoin and over 60 other cryptocurrencies, and BlockFi rewards Visa card.

Abra received its first check from American Express back in 2015. Other notable investors include Digital Currency Group, Pantera Capital and the Stellar Development Foundation. Today the self-described “crypto bank” and Forbes’ Next Billion-Dollar Startups 2021 list member has over 2 million customers. The Mountain View, California-based firm says it has processed more than $2 billion in crypto-backed loans to retail and institutional clients.

The new joint initiative “represents another step toward Abra’s goal of eventually offering an instant line of credit directly at the point of sale,” said Barhydt. “This is the future of payments.”

Today the firm has also announced a new feature to buy and sell NFTs with managed custody in the Abra app. Rather than funding DeFi wallets and moving between different app interfaces to buy and sell NFTs from marketplaces like OpenSea, users will be able to buy and sell digital collectibles directly from Abra’s platform, Barhydt explained.

Cardholders can choose from any of the more than 100 cryptocurrencies supported on the Abra platform, with no annual or foreign transaction fees. The card will also come with Amex Offers for shopping, travel, dining and services as well as presale ticket access and purchase protections.

Commenting on the initiative, Mohammed Badi, president of Global Network Services at American Express, said:

“We have a long-standing relationship with Abra through our Amex Ventures investment portfolio, as they have deep expertise in both crypto and traditional financial services, and we are now pleased to extend the American Express brand and benefits to their customers as the payments network for their first card.”

In April, the firm announced the launch of a capital-management arm with five funds with exposure to bitcoin, ether and other cryptocurrencies available to accredited investors willing to invest at least $250,000.

I report on cryptocurrencies and other applications of blockchain technology. I also edit the weekly Forbes Crypto Confidential newsletter and contribute to our premium research service

Source: American Express Announces First Crypto Rewards Credit Card On Its Network

Related News:

Dogecoin Foundation Hosts Dinner Discussion with Rapper Ice Cube

Tron’s USDD Stablecoin Loses its Peg, $700M Injected to Recover

Dogecoin Foundation Hosts Dinner Discussion with Rapper Ice Cube

BinanceUS Gets Sued Over Selling LUNA and UST

Nexo Offers to Help Out Rival Celsius Amid Withdrawal Suspension

SAND Technical Analysis: Selling Activity Booms As Prices Fall Below $1

BinanceUS Gets Sued Over Selling LUNA and UST

Do Kwon Refutes Allegations of Cashing Out $2.7B Before Terra Fallout

Nexo Offers to Help Out Rival Celsius Amid Withdrawal SuspensionMore Remote Working Apps:

https://quintexcapital.com/?ref=arminham     Quintex Capital

https://www.genesis-mining.com/a/2535466   Genesis Mining

http://www.bevtraders.com/?ref=arminham   BevTraders

https://www.litefinance.com/?uid=929237543  LiteTrading

https://jvz8.com/c/202927/369164  prime stocks

https://jvz3.com/c/202927/361015  content gorilla

https://jvz8.com/c/202927/366443  stock rush  

https://jvz1.com/c/202927/373449  forrk   

https://jvz3.com/c/202927/194909  keysearch  

https://jvz4.com/c/202927/296191  gluten free   

https://jvz1.com/c/202927/286851  diet fitness diabetes  

https://jvz8.com/c/202927/213027  writing job  

https://jvz6.com/c/202927/108695  postradamus

https://jvz1.com/c/202927/372094  stoodaio

https://jvz4.com/c/202927/358049  profile mate  

https://jvz6.com/c/202927/279944  senuke  

https://jvz8.com/c/202927/54245   asin   

https://jvz8.com/c/202927/370227  appimize

https://jvz8.com/c/202927/376524  super backdrop

https://jvz6.com/c/202927/302715  audiencetoolkit

https://jvz1.com/c/202927/375487  4brandcommercial

https://jvz2.com/c/202927/375358  talkingfaces

https://jvz6.com/c/202927/375706  socifeed

https://jvz2.com/c/202927/184902  gaming jobs

https://jvz6.com/c/202927/88118   backlinkindexer

https://jvz1.com/c/202927/376361  powrsuite  

https://jvz3.com/c/202927/370472  tubeserp  

https://jvz4.com/c/202927/343405  PR Rage  

https://jvz6.com/c/202927/371547  design beast  

https://jvz3.com/c/202927/376879  commission smasher

https://jvz2.com/c/202927/376925  MT4Code System

https://jvz6.com/c/202927/375959  viral dash

https://jvz1.com/c/202927/376527  coursova

https://jvz4.com/c/202927/144349  fanpage

https://jvz1.com/c/202927/376877  forex expert  

https://jvz6.com/c/202927/374258  appointomatic

https://jvz2.com/c/202927/377003  woocommerce

https://jvz6.com/c/202927/377005  domainname

https://jvz8.com/c/202927/376842  maxslides

https://jvz8.com/c/202927/376381  ada leadz

https://jvz2.com/c/202927/333637  eyeslick

https://jvz1.com/c/202927/376986  creaitecontentcreator

https://jvz4.com/c/202927/376095  vidcentric

https://jvz1.com/c/202927/374965  studioninja

https://jvz6.com/c/202927/374934  marketingblocks

https://jvz3.com/c/202927/372682  clipsreel  

https://jvz2.com/c/202927/372916  VideoEnginePro

https://jvz1.com/c/202927/144577  BarclaysForexExpert

https://jvz8.com/c/202927/370806  Clientfinda

https://jvz3.com/c/202927/375550  Talkingfaces

https://jvz1.com/c/202927/370769  IMSyndicator

https://jvz6.com/c/202927/283867  SqribbleEbook

https://jvz8.com/c/202927/376524  superbackdrop

https://jvz8.com/c/202927/376849  VirtualReel

https://jvz2.com/c/202927/369837  MarketPresso

https://jvz1.com/c/202927/342854  voiceBuddy

https://jvz6.com/c/202927/377211  tubeTargeter

https://jvz6.com/c/202927/377557  InstantWebsiteBundle

https://jvz6.com/c/202927/368736  soronity

https://jvz2.com/c/202927/337292  DFY Suite 3.0 Agency+ information

https://jvz8.com/c/202927/291061  VideoRobot Enterprise

https://jvz8.com/c/202927/327447  Klippyo Kreators

https://jvz8.com/c/202927/324615  ChatterPal Commercial

https://jvz8.com/c/202927/299907  WP GDPR Fix Elite Unltd Sites

https://jvz8.com/c/202927/328172  EngagerMate

https://jvz3.com/c/202927/342585  VidSnatcher Commercial

https://jvz3.com/c/202927/292919  myMailIt

https://jvz3.com/c/202927/320972  Storymate Luxury Edition

https://jvz2.com/c/202927/320466  iTraffic X – Platinum Edition

https://jvz2.com/c/202927/330783  Content Gorilla One-time

https://jvz2.com/c/202927/301402  Push Button Traffic 3.0 – Brand New

https://jvz2.com/c/202927/321987  SociCake Commercial

https://jvz2.com/c/202927/289944  The Internet Marketing

https://jvz2.com/c/202927/297271  Designa Suite License

https://jvz2.com/c/202927/310335  XFUNNELS FE Commercial 

https://jvz2.com/c/202927/291955  ShopABot

https://jvz2.com/c/202927/312692  Inboxr

https://jvz2.com/c/202927/343635  MediaCloudPro 2.0 – Agency

https://jvz2.com/c/202927/353558  MyTrafficJacker 2.0 Pro+

https://jvz2.com/c/202927/365061  AIWA Commercial

https://jvz2.com/c/202927/357201  Toon Video Maker Premium

https://jvz2.com/c/202927/351754  Steven Alvey’s Signature Series

https://jvz2.com/c/202927/344541  Fade To Black

https://jvz2.com/c/202927/290487  Adsense Machine

https://jvz2.com/c/202927/315596  Diddly Pay’s DLCM DFY Club

https://jvz2.com/c/202927/355249  CourseReel Professional

https://jvz2.com/c/202927/309649  SociJam System

https://jvz2.com/c/202927/263380  360Apps Certification

https://jvz2.com/c/202927/359468  LocalAgencyBox

https://jvz2.com/c/202927/377557  Instant Website Bundle

https://jvz2.com/c/202927/377194  GMB Magic Content

https://jvz2.com/c/202927/376962  PlayerNeos VR

https://jvz8.com/c/202927/381812/  BrandElevate Bundle information

https://jvz4.com/c/202927/381807/ BrandElevate Ultimate

https://jvz2.com/c/202927/381556/ WowBackgraounds Plus

https://jvz4.com/c/202927/381689/  Your3DPal Ultimate

https://jvz2.com/c/202927/380877/  BigAudio Club Fast Pass

https://jvz3.com/c/202927/379998/ Podcast Masterclass

https://jvz3.com/c/202927/366537/  VideoGameSuite Exclusive

https://jvz8.com/c/202927/381148/ AffiliateMatic

https://jvzoo.com/c/202927/381179  YTSuite Advanced

https://jvz1.com/c/202927/381749/  Xinemax 2.0 Commercial

https://jvzoo.com/c/202927/382455  Living An Intentional Life

https://jvzoo.com/c/202927/381812  BrandElevate Bundle

https://jvzoo.com/c/202927/381935 Ezy MultiStores

https://jvz2.com/c/202927/381194/  DFY Suite 4.0 Agency

https://jvzoo.com/c/202927/381761  ReVideo

https://jvz4.com/c/202927/381976/  AppOwls Bundle

https://jvz8.com/c/202927/381950/  TrafficForU

https://jvz3.com/c/202927/381615/  WOW Backgrounds 2.0

%d bloggers like this: