This is a handy trick if you ever find yourself in need of an eye in a wire rope and you don't have wire rope grips (bulldog grips) or the time or know-how to make a proper splice.
This is what is known as a "Maori Splice". At least that was what it was called when I was a rigger on Sydney Harbour. I trust the name is not disrespectful to my Kiwi friends, I certainly don't intend it as such (I'm sure someone will let me know if I'm wrong). I've known plenty of Maori riggers and dogmen and they were all top blokes and good at their jobs.
This splice is not intended to replace a proper splice, but it's not bad to get you out of trouble.