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That's what happens when tech gets heavily involved in protecting a country and/or the monetary system. It's a Herbert/Vonnegut collaboration. I have a feeling this is the wave of the future.
Don’t forget his business partner’s ties to the Chinese Communist Party …I don’t even blame Bitcoin or other crypto currencies here. This appears to be straight up fraud. Customers would send in their money and buy orders to FTX. FTX would never make those purchases. Instead it would transfer those funds (billions) into several of its shell companies where those funds would then be used for personal items. Everybody involved lived in the same office where they ate, slept, etc…. There are also deep political connections which make the story even juicier. In a twist it appears funds were further withdrawn after the bankruptcy filing and the Bahama’s government is involved in said withdrawals. This will make one hell of a movie someday.
On a somewhat related note, bored apes have crashed over the past month
I cant wait for the new triangle trade to be exposed...What is a bit unusual is being the second largest donor to a political party while involved in a multi billion dollar Ponzi scheme. Do you simply support that party or are you looking for preferential treatment when your house of cards come tumbling down? Maybe both?
We’ve all seen this move before: Harvey Weinstein, Jeffrey Epstein, Ed Buck, and Bernie Madoff, Elizabeth Holmes, Norman Hsu, Hillary Clinton’s finance Chair Hassan Nemazee, James Riady, two Buddhist nuns, Lawrence Penna, Charlie Trie, Johnny Chung, Howard Glicken, over the past thirty years literally dozens of more persons have admitted or been convicted of funding election tampering or campaign finance fraud or tax evasion in connection with receiving funds from criminal organizations or foreign intelligence sources and contributing them to the Clinton family political campaigns in one form or another. Billions of dollars, And that’s just the campaign and soft money. We are not talking about the charitable and business money they take in.I cant wait for the new triangle trade to be exposed...
Dem admimistration sends money to Ukraine..
Ukraine sends money to FTX..
FTX sends money to DNC...
I don’t think even if he (and he might be ) deep in the pocket of the Dems that they could protect him from something of this massive scale. This isn’t bribable “Look the other way, please” kind of fraud.What is a bit unusual is being the second largest donor to a political party while involved in a multi billion dollar Ponzi scheme. Do you simply support that party or are you looking for preferential treatment when your house of cards come tumbling down? Maybe both?
I also assume it’s simply too large of a fraud for the $40M he gave to give him much cover. I’m as curious to see what role the Bahama government played.I don’t think even if he (and he might be ) deep in the pocket of the Dems that they could protect him from something of this massive scale. This isn’t bribable “Look the other way, please” kind of fraud.
And even if it were, he actually gave only a very very small fraction of the funds to the Dems that he promised, so I could see them letting him twist in the wind anyways given this collapse.
Did I miss the significant regulations which have been put in place during the last two years?Look at when crypto grew unchecked and unregulated. It was during the 2015 - 2021 timeframe.
My understanding is SBF was seeking certain regulations which would adversely affect crypto platform rival Binance and benefit FTX. Ironically it was Binance which alerted the world to the FTX house of cards.He gave at least $36 million in the 2022 elections, I believe only George Soros gave more.
From what I understand, at least what has been stated publicly, his donations were an effort for him to get politicians to introduce more regulation in crypto. This created enemies for him in crypto as most other CEOs do not want it regulated by governments.
As more comes out, some are wondering if he was trying to buy politicians to keep up the fraud going on.
As for the politicians who received donations from him, the latest news is they're now regifting the money and cutting all ties to him.
I think it'll be a few years before we have an idea of the real details that led to this point.
Is it just me, or is this getting much less coverage than Enron did? Despite it being a larger amount of money stolen from customers.
There’s is a difference here which I believe needs to be pointed out. The currency was stolen from a crypto currency exchange and it was the exchange who assisted law enforcement in the tracing. It also has nothing to do with regulations. Still a positive sign the exchange was willing to assist law enforcement even if the assistance was due to the exchange being hacked and robbed. Will exchanges in the future assist governments in sourcing ordinary crypto transactions on their exchanges ? I have my doubts.Crypto’s biggest success was its use by organized crime due to its alleged lack of traceability. However recent prosecutions have proven otherwise.
My understanding is SBF was seeking certain regulations which would adversely affect crypto platform rival Binance and benefit FTX. Ironically it was Binance which alerted the world to the FTX house of cards.
When high certain powered government officials are involved in scandal the press has a habit of suppressing the story imo. I’ll be interested to see how the news coverage plays out as the story unfolds.
A small bit more from John Ray Jay, where this quote also appears.One of the most bizarre business failures I’ve ever seen.
This is the comment from the court appointed receiver. The same guy who oversaw the Enron cleanup.
Michael Lewis (Author of The Big Short and Moneyball) is researching a book on FTX. Can't wait to read it.I think it'll be a few years before we have an idea of the real details that led to this point.
Is it just me, or is this getting much less coverage than Enron did? Despite it being a larger amount of money stolen from customers.
You admire his disrespect for congress, that it's ok not to show up in person?
Not the Congress part but the doing every talk show he can all the while knowing he has conducted one of the largest frauds in US history.You admire his disrespect for congress, that it's ok not to show up in person?
The investors took major risk. Either they were unaware of that risk, or took it anyway. Neither one of those makes me cry, or elicits any great sympathy from me. But he broke several laws, and still doesn't give a f... That eliminates any admiration from me. He has no respect for congress, or the law, or any other institutions or principles.Not the Congress part but the doing every talk show he can all the while knowing he has conducted one of the largest frauds in US history.