#ftx bankruptcy

[nacricissa]

If the world is planned whoever it was is clearly so bored with it all they named a man who did a Scam then went Bankrupt when his Fraud was discovered Sam Bankman-Fried. It's so perfect. Mr. Scam Bankrupt-Fraud was built to be dunked on it's kind of unfortunate for him. The part where he's going to jail is his fault, but the fact he has such a mockable name isn't.

[figtreeandvine]

I just love the way some people's mind (don't) work. Cryptocurrency was touted as a free-market ideal, unregulated by government, the ultimate libertarian wet dream. Well, FTX collapsed, taking with it all the money people invested in this Ponzi scheme. And people are blaming Biden and his administration for all the money lost by "hardworking Americans"!

FTX is registered in the Bahamas, outside US jurisdiction, specifically to avoid government oversight. It was founded under the Trump administration, if that makes any difference. What exactly was Biden supposed to do?

Conservative dictum: Privatize profit, socialize risk. When things inevitably go wrong, blame the liberals.

[ophilosoraptoro]

Witnessing Corruption - FTX and Sam Bankman-Fried

About 5 months old, so some of the info might be outdated, but still feels relevant.

SBF didn't kill himself.

[taiwantalk]

He might as well say that he was flying high in the sky shot through a cannon until he plunged 200 feet missing the net and bounced off the dirt without a squirrel suit and a parachute 🪂 . He got a lot of air going up.

[stlhandyman]

I could talk about the FTX collapse for hours on end. But there's no time! Here's the whole awful glorious mess crammed into 99 seconds. #FTX #FTXCRASH #MelonHead

So the money went, USA to UKRAINE, UK to FTX, FTX to democratic campaign. I get it now...

https://twitter.com/JG_Nuke/status/1591070331988774913?s=20&t=WFr14D89Ld5pxK7e8m14ng

this q post is right on time in re to banking and the election88888

[wauln]

[ FTX Founder Sam Bankman-Fried Found Guilty ]

[troughtonmedia]

Various court sketches of the Sam Bankman Fried trial; he defrauded millions of customers via a crypto currency exchange and lost a large amount of billions of dollars. Testifying against him was his co worker ex girlfriend and weeping for their son it is his Stanford professor parents. He is looking at a 100 year sentence in the United States prison system! He is likely to die behind bars now.

[head-post]

FTX founder found guilty, convicted of fraud

After 15 days of testimony and approximately 4.5 hours of jury deliberation, the founder of cryptocurrency exchange FTX, Sam Bankman-Fried, was found guilty of seven charges of fraud and conspiracy.

Bankman-Fried was found guilty of embezzling billions of dollars from FTX customer accounts and defrauding lenders associated with FTX subsidiary Alameda Research. He was also charged with defrauding FTX investors and money laundering. He faces a near-life sentence – he could face up to 115 years in prison. US Attorney Damian Williams praised the sentence, saying the government has “zero tolerance” for corruption and fraud.

At the court hearing, Bankman-Fried admitted that in 2020 he became aware that FTX customers’ funds were held by Alameda, but he failed to take steps to protect them. In autumn 2022, Bankman-Fried found out that Alameda owed FTX $8 billion, but he did not fire anyone.

FTX went bankrupt on 11 November 2022 after a CoinDesk report revealed that Alameda owned a large amount of FTX’s exchange token, FTT. This report, combined with tweets from Binance CEO Changpeng Zhao, triggered a wave of withdrawals from FTX, eventually leading to the bankruptcy of FTX, Alameda and their subsidiaries.

Learn more HERE

[cryptonewsme]

Update On FTX Crypto As Galaxy Asset Wins $50m Bid

Almost a year ago, FTX, one of the most popular crypto exchange platforms to ever grace the crypto scene, filed for bankruptcy. After news of the risky financial situation of its sister company, Aladema, and customers’ inability to access their funds on the exchange, FTX finally succumbed to filing for bankruptcy. Since the announcement of its bankrupt state, few moves have been made to purchase…

[babaloo-2424]

SBF's father was unhappy with his $200k salary at FTX - he wanted $1 million per year - so he emailed SBF asking for more money, and then pulled the "I'm telling your mother" Dad move and looped SBF's mom into the email thread

[usfinanceworld]

BlockFi, the bankrupt crypto lender, has more than $1.2 billion in assets with Sam Bankman-Fried’s FTX and Alameda Research, according to financials that were accidentally uploaded without redaction.

The company’s exposure to FTX was higher than previously reported and it filed for Chapter 11 bankruptcy protection in late November after FTX’s collapse, agreeing to rescue the struggling lender before its own meltdown.

As of Jan. 14, Blockfee had $415.9 million in assets tied to FTX and $831.3 million in loans to Alameda, unclassified filings show.

Both bankman-fried firms were embroiled in FTX’s November bankruptcy, which rocked crypto markets. The financial presentation was assembled by M3 Partners, an adviser to the creditors’ committee, and revealed that BlockFi had 662,427 users, 73% of whom had an account balance of less than $1,000.

The company had cash and wallet assets of $302.1 million, valued at $366.7 million, and non-performing assets of approximately $2.7 billion, tied to FTX and Alameda.

[stlhandyman]

dont do the crime if ya cant do the time #FTXSCAM

[nera789]

This joke wrote itself, quite literally.

I actually got this in a fortune cookie.

Prior to this happening: