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Thread: FTX Files For Bankruptcy. What will be the effect of this?

  1. #31
    FTX CEO detained by authorities in Bahamas
    The group were reportedly trying to flee to Dubai, a city in the United Arab Emirates that prior to February 24, 2022 had no extradition treaty with the United States.
    https://thepostmillennial.com/report...es-in-bahamas/
    Joshua Young (13 November 2022)

    Sam Bankman-Fried, the former CEO of the collapsing cryptocurrency company FTX, along with two others associated with the company, director of engineering Nishad Singh and co-founder Gary Wang, are "under supervision" in the Bahamas after the trio reportedly were planning on fleeing to Dubai.

    According to Cointelegraph, "Right now three of them, Sam, Gary, and Nishad are under supervision in the Bahamas, which means it will be hard for them to leave."

    Dubai is a city in the United Arab Emirates that prior to February 24, 2022, had no extradition treaty with the United States. However, as of that date, the two countries signed a mutual legal assistance treaty which does permit extradition.

    The multi-billion dollar cryptocurrency company FTX, run by CEO Sam Bankman-Fried, the second biggest Democrat donor right after George Soros, collapsed last week as details emerged regarding their financial practices, which led to a run by customers on FTX.

    FTX did not have the funds to pay out.

    "FTX is under investigation by the US Securities and Exchange Commission (SEC) regarding the management and handling of client funds. With this latest development, FTX has more questions to answer as scrutiny builds around the SEC investigation," Cryptoslate reported.

    Roughly $5 billion was withdrawn from FTX on Sunday. The trouble began for FTX last week when rival crypto company Binance said they were selling off their holdings of FTT, the proprietary coin of FTX. After Binance's comments, FTX was in financial trouble and essentially sought a bailout from other firms, Binance among them.

    The New York Post reports that FTX's implosion followed revelations "that co-founder Sam Bankman-Fried had been funneling money to a sister trading company run by his girlfriend." That company, Alameda Research, is run by Bankman-Fried's girlfriend, Caroline Ellison, and is also based in the Bahamas.

    Binance announced that they would buy the company, then pulled out of the deal, saying that after some due diligence, they decided it would not be a good investment. Part of the issue for Binance is that Alameda Research, helmed by Bankman-Fried's girlfriend, holds a great deal of their assets in FTT, and FTX had invested their customers' funds into Alameda through a "back door," without oversight.

    Details have emerged that FTX had partnered with Ukraine to process donations to their war efforts within days of Joe Biden pledging billions of American taxpayer dollars to the country.



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  3. #32
    Quote Originally Posted by vita3 View Post
    Ya , I thought it would be more , how much was it they threw martha stewart in jail for , 40k ?
    Last edited by Occam's Banana; 11-13-2022 at 07:38 PM. Reason: added quote from merged thread for context
    Do something Danke



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  5. #33

  6. #34
    Some more connect-the-dots of conflicts of interest involved in FTX: (some of which are obvious violations of legal ethics code....same law firm representing both sides of acquisitions, for example)

    https://wallstreetonparade.com/2022/...-exchange-ftx/

    Some commentators are speculating that the acquisitions of failed crypto firms by FTX, just prior to FTX's collapse was to knowingly consolidate the collapsing ponzis under one central entity, without regard for investor's well-being as to whether such acquisitions were in investor's best interests. It also raises the question of whether the acquired failed firms were also involved in money laundering and it was just a wrap-up/consolidation of a huge RICO laundering scheme, with FTX being just one of the launderers.
    Last edited by devil21; 11-13-2022 at 08:30 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  7. #35

  8. #36
    I heard the WEF has connections to this. They deleted the partnership page from their website.
    "Perhaps one of the most important accomplishments of my administration is minding my own business."

    Calvin Coolidge

  9. #37

    Details, Democrats Stole Elections through FTX-Laundered Taxpayer Money to Ukraine

    More Details, Democrats Stole Elections through FTX-Laundered Taxpayer Money to Ukraine, Best Rundown of Biden, DNC Connections (video with transcript)



    RUSH TRANSCRIPT
    hey internet friends this is going to be
    a quick one I'm going to give you a
    rundown on the whole FTX crypto exchange
    Financial drama as well as cover the
    rather Insidious and bigger story about
    FTX that mainstream media won't touch
    fair warning this is such an annoying
    thing to explain because there's a lot
    of acronyms but the recent FTX drama
    boils down to this a crypto Exchange
    took customers money and invested it in
    unknown assets and when customers went
    to pull their money out of the exchange
    there was no money crypto exchange FTX
    and its founder Sam bakeman freed or SBF
    imploded this week to put it in
    perspective FTX and its competitor
    binance are the two largest exchanges in
    the world just like with binance with
    FTX the customer can put in dollars or
    tokens and you can trade these tokens
    the way these exchanges make money is by
    charging a transaction fee when you
    exchange tokens the transaction fee
    token that FTX uses is called ftt T it's
    a utility token that provides access to
    the FTX trading platform's features and
    services and listen I know it's funny
    money but just stick with me here Sam
    implemented a back door in the FTX
    bookkeeping which let him alter his
    company's Financial records without
    alerting their external Auditors that
    means when he transferred 10 billion
    dollars of customer money to a sister
    company Alameda which he also founded it
    went undetected so early in November
    coindesk which is like a crypto-
    publication ran a report on FTX which is
    headquartered in the Bahamas and showed
    that basically the company was Belly Up
    FTX had minimal liquidity because its
    founder had invested its customers money
    in a bunch of unknown assets most of
    alameda's assets were tied up in ftt the
    funny money so neither of Sam's
    companies had any liquidity they only
    had fake money turns out the CEO of
    binance decided to liquidate roughly 530
    million worth of ftt around this time
    which signaled ftx's customers to pull
    out two and when they all did this at
    once FTX saw an estimated 6 billion in
    withdrawals over the course of 72 hours
    which of course it couldn't fulfill
    because I just told you they didn't have
    any actual money and hey this is a very
    simplified version of events but I
    believe I gave you the main highlight so
    we can move on to the bigger story back
    in 2019 Biden announced his presidential
    campaign and just two weeks later MIT
    graduate early life Wikipedia tribe
    member Silicon Valley Sam bankman freed
    who is actually the son of Barbara freed
    who's a Stanford Professor who happens
    to be the co-founder of mine the Gap a
    democratic political fundraising
    organization based in Silicon Valley
    Sam's brother Gabe is founder of
    guarding against pandemics an
    organization that advocates for public
    Investments to prevent the next pandemic
    and gay Abe was a legislative
    correspondent for the U.S House of
    Representatives and an advisor to large
    political donors in the Democratic party
    but that's not all Aunt Linda freed is
    an epidemiologist and Dean at Columbia
    she specializes in aging and her husband
    is an expert in HIV AIDS they both have
    strong links to the world economic Forum
    you can read about them on the wf's
    website anyway Sam launched the FTX
    exchange two weeks after Biden announced
    his run for presidency and somehow in
    his late 20s Sam became one of Biden's
    biggest donors he reportedly has become
    the second largest donor to the
    Democrats right after George Soros FTX
    was an overnight success and made Sam
    very rich at his Peak he was reportedly
    worth 26 billion and he even gotten
    celebs like Tom Brady and Gisele to
    promote his crypto exchange investment
    firm Sequoia camp Capital invested 213
    million dollars in Sam's company only
    for Sam to turn around and invest 500
    million dollars in Sequoia Capital not
    only that but FTX purchased 30 of
    Anthony scaramucci's Sky Bridge Capital
    once Biden was in office he appointed
    Gary ginsler as the SEC chair the
    daughter of Gary ginsler's boss at MIT
    Caroline Ellison is now the president of
    ftx's sister company that's quite a web
    that's being woven when the SEC or the
    Securities and Exchange Commission is
    supposed to be protecting investors in
    theory they're supposed to be fair and
    not corrupt and impartial and all that
    but I digress ftx's head of Ventures is
    Amy Wu who used to work for the Clinton
    foundation and I'm undoubtedly going to
    butcher some of these names here but it
    is what it is ftx's policy and
    regulation Head Mark wetchen served as
    Obama's commodity future trading
    commissioner and there were reports that
    FTX wanted to spend over a billion
    dollars on the Democrat Party for 2024.
    according to another report by coindesk
    the Ukrainian government launched a
    crypto donations partnership with FTX in
    March of 2022. FTX was converting
    donations into Fiat for a deposit at the
    National Bank of Ukraine aid for Ukraine
    was the official initiative that raised
    funds from the crypto Community for the
    benefit of Ukraine's military and
    humanitarian needs quote the aid for
    Ukraine effort utilized FTX services to
    convert crypto funds received into Fiat
    and send the donations to the National
    Bank of Ukraine ultimately becoming the
    fifth largest charitable Foundation
    assisting in the country's war effort
    and quote let's just get all our ducks
    in a row here the foreign aid that the
    US government sent Ukraine was then put
    into FTX and I just told you that the
    way exchanges make money is by
    transactions so FTI made a ton of money
    from the US government sending our tax
    dollars to Ukraine in Ukraine partnering
    with FTX which Sam bankman freed then
    turned around and donated to the
    Democratic party for the midterms alone
    Sam gave Democrats 40 million dollars
    from his now bankrupt crypto exchange
    and it's pretty suspicious that the
    downfall of FTX happened right after
    midterms to summarize and make sure we
    have this right you the taxpayer give
    your hard-earned money to the American
    government the American government turns
    around and gives it to Ukraine and
    Ukraine runs your donations through FTX
    and then the FTX founder takes your
    money and gives it to the Democrats so
    do you think Democrats will give back
    this tainted money after this whole
    Scandal totally a rhetorical question
    but I think it should be demanded of
    them it's only fair you know but in all
    seriousness I think the Sam bankman
    freed character was set up to fall his
    whole rise was too manufactured too
    quick and now his bankrupt company sets
    up the perfect example for people to
    demand Federal control of cryptocurrency
    in trading for them to demand government
    regulation they fried the bankmen you
    get it what do you think internet
    friends you know I always look forward
    to your comments thank you so much for
    watching and so I'm subscribing and
    supporting my channel on patreon bye

  10. #38
    It's honestly hilarious that people really believed the Democrats would be too pussy to steal elections again.
    "Perhaps one of the most important accomplishments of my administration is minding my own business."

    Calvin Coolidge

  11. #39
    https://twitter.com/ClownWorld_/stat...29833258450946

  12. #40
    Death to the NWO’s crypto trap and deception . Long live cash. ��
    Thee (God) alone will we serve and from Thee alone will we seek help



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  14. #41
    Quote Originally Posted by Anti Globalist View Post
    It's honestly hilarious that people really believed the Democrats would be too pussy to steal elections again.
    Is it really stealing when both parties control the election and a shadowy group of elites owns said parties ?
    Thee (God) alone will we serve and from Thee alone will we seek help

  15. #42

  16. #43

  17. #44
    The facts are not as important as the narrative. Even before I heard about the Ukraine laundering angle, the whole thing seemed like a Trojan horse for new CBDC being started via executive order next month. Perfect catalyst for why we need government controlled digital money to keep corrupt digital money from crashing our economies.
    When a trumpet sounds in a city, do not the people tremble?
    When disaster comes to a city, has not the Lord caused it? Amos 3:6

  18. #45
    Quote Originally Posted by TheCount View Post
    Based on your long-running record of accurate analysis, I completely believe you. Was JFK Jr. at all involved in this plan?
    Yeah, that FTX, Ukraine thing is pretty far-fetched.

    On the other hand it's almost a 99% certainty that we're not at war with Russia to free the Ukraine. I don't know what the hell the Biden administration is doing over there but he needs to stop before he gets us all killed.

  19. #46
    Quote Originally Posted by orafi View Post
    Is it really stealing when both parties control the election and a shadowy group of elites owns said parties ?
    Yes.

    DeSantis was allowed to win big, he has the establishment behind him and a shot at taking out Trump. The rest of the country got screwed by the machine.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  20. #47
    Why talk about Ukraine angle where it looks like this fraud was no#2 OVERALL donor to Democratic Party

  21. #48
    Katz made some nice trinkets DC lobbying for FTX

    Eliora Katz, a former aide to Republican Sen. Pat Toomey who was listed on disclosure reports as FTX’s sole in-house lobbyist, no longer works at the company, according to a person familiar with the matter. It is unclear when exactly she left, or if she resigned or was fired from the job. Lobbying disclosure reports show that FTX spent $540,000 on in-house lobbying in the second and third quarters of this year combined. FTX lists Katz as working for the company on its third-quarter lobbying disclosure, which includes July through September.



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  23. #49
    Quote Originally Posted by vita3 View Post
    Why talk about Ukraine angle where it looks like this fraud was no#2 OVERALL donor to Democratic Party
    Because they are related?

    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  24. #50
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  25. #51
    Quote Originally Posted by Occam's Banana View Post
    https://twitter.com/ClownWorld_/stat...29833258450946
    Saw a piece of this video on Tucker tonight. Is this guy Greta Thunberg's brother? He seriously seems to be autistic.

    Combine Greta Thunberg, Bernie Maddoff and Bill Gates, and out pops Sam Bankman-Fried.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  26. #52
    Quote Originally Posted by Madison320 View Post
    Yeah, that FTX, Ukraine thing is pretty far-fetched.
    If you actually read the "articles" you'll find that they don't match the headlines. Typical.


    You can always tell the low-effort conspiracy theories because they connect every single new news item to whatever the flavor-of-the-month is.
    Quote Originally Posted by Swordsmyth View Post
    Pinochet is the model
    Quote Originally Posted by Swordsmyth View Post
    Liberty preserving authoritarianism.
    Quote Originally Posted by Swordsmyth View Post
    Enforced internal open borders was one of the worst elements of the Constitution.

  27. #53
    It's always nice to see a source of Funding Evil discombobulated.
    Liberty is lost through complacency and a subservient mindset. When we accept or even welcome automobile checkpoints, random searches, mandatory identification cards, and paramilitary police in our streets, we have lost a vital part of our American heritage. America was born of protest, revolution, and mistrust of government. Subservient societies neither maintain nor deserve freedom for long.
    Ron Paul 2004

    Registered Ron Paul supporter # 2202
    It's all about Freedom

  28. #54
    The official Cathedral narrative starting to drop:

    How Sam Bankman-Fried’s Crypto Empire Collapsed
    Mr. Bankman-Fried said in an interview that he had expanded too fast and failed to see warning signs. But he shared few details about his handling of FTX customers’ funds.
    https://www.nytimes.com/2022/11/14/t...ankruptcy.html
    [archive link: https://archive.ph/mxOh5]
    David Yaffe-Bellany (14 November 2022)

    In less than a week, the cryptocurrency billionaire Sam Bankman-Fried went from industry leader to industry villain, lost most of his fortune, saw his $32 billion company plunge into bankruptcy and became the target of investigations by the Securities and Exchange Commission and the Justice Department.

    But in a wide-ranging interview on Sunday that stretched past midnight, he sounded surprisingly calm. “You would’ve thought that I’d be getting no sleep right now, and instead I’m getting some,” he said. “It could be worse.”

    The empire built by Mr. Bankman-Fried, who was once compared to titans of finance like John Pierpont Morgan and Warren Buffett, collapsed last week after a run on deposits left his crypto exchange, FTX, with an $8 billion shortfall, forcing the firm to file for bankruptcy. The damage has rippled across the industry, destabilizing other crypto companies and sowing widespread distrust of the technology.

    Besides some Twitter posts, messages to employees and occasional texts to reporters, Mr. Bankman-Fried, 30, has said little publicly over the last week. In the interview on Sunday, he voiced numerous regrets over the collapse of FTX.

    But he would offer only limited details about the central questions swirling around him: whether FTX improperly used billions of dollars of customer funds to prop up a trading firm that he also founded, Alameda Research. The Justice Department and the S.E.C. are examining that relationship.

    Alameda had accumulated a large “margin position” on FTX, essentially meaning it had borrowed funds from the exchange, Mr. Bankman-Fried said. “It was substantially larger than I had thought it was,” he said. “And in fact the downside risk was very significant.” He said the size of the position was in the billions of dollars but declined to provide further details.

    Mr. Bankman-Fried did, however, agree with critics in the crypto community who said he had expanded his business interests too quickly across a wide swath of the industry. He said his other commitments had led him to miss signs that FTX was running into trouble.

    “Had I been a bit more concentrated on what I was doing, I would have been able to be more thorough,” he said. “That would have allowed me to catch what was going on on the risk side.”

    Mr. Bankman-Fried, who is based in the Bahamas, declined to comment on his current location, citing safety concerns. Lawyers for FTX and Mr. Bankman-Fried did not respond to requests for comment.

    Mr. Bankman-Fried’s fall has stunned the crypto world. But in recent months, warning signs had emerged that his business empire was in peril and that his ambitions exceeded his grasp, according to interviews with nine of his colleagues and business partners, as well as internal messages obtained by The New York Times.

    As he embarked on a buying spree this year, investing in beleaguered crypto companies, he wasn’t sharing information with key staff. When he was told that he was overextended and was encouraged to hire more employees, he resisted the suggestions. And in Washington, he was pushing an ambitious regulatory agenda while speaking critically about Changpeng Zhao, the chief executive of the rival exchange Binance, who eventually mobilized his extensive Twitter following to set off the run on FTX.

    Despite the billions that venture capital firms put into the company, FTX had none of those outside investors on its board. In the Bahamas, Mr. Bankman-Fried led a sometimes cloistered existence, surrounded by a small coterie of colleagues, some of whom were in romantic relationships with other FTX employees, according to four people familiar with the matter. He and his top lieutenants lived together in a penthouse in Albany, a 600-acre oceanside resort on the island of New Providence in the Bahamas.

    The Aftermath of FTX’s Downfall
    The sudden collapse of the cryptocurrency exchange has left the crypto industry stunned.

    Asked whether he was overly dependent on that small group, Mr. Bankman-Fried said his circle of close colleagues numbered about 15. “Realistically speaking, I don’t think anyone can maintain close contact and close communication with more than 15 people,” he said.

    The relationship between Alameda and FTX was the root of Mr. Bankman-Fried’s downfall. He founded the trading firm in 2017 and rented offices in Berkeley, Calif., not far from where he had grown up as the son of Stanford Law professors. Soon the company made millions of dollars exploiting inefficiencies in the Bitcoin market.

    In 2019, Mr. Bankman-Fried relocated the company to Hong Kong, a friendlier regulatory environment. He moved with a small band of traders — including Caroline Ellison, a former trader at the financial firm Jane Street — and went on to start FTX, a marketplace for crypto investors to buy, sell and store digital assets.

    FTX and Alameda were closely linked. Alameda traded heavily on the FTX platform, meaning it sometimes benefited when FTX’s other customers lost money, a dynamic that critics called a conflict of interest. In the past, Mr. Bankman-Fried has defended the arrangement, saying Alameda provided crucial liquidity — injections of capital that enabled others customers to complete transactions on the exchange.

    Alameda was run by Ms. Ellison, but Mr. Bankman-Fried was also involved, contributing to the decision-making on big trades, a person familiar with the company’s inner workings said. At times, there did not appear to be much of a firewall between the businesses. Alameda was supposed to operate out of a separate office, but a guest who visited FTX’s complex in recent months said Ms. Ellison had been sitting within view of computers displaying the exchange’s trading data.

    In addition to Mr. Bankman-Fried and Ms. Ellison, the circle of executives running the crypto operation in the Bahamas included Nishad Singh, FTX’s director of engineering; Gary Wang, the exchange’s chief technology officer; and Ramnik Arora, the head of product.

    Mr. Bankman-Fried moved FTX to the Bahamas in 2021, drawn by a regulatory setup that allowed him to offer risky trading options that weren’t legal in the United States. On the exchange, investors could borrow money to make big bets on the future value of cryptocurrencies.

    He lived in a five-bedroom penthouse in the Albany resort’s Orchid building, with Ms. Ellison, Mr. Singh, Mr. Wang and six others. Mr. Bankman-Fried and Ms. Ellison were at times romantically involved, two people said.

    Mr. Bankman-Fried said he and Ms. Ellison were no longer in a romantic relationship but declined to comment further. Ms. Ellison did not respond to a request for comment. Many details of the relationships among FTX’s leadership team were previously reported in the crypto publication CoinDesk.

    Mr. Bankman-Fried’s circle of colleagues was bound by a commitment to effective altruism, a charitable movement that urges adherents to give away their wealth in efficient and logical ways. For co-workers outside the clique, it was sometimes difficult to get time speaking with Mr. Bankman Fried, a person familiar with the matter said. And Mr. Bankman-Fried made it a point of pride that FTX had only about a 300-person staff, much smaller than its top rivals, Binance and Coinbase.

    Even as he kept hiring down, Mr. Bankman-Fried built an ambitious philanthropic operation, invested in dozens of other crypto companies, bought stock in the trading firm Robinhood, donated to political campaigns, gave media interviews and offered Elon Musk billions of dollars to help finance the mogul’s Twitter takeover.

    Mr. Bankman-Fried said he wished “we’d bitten off a lot less.”

    “The venture stuff was probably not really worth it given the attention that it took,” he said, referring to his investments in other companies.

    Perhaps Mr. Bankman-Fried’s most ambitious aim was to shape crypto regulation in Washington, where he testified to Congress and met with regulators. He also used his growing influence in the capital to criticize his biggest rival, Mr. Zhao, in private meetings, people familiar with the matter said.

    Attacking Mr. Zhao “was not a good strategic move on my part,” Mr. Bankman-Fried said on Sunday. “I was pretty frustrated at a lot of what I saw happening, but I should’ve understood that it was not a good decision of me to express that.”

    A former investor in FTX, Mr. Zhao still owned a large amount of FTT, a cryptocurrency that FTX invented to facilitate trading on its platform. On Nov. 6, Mr. Zhao announced on Twitter that he was selling the FTT, spooking customers who rushed to withdraw their FTX deposits.

    “We won’t pretend to make love after divorce,” Mr. Zhao wrote on Twitter. “We won’t support people who lobby against other industry players behind their backs.”

    When FTX collapsed, Mr. Zhao initially agreed to buy the exchange in what would have amounted to a bailout. But soon the deal fell through, after Binance found problems in the company’s financials. In a Signal group chat that included Mr. Bankman-Fried and other FTX representatives, Mr. Zhao posted a curt note, according to two people familiar with the matter. “Sam, I’m sorry,” he wrote, “but we won’t be able to continue this deal. Way too many issues. CZ.”

    Mr. Bankman-Fried scrambled to line up new financing. “I shouldn’t throw stones in a glass house, so I’ll hold back a bit,” he said in a message to employees obtained by The Times. “Except to say: probably they never really planned to go through with the deal.”

    Meanwhile, at a meeting with Alameda employees on Wednesday, Ms. Ellison explained what had caused the collapse, according to a person familiar with the matter. Her voice shaking, she apologized, saying she had let the group down. Over recent months, she said, Alameda had taken out loans and used the money to make venture capital investments, among other expenditures.

    Around the time the crypto market crashed this spring, Ms. Ellison explained, lenders moved to recall those loans, the person familiar with the meeting said. But the funds that Alameda had spent were no longer easily available, so the company used FTX customer funds to make the payments. Besides her and Mr. Bankman-Fried, she said, two other people knew about the arrangement: Mr. Singh and Mr. Wang.

    The meeting was previously reported by The Wall Street Journal. Mr. Singh did not respond to a request for comment, and Mr. Wang could not be reached. According to a person familiar with FTX’s finances, the exchange lent as much as $10 billion to Alameda.

    As FTX has crumbed, Mr. Bankman-Fried has been “working constructively with regulators, bankruptcy officials and the company to try to do what’s best for consumers,” he said on Sunday.

    His management of FTX is now the subject of an inquiry by federal prosecutors in New York, who have begun contacting possible witnesses, according to a person familiar with the matter. Others associated with FTX have started reaching out to lawyers for potential representation, said several people briefed on the matter. FTX is being represented in the investigations and the bankruptcy by the law firm Sullivan & Cromwell, while lawyers from Paul Weiss are representing Mr. Bankman-Fried.

    In the interview, Mr. Bankman-Fried declined to discuss the prospect of prison time.

    “People can say all the mean things they want about me online,” he said. “In the end, what’s going to matter to me is what I’ve done and what I can do.”

    He has also found other ways to occupy his time in recent days, playing the video game Storybook Brawl, though less than he usually does, he said. “It helps me unwind a bit,” he said. “It clears my mind.”

    Shortly before the interview, Mr. Bankman-Fried had posted a cryptic tweet: the word “What.” Then he had tweeted the letter H. Asked to explain, Mr. Bankman-Fried said he planned to post the letter A and then the letter P. “It’s going to be more than one word,” he said. “I’m making it up as I go.”

    So he was planning a series of cryptic tweets? “Something like that.”

    But why? “I don’t know,” he said. “I’m improvising. I think it’s time.”
    Last edited by Occam's Banana; 11-15-2022 at 02:45 AM.

  29. #55
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  30. #56
    LOL

    Hard-hitting journalism at its finest.

    Quote Originally Posted by Occam's Banana View Post
    He has also found other ways to occupy his time in recent days, playing the video game Storybook Brawl, though less than he usually does, he said. “It helps me unwind a bit,” he said. “It clears my mind.”
    https://twitter.com/0xSisyphus/statu...29743671906304
    Last edited by Occam's Banana; 11-15-2022 at 02:53 AM.



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  32. #57
    So much for the security of crypto.

    Some will rail about the inherent safety of digital currencies, to which I say hogwash. Even if true, look what people do: they take what may one day prove secure and place management functions into the hands of unverified third parties, normally called "exchanges", and then wonder when their fortunes, such as they may be, fall under threat or simply go <POOF>. This is what I have talked about since almost day one.

    It's NOT money. It is currency. This is the first and foremost point, but that doesn't perforce invalidate, so moving on...

    It is software. I spent my professional life in the biz, from R&D computing at Bell Labs to business analysis and more in the "real" world. I've pretty much seen it all in that arena, and software remains what it is. Were I to miraculously contrive a truly unbreakable cipher scheme in the next ten minutes, it would make no difference in terms of the security of systems and accounts if people give away, say, the decryption keys, the point here being that management is of importance at least equal to that of the core technology in question. If you don't use it right, it may become worthless to its purpose.

    Were people content to use their BTC in a wholly self-contained fashion? No. Exchanges and other services have arisen and people took the bait because they are... <drumroll>... corrupted by FAIL, leading them to trust third parties whose worthiness can never be guaranteed, a priori, under any circumstance, no matter what software systems are in place to ensure security. There is always risk, small as it may be or seem to be in some cases.

    Just as with anything else, such as our Constitution, the problem lies not with the instrumentality, but the human being in the mix. ANYTHING can be compromised so long as a human being can get their hands on it. Perfect failsafe nuclear triggers? Give the right human the right access and guess what...

    Every time one human devises something clever to a purpose, another one finds a way to subvert it. This is the nature of things, and neither has the fundamental nature of humans, nor that of software, changed in any manner whatsoever. Until we see something truly essential evolve in the twiddling of bits, the human instrument will remain the weak link. Just look at our must recent elections. QED.

    To my knowledge, cryptocurrencies are yet to be proven NP-complete. Clearly, they are demonstrated NP-hard, at least in von Neumann systems. I don't know how they fare in quantum systems. I'm not up on q-bit computing at all and don't even know if they are functionally valid in the real world. The fact that q-bit companies exist and purport to offer quantum computing guarantees no truth there. I've read in places that an unbreakable" cipher will instantaneously yield its clear text with a q-bit CPU. I've not verified this, but if true, then cryptocurrencies' days are numbered... that is, unless encryption using one somehow and miraculously reinforces a given system's security, which I would find surprising.
    freedomisobvious.blogspot.com

    There is only one correct way: freedom. All other solutions are non-solutions.

    It appears that artificial intelligence is at least slightly superior to natural stupidity.

    Our words make us the ghosts that we are.

    Convincing the world he didn't exist was the Devil's second greatest trick; the first was convincing us that God didn't exist.

  33. #58
    FTX co-CEO Salame favors the red side of the political divide, donating $23.6 million to Republican campaigns for the current cycle.

    https://cointelegraph.com/news/sbf-has-been-a-significant-donor-in-us-midterm-elections

  34. #59
    Fractional reserve banking works so well, why not fractional reserve crypto and a fractional reserve stock market?
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  35. #60
    Quote Originally Posted by osan View Post
    I don't know how [cryptocurrencies] fare in quantum systems. I'm not up on q-bit computing at all and don't even know if they are functionally valid in the real world. The fact that q-bit companies exist and purport to offer quantum computing guarantees no truth there.
    The Quantum Hype Bubble Is About To Burst
    How much of what you hear about quantum computing is real promise and how much of it is hype? What is the "quantum winter" that so many physicists have been warning of? In this video I sort it out for you.

    00:00 : Intro
    00:37 : Quantum Hype
    04:58 : How Does a Quantum Computer Work?
    07:20 : Problems With Quantum Computers
    12:57 : Quantum Winter
    17:40 : What Does It Mean?
    18:20 : Check out my Quantum Mechanics Course on Brilliant

    https://www.youtube.com/watch?v=CBLVtCYHVO8

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