https://www.breitbart.com/tech...resigns-in-disgrace/

Sam Bankman-Fried’s cryptocurrency exchange FTX has reportedly filed for Chapter 11 bankruptcy in the U.S. following a week of significant scandals and upset in the cryptocurrency space.

The crypto boss and Democrat megadonor popularly known as “SBF” subsequently resigned.

CNBC reports that the cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S. following a week of turmoil in the cryptocurrency space. Breitbart News previously reported that the crypto exchange Binance backed out of its plans to acquire rival platform FTX leaving the firm on the brink of collapse.

Within a few days, FTX plummeted from a $32 billion valuation to now facing bankruptcy as its liquidity evaporated, customers demanded their money back, and Binance officially terminated an agreement to purchase the firm.

In a rambling Twitter thread that attempts to explain the current state of FTX, CEO and Democrat megadonor Sam Bankman-Fried wrote, “I’m sorry. That’s the biggest thing. I fucked up, and should have done better.”

Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried’s crypto trading firm, and FTX.us, the company’s U.S. subsidiary.

In the 23-page bankruptcy filing obtained by CNBC, FTX indicates it has more than 100,000 creditors, assets in the range of $10 billion to $50 billion, as well as liabilities in the range of $10 billion to $50 billion

https://www.cnbc.com/2022/11/1...-for-bankruptcy.html

This message has been edited. Last edited by: sdy,

Sounds like they ran the same ponzi plan as banks but without the central banks behind them to load/print money when needed.

Leftist shitbag.

quote:

Democrat megadonor Sam Bankman-Fried wrote, “I’m sorry. That’s the biggest thing. I fucked up, and should have done better.”

Who’d a thunk it?

This stuff was NEVER real and was a pyramid scheme from the get go.

quote:

"I fucked up, and should have done better.”

What are you, 14?

Easy come, easy go without a care.


Don’t have to worry about seppuku, not with him.

I thought for sure with FTX ads on the MLB umps, for sure this business that creates nothing would make it *this* time…

What we need now is a bunch of dot.coms that do nothing. That’s the ticket!

Its all about pulling out on time.

quote:

Originally posted by RichardC:
Its all about pulling out on time.

And we all know how hard that is.

Bitcoin never passed the sniff test. Murphy had a couple of laws of finance:
If it seems too good to be true, it is.
Everyone has a scheme to get rich that will not work.

Lost money? Bummer. Dave Ramsey calls it "stupid tax".

everyone who didn't see this coming, raise their hand

does anyone remember Bernie Madoff?

The Sausage King of Chicago?

gets better and better

30-year-old Sam Bankman-Fried (SBF) has already lost 94% of his fortune and is facing questions as to the probity of his actions after the Wall Street Journal reported that his crypto exchange, FTX, lent $10bn to his affiliated trading firm, Alameda Research.

Caroline Ellison, another 28-year-old SBF protégé already appears to be out of a job.

Ellison was CEO of Alameda Research, which is being wound down as of this afternoon. Alameda was a crypto market maker with a reputation for aggressive trading strategies. SBF confessed today that these were being funded by money customers had deposited in FTX for their own trading purposes.

she doesn't seem to have had a huge amount of experience prior to running a firm with an alleged $10bn of money sloshing around.

Before joining Alameda as a trader in March 2018, Ellison spent 19 months as a junior trader at Jane Street after graduating from Stanford University with a bachelor's degree in mathematics in 2016.

Ellison explained that Jane Street was her first job out of college. A diehard mathematician and Harry Potter fan born of two economists, Ellison she hadn't wanted to go into trading but "just didn't really know what to do" with her life.

She says she was "kind of thrown into" making decisions at Alameda and that this was a shock after her 19 months at Jane Street where the decisions she'd made had been "pretty circumscribed." By comparison, in a start-up like Alameda, Ellison said she found herself making "a bunch of decisions," a lot of which were "really uncertain," and that this was "terrifying."

here she is:

https://twitter.com/i/status/1590926677877854208

Just incredible.

quote:

A diehard mathematician and Harry Potter fan

Just like my six year old. And no doubt could manage that company just as competently.

This would appear to be WAY worse than Madoff, in that it wasn't even a Ponzi scheme, but rather flat out fraud, and theft of client funds by Leftist Imbeciles!

A fool and their money......

I’ve had enough people explain cryptocurrency and bitcoin to me that I can repeat the words, but I don’t really understand them. I’m starting to wonder if it’s not just me.

https://freebeacon.com/biden-a...just-six-months-ago/

A cryptocurrency billionaire facing federal investigation for mishandling customer funds had high-level White House meetings just months ago, as Congress was debating how to regulate his company—and just weeks before he pledged to donate up to $1 billion to Democrats ahead of the midterm campaign.

Sam Bankman-Fried, the owner of cryptocurrency exchange FTX, met on April 22 and May 12 with top Biden adviser Steve Ricchetti, according to White House visitor logs reviewed by the Washington Free Beacon. At the time, FTX was lobbying Congress and federal agencies to shape regulation of the crypto industry.

The meetings are likely to raise questions about the extent to which Bankman-Fried used the promise of political donations to nudge Democrats toward helping his firm.

It is a remarkable fall for Bankman-Fried, who has emerged as one of the Democratic Party’s biggest campaign donors. He gave more than $5 million to Biden’s 2020 presidential campaign, and has given millions more this cycle to the Democratic Party

He said in June, weeks after his most recent White House meeting, that he might give up to $1 billion to support Democrats in the midterms, though he backed away from that pledge in September.

Bankman-Fried has lobbied for a bill proposed by Senate Agriculture Committee chair Debbie Stabenow (D., Mich.) that would put the Commodity Futures Trading Commission in charge of crypto regulation. Bankman-Fried donated $5,800 to Stabenow’s campaign in February, and $20,800 to her joint fundraising committee in January. Bankman-Fried contributed to other Democratic members of the committee amid his lobbying campaign. He sent a combined $31,000 to campaigns and joint fundraising committees tied to Sens. Cory Booker (D., N.J.), Tina Smith (D., Minn.), Dick Durbin (D., Ill.), and Kirsten Gillibrand (D., N.Y.) from October 2021 through June.

Bankman-Fried’s competitors in the crypto space have long been suspicious of his lobbying efforts and his claims to want federal oversight and regulation of the crypto market.

Yaël Ossowski, a crypto currency watchdog at the Consumer Choice Center, warned lawmakers in late October that Bankman-Fried was trying to regulate away his smaller competitors.

Others have expressed skepticism that Bankman-Fried is pushing to have the Commodity Futures Trading Commission oversee cryptocurrency regulation instead of the Securities Exchange Commission, which has stronger enforcement powers and a much larger budget.