From everything I have read, the exchanges are so insecure, he was just stealing the money.

People actually trusted this person with billions of dollars?

He looks incapable of working at McDonalds.

Useful idiots in a money funneling scheme.


FTX funded Democrats/Biden administration, who in turn funded things like UKR, who intern invested nearly all in on in FTX.

Election is over and now FTX goes tango uniform; i’m sure there’s another replacement for it already in place.

Just follow the money as always.

It was other people's money, so 'free money', therefore he 'earned' it...You know, 'Earn to Give'

NY Post says he is being held by the Bahamian police. At least he is not in the US, where our DEM gov could let him off the hook.

quote:

Originally posted by c1steve:
NY Post says he is being held by the Bahamian police. At least he is not in the US, where our DEM gov could let him off the hook.

FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as crypto contagion from FTX collapse spreads to $20BN BlockFi that is preparing for bankruptcy

This whole thing is beginning to look like the Democrat party is fronting for the mob.

Follow the money, who doesn't think this looks like money laundering of the most egregious sort?

Tax/treasury $$$ controlled by Dem politicians -> UKR "relief" -> FTX -> Dem campaign contributions.

So Bankman-Fraud finds a way to end up with a few ducats in his own pocket, what mob underboss hasn't done that? The real criminals are at the top of the money chain.

https://lithub.com/crypto-nerd...d-never-read-a-book/

Sam boy:

“I would never read a book.”

“I’m very skeptical of books. I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that,” explains SBF. “I think, if you wrote a book, you fucked up, and it should have been a six-paragraph blog post.”

Uh huh

A long detailed article on FTX

https://www.reuters.com/techno...ms-books-2022-11-16/

To conceal the transfers of customer funds to Alameda, Wang, a former Google software developer, built a backdoor in FTX's book-keeping software, the people said.

Bankman-Fried often told employees tasked with monitoring the company's financials that the book-keeping system was "the ultimate source of truth" about the company's accounts, two of the people said. But the backdoor, known only to his most trusted lieutenants, allowed Alameda to withdraw crypto deposits without triggering internal red flags

Shortly after its launch, FTX introduced its own digital token, called FTT, described on its website as the exchange's "backbone." Staff could opt to receive pay and bonuses in the token, and many of them accumulated fortunes in FTT as its value exploded in 2021, according to the three current and former executives. One executive invested all their savings in FTT, worth millions of dollars, the executive said, "because of loyalty to Sam."

Over the years, Alameda accumulated a huge holding of FTT, valued at around $6 billion before last week, according to a balance sheet later sent to investors. It used the FTT reserves to secure corporate loans, people familiar with its finances said. This meant that Bankman-Fried's business empire was dependent on the token.

That little-known holding became Bankman-Fried's undoing.

On Nov. 2, news outlet CoinDesk reported a leaked balance sheet disclosing Alameda's reliance on FTT. The head of the world's largest crypto exchange – Bankman-Fried's chief rival – pounced on that report. Binance CEO Changpeng Zhao, citing "recent revelations," said Binance would sell its entire FTT holding due to "risk management."

Bankman-Fried retorted on Twitter that Zhao was spreading "false rumors." In a since-deleted tweet, he wrote: "FTX has enough to cover all client holdings. We don’t invest client assets."

Bankman-Fried also tried to get a group of crypto firms to each pitch in $1 billion. But a balance sheet FTX sent to investors, showing only $900 million in liquid assets, spooked them, according to two people familiar with the matter.

By Friday, when FTX filed for bankruptcy in the United States, "we were all doomed," an executive said.

xxxxxxxxxxxxxxxxxxx

There is a snap shot of FTX balance sheet

I don't really understand it, but there is one 7 million entry labeled "TRUMPLOSE"

Sam boy claims the misuse of funds was because of a poorly labeled internal account.

https://twitter.com/amix3k/sta...543538847745/photo/1

Sounds as if he needs to go to jail for a very long time, maybe for life.

He can work in the prison library

Doesn't have the attention span to read more than a few paragraphs.

Making a PB&J sandwich looks to be a difficult endeavor for him.
We're to believe this jittering, slovenly asshole drempt up and implemented this all by himself?

quote:

all by himself?

Well, no

Sam Bankman-Fried (aka Sam boy)
Borrowing from a previous post by Balze,

25 April 2019 Biden announces his presidential campaign
13 days later, Sam boy launches FTX crypto exchange

Sam’s mother is Barbara Fried. She is co-founder of “Mind the Gap”

Mind the Gap (MTG) is a left-wing super PAC dedicated to helping Democratic political candidates win elections. The PAC earns millions of dollars in donations primarily from Silicon Valley executives “who are keen on quietly funneling massive political donations into the Democratic Party”

The mission of MTG is to “empower private political donors to strengthen our democracy by providing them with evidence-based guidance on the electoral strategies, tactics, and programs that are likely to achieve the greatest impact in a given election”

In 2018, the PAC created a statistical model which attempted to score the impact each dollar donated would have on Democrats winning back control of the House of Representatives. The group ultimately raised more than 20 million dollars in its successful attempt to win back control of the House for Democrats.

MTG is known for its secretive operations where it attempts to quickly gather and coordinate donations over a short time to prevent Republicans from mobilizing donors in response. The PAC is managed by Stanford Law professors Barbara Fried, Paul Brest, and researcher Graham Gottlieb. Of the three, only Gottlieb has political experience, having served former President Barack Obama as a staffer during his 2012 re-election campaign and in the White House

Brest, Fried, and Gottlieb established their donor network and started receiving donations leading up to the midterm elections in 2018. The PAC created a statistical model which attempted to score the marginal impact each dollar donated would have on Democrats winning back control of the House of Representatives. According to the memo, MTG was able to construct a “donor network of over 800 individuals…, [raising] a total of $20 million… [for] 20 undervalued and underfunded House races… and… [for] get-out-the-vote (GOTV) efforts in the 100 most competitive House races”. Their attempt to win back control of the House for Democrats was successful, they argue, due to their fundraising efforts.

The memo states that the main goal of MTG is to allocate donor money where it will increase the likelihood that the House seat will be flipped. MTG’s primary focus is funding races that are underfunded as money from donors will have the “greatest return.” Therefore, they do not judge “candidates based on geography, demographics, likeability, or policy positions” but choose who to donate money to based on their political position and their presence in an “orphan” or underfunded race.

quote:

Originally posted by sdy:
To conceal the transfers of customer funds to Alameda, Wang, a former Google software developer, built a backdoor in FTX's book-keeping software, the people said.

Bankman-Fried often told employees tasked with monitoring the company's financials that the book-keeping system was "the ultimate source of truth" about the company's accounts, two of the people said. But the backdoor, known only to his most trusted lieutenants, allowed Alameda to withdraw crypto deposits without triggering internal red flags

em·bez·zle·ment

/əmˈbezəlmənt/

noun

Theft or misappropriation of funds placed in one's trust or belonging to one's employer.


SBF is going to be spending time in Club Fed. (If he doesn't get suicided first.)

How many bitcoin do you want to bet he gets extradited to some friendly US location where Merrick and his playmates will take a plea that involves a lengthy probation?

quote:

Originally posted by AITG:
How many bitcoin do you want to bet he gets extradited to some friendly US location where Merrick and his playmates will take a plea that involves a lengthy probation?

Damn, you know what? You're right. We're already fucked. Thanks for saving us from wasting that time and money pursuing justice. Release the man and be done with it.

OK, then. Next?

a bit more

Caroline Ellison (CEO of Alameda) is the daughter of Glenn Ellison.

Glenn Ellison is an Economics professor at MIT

Gary Gensler was a professor at MIT (Sloan School of Management)

Gensler in now Chair of our Securities and Exchange Commission

Gensler was in a zoom call with Sam boy in March 2022. Sam was trying to get some SEC rules that would favor FTX.

They discussed an idea for a new SEC-approved crypto trading platform. If approved, the former FTX chief would have received a jump-start on the competition with a trading platform explicitly meeting the SEC standards, people with direct knowledge of the matter told Fox Business.

https://www.msn.com/en-us/mone...collapse/ar-AA146Pcd
xxxxxxxxxxxxxxxxxxxxx
FTX Head of Ventures Commercial, Amy Wu, started w Clinton Foundation
FTX Director of Engineering, Nishad Singh, has spent over 8 million for Dem candidates
FTX Head of Policy and Regulation was Mark Wetjen (formerly Obama’s Commodity Futures Trading Commissioner)

such a small world

The rot is extensive

I used to follow Mind the Gap on The Chive, but that was different.

What would be interesting to see a list of those high profile folks who got taken to the cleaners.

Bet the list is extensive.