quote:

Source = Foxnews.com: Former FTX CEO Sam Bankman-Fried reportedly pocketed nearly $300 million last October, WSJ says!!

[edited for brevity]

Luthra also responded to new details in the Wall Street Journal that SBF pocketed nearly $300 million from funds raised last October, slamming the former CEO for using the exchange as "his personal bank account."

"This was all intentionally done," Luthra added. "This was a very calculated plan, or I should say a crime that has taken place."

ROSAL

It looks like Bankman-Fried may have played the part of a high-functioning autistic, when in reality he is a high-functioning psychopath whose greatest accomplishment is stealing billions from the investors he bilked.

I hope the Bahamians can keep him from absconding (since he is not being held on no bail). Does anyone know if there is a show like World's Toughest Prisons that shows what life is like in a Bahamian prison?

I understand that Fox Hill Prison, on New Providence, is quite unpleasant!

In the FTX bankruptcy filing there is a large group of FTX affiliates all part of joint administration under the Delaware case

Bernie Madoff's sentence was for 150 years. So hopefully Sam B-F will get at least 60, so essentially a life sentence.

https://hotair.com/headlines/2...t-to-implode-n512754

According to a Monday report from Bloomberg, Genesis has been facing a liquidity crunch as users spooked by the collapse of FTX began rapidly withdrawing their assets. Unnamed sources told the outlet that executives at Genesis have spent the past several days asking investors for $1 billion in fresh capital, which has not yet materialized.

“We have no plans to file bankruptcy imminently,” a spokesperson for Genesis told Bloomberg. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.” …

Leaders at Genesis have also been in talks to receive an investment from Binance, which is led by chief executive Changpeng Zhao. No such deal has yet been made, according to Bloomberg

Genesis Global Trading is another cryptocurrency exchange

Genesis is owned by Digital Currency Group, which also holds investments in popular exchange platform Coinbase and several dozen other cryptocurrency companies

Genesis ceased withdrawals and new loan originations last week and has been relatively silent over the past several days.

Update from the WSJ. SBF rivals Elizabeth Holmes, only worse. The company was offering eqity to low level employees and to top it off enticed them with 12 percent interest on their money. To make it worse this creep is a far left progressive. Lets add casual and accepted use of meth. Here is the article:
NASSAU, Bahamas—Last year, an FTX executive walked into a bank office here and put $4.5 million of the company’s money behind an ambitious plan to buy an oceanside parcel of land and turn it into the crypto giant’s new headquarters.

The executive, Ryan Salame, closed the deal in short order, people familiar with the matter said, just part of the company’s whirlwind real-estate shopping spree in and around Nassau. In April, the Bahamas prime minister appeared with FTX executives at a ceremonial groundbreaking on the new land. But construction never really got under way. FTX collapsed this month, its real-estate holdings now subsumed in bankruptcy.



The Wall Street Journal Tech Talk
FTX’s Workers Are Angry and Financially Ruined



The never-built new headquarters illustrates the promise that FTX brought to the Bahamas and the frustration it left in its wake. The island nation has been encouraging crypto firms to make themselves at home, promising a copacetic regulatory touch—exactly what founder Sam Bankman-Fried was looking for when he decided to move FTX headquarters from Hong Kong last year.

FTX wasn’t the only crypto player in town but it was the flashiest, leasing fleets of cars for its employees to drive, The Wall Street Journal reported. It snapped up units in a luxe resort called Albany—a private neighborhood that has counted Tiger Woods and Justin Timberlake as investors. Now, local caterers, drivers and cleaners who depended on FTX for work are in a bind.

So is the prime minister, Philip Davis. Across the archipelago, locals are second-guessing his government’s commitment to crypto.

“The Bahamas is getting a black eye at every turn on this,” one of the Bahamas’ largest newspapers, the Nassau Guardian, wrote in an editorial this week that criticized Mr. Davis’s embrace of FTX.


Philip Davis, prime minister of the Bahamas, has made digital assets a centerpiece of his agenda.
PHOTO: BLOOMBERG NEWS
In a speech to parliament last week, Mr. Davis described FTX’s collapse as merely one example of broader problems in the tech industry and not an indictment of regulatory oversight in the Bahamas. He said the Bahamian government would investigate FTX thoroughly.

Mr. Salame has told people close to him that he threw up when he became aware of FTX’s problems this month, the Journal previously reported.

Most everything in the Bahamas centers on the island of New Providence, including FTX. The 80-square-mile island is home to the Bahamas’ capital, Nassau, and about 275,000 residents, the bulk of the country’s citizens.



The country’s economic anchors are tourism and offshore banking, which together make up 85% of gross domestic product, according to the U.S. Commerce Department.

Mr. Davis, elected in September 2021, has made digital assets a centerpiece of his agenda. The island country had been hit hard by Hurricane Dorian in 2019 and the coronavirus in 2020, both of which kept tourists away. Mr. Davis’s government promised that crypto would be a critical piece of the recovery. “My government’s initial success in attracting significant digital-asset business is only the beginning,” Mr. Davis told the Bahamas’ House of Assembly in April.


Most everything in the Bahamas centers on the island of New Providence, including FTX.
PHOTO: LEVI MANDEL FOR THE WALL STREET JOURNAL
For many locals, FTX’s arrival in New Providence last year felt like a path forward. The company’s spending seemed unbounded.

At its offices in a nondescript office park, FTX spent more than $100,000 a week on catering and set up a private shuttle service to cart workers around the island, according to people familiar with the matter.

One chef who delivered meals to FTX offices recalled tables already stacked with containers of food. One former employee described an hourly rotation of food deliveries during lunchtime. Chinese food was a regular fixture, according to people familiar with the matter, given that many FTX employees had moved from Hong Kong. FTX provided fleets of cars—including BMWs, Toyotas and Hondas—for employee use.

FTX also hired dozens of Bahamians, the Journal reported. The jobs were often for logistics, such as helping organize events, and regulatory compliance.

Earlier this year, FTX employees were given the opportunity to buy equity in the cryptocurrency exchange. Excited to be part of what seemed like a promising new industry, some local hires spent thousands of dollars to buy FTX equity, the Journal reported.

In June, the company laid off about 20 employees, mostly in the Bahamas, the Journal reported.



Play video: Why FTX Picked the Bahamas, and What Happens Now to the Crypto Hub
More than a year before its collapse, FTX moved its headquarters to the Bahamas—a country that worked to lure crypto companies to its shores. So what makes the nation attractive to crypto? And how could FTX’s demise change that? Illustration: Adele Morgan
The sites where Mr. Bankman-Fried and his closest associates lived and worked were part of a finance-centric enclave on the western half of New Providence. There, Nassau’s tourist resorts, restaurants and Black residential neighborhoods give way to the offices of foreign banks and wealth managers, a Berkshire Hathaway real-estate office and Deltec Bank & Trust Ltd., a bank where Tether—a popular stablecoin—does business.

Starting late last year, FTX started calling Bahamian banks with an unusual offer, the Journal reported: Deposit your cash in FTX’s crypto-lending platform in exchange for interest of as much as 12%, according to bankers.

“Effectively, they were looking for funding,” said a partner at one of the banks, which turned down the offer.

The company spent millions of dollars on housing for executives in exclusive beachside developments, the Journal reported.



Smart and accessible crypto market analysis for investors.



FTX bought a handful of units in the Albany resort, a gated neighborhood of homes and sleek condominium towers arranged around a marina on New Providence’s south shore. There, Mr. Bankman-Fried shared a $30 million penthouse with some of his top FTX lieutenants.

The resort kept a restaurant open 24 hours a day with FTX employees in mind, the Journal reported.

Some Bahamians are now questioning the role of the crypto sector in their country’s economy, stung by thoughts of how FTX’s rapid collapse has shaped their country’s reputation.


FTX bought a handful of units in the Albany resort on New Providence’s south shore.
PHOTO: LEVI MANDEL FOR THE WALL STREET JOURNAL
“In the eyes of many people, we’re a joke,” Pamela Musgrove, a Bahamas-based financial-services executive, said on a Nassau radio show this month.

Many of the big-spending young foreigners FTX employed—Americans, Asians and Europeans—departed quickly after the company’s collapse, the Journal reported. Bahamian security guards found themselves protecting nearly vacant buildings.

Mr. Bankman-Fried apologized in a recent note to employees.

“You were my family,” he wrote. “I’ve lost that, and our old home is an empty warehouse of monitors.”

—Alexander Osipovich, Dave Michaels and Caitlin Ostroff contributed to this article.

Write to Matt Grossman at matt.grossman@wsj.com and Angel Au-Yeung at angel.au-yeung@wsj.com

https://www.dailymail.co.uk/ne...iles-bankruptcy.html

Cryptocurrency lender BlockFi has filed for bankruptcy - blaming the 'shocking events surrounding' the collapse of FTX.

A filing said the company has more than 100,000 creditors and liabilities of up to $10 billion.

In a court filing, New Jersey-based BlockFi said it owes money to more than 100,000 creditors. It listed FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year.

The company's largest creditor is Ankura Trust, a company that represents creditors in stressed situations, and is owed $729 million.

BlockFi's products included wallets to store cryptocurrencies, a platform to trade them and also crypto-backed loans.

BlockFi has $256.9 million in cash on hand, which it expects will provide enough cushion to support some operations during the restructuring.

The company had paused withdrawals and acknowledged it had 'significant exposure' to FTX.

In 2021, the company held between $14 billion and $20 billion in customer deposits, the Wall Street Journal reported.

BlockFi's website says its 'primary custodian' is Gemini Trust Company, LLC.

How is it that this FTX guy isn’t wearing an orange jumpsuit yet?

Yes…I know it (D)epends on who you speak to.

Gonna be a loooong time. Complicated case and He is in the Bahamas. I am certain the US attorneys are looking into the matter and that is gonna take time. Look how long it took with Ms. Holmes and she still is not locked up.

Interesting timing for this:

"Kyiv, New York – November 16, 2022 – BlackRock Financial Markets Advisory (“BlackRock FMA”) and the Ministry of Economy of Ukraine (“MoE”) have signed a Memorandum of Understanding (MoU) whereby BlackRock FMA will provide advisory support for designing an investment framework, with a goal of creating opportunities for both public and private investors to participate in the future reconstruction and recovery of the Ukrainian economy.

As part of the agreement, signed on November 10, 2022, in Washington, D.C., BlackRock FMA will advise the MoE on establishing a roadmap for the investment framework’s implementation, including identifying design choices for the envisioned setup, structure, mandate and governance.

The MoU formalizes the discussions the President of Ukraine, Volodymyr Zelenskyy, and the Chairman and CEO of BlackRock, Larry Fink, held in September on the possibilities of driving public and private investments into Ukraine. The discussions were initially arranged by Andrew Forrest, founder of the Fortescue Metals Group, who Mr. Fink said was instrumental in facilitating the first meeting between BlackRock FMA and the Ukrainian government."

https://www.blackrock.com/corp...f-economy-of-ukraine

Yeah. Low risk investment here. A little early in my opinion.

He's not in the US for one thing. I don't know what Bahamian prison garb is. I do suspect the US Feds will go after him. And is he still in the Bahamas?

quote:

Originally posted by PASig:
How is it that this FTX guy isn’t wearing an orange jumpsuit yet?

Yes…I know it (D)epends on who you speak to.

Blackrock is up to something and I don't trust that outfit as far as I can throw them.

SBF will be at a paid speaking event this Wednesday

https://www.zerohedge.com/mark...skyy-yellen-dealbook

The interview with SBF on CNBC is astonishing. His attorney, assuming he has one other than his parents, must be fit to be tied this afternoon.

He denied any wrongdoing.

Has no plans to leave the Bahamas just in case. LOL

Do the Bahamas have an extradition treaty with the US? I'm guessing they do.

quote:

Originally posted by sse:
Has no plans to leave the Bahamas just in case. LOL

Take those fuckers for a tour of Guantanamo since it's so close by.
I'd pay to watch those snowflakes get water boarded.