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Started By
Message
Crypto exchange FTX declares bankruptcy
Posted on 11/11/22 at 2:48 pm
Posted on 11/11/22 at 2:48 pm
quote:
Austin Maleki
@austinmaleki
Customers deposit $10b on FTX for trading.
FTX lends the $10b to Sam’s trading company, Alameda, without customers knowing.
Alameda loses money gambling on the stock market.
Customers can’t withdraw their money cus it’s gone.
HOW IS THIS A THING?!
WSJ
quote:
April 25, 2019: Biden announces his presidential campaign.
?? 13 days later, Sam Bankman-Fried, son of Barbara Fried (co-founder of political fundraising organizations), launches #FTX crypto exchange.
?? The exchange is an overnight success. SBF becomes biggest donor to Biden.
This post was edited on 11/11/22 at 2:54 pm
27
Posted on 11/11/22 at 2:56 pm to Proximo
So is all crypto just a middleman or just this one?
Posted on 11/11/22 at 2:57 pm to Proximo
Someone is going to jail
Posted on 11/11/22 at 2:59 pm to Proximo
This whole saga has added another fun layer to this week’s twitter entertainment
Posted on 11/11/22 at 2:59 pm to Proximo
Sounds like another Ponzi scheme
Posted on 11/11/22 at 3:01 pm to Proximo
I hope the MLB umpires got paid.
Posted on 11/11/22 at 3:10 pm to GB1017LSU
quote:A double Ponzi!
Sounds like another Ponzi scheme
quote:
-Sequoia invests $213m in FTX, driving its valuation to $32bn.
- SBF cashes out, steals client funds, invests $500m in Sequoia.
What do you even call this? “Double Pyramid Scheme”? And noone’s been led away in handcuffs yet?
What a f*king Ponzi & Scam market, all of it.
This post was edited on 11/11/22 at 3:11 pm
Posted on 11/11/22 at 3:13 pm to Proximo
Glad he had 10s of millions of dollars bank rolling democrats this past week before he had to end the company for lack of funds. What great timing for all the innocent politicians who were funded by this scheme. Perhaps a judge (that he likely funded) can step in and save these crooks from punishment
Posted on 11/11/22 at 3:15 pm to Proximo
Lol. People investing in fake money.
Posted on 11/11/22 at 3:15 pm to LSUTIGER in TEXAS
Posted on 11/11/22 at 3:17 pm to Proximo
All democrats are going to learn sooner rather than later that currency isn’t some theoretical manna from heaven that magically appears by pressing print and they’re going to bring all of us down with them.
Posted on 11/11/22 at 3:18 pm to GB1017LSU
quote:
Sounds like another Ponzi scheme
As it so happens, Bankman-Fried was on a podcast just a few months ago and was asked to describe crypto yield farming. After a long winded explanation that included calling it a box a bunch of people put money into and it magically grows without real economic explanation, the host said that it sounds a lot like a Ponzi scheme - he didn't really deny it.
Sam Bankman-Fried Described Yield Farming and Left Matt Levine Stunned
Posted on 11/11/22 at 3:19 pm to Boston911
quote:
Someone is going to jail
LOL. The whole family is high up amongst the movers and shakers in the Democratic party. No one is going to jail. Some poor lower level schmuck might take some heat. But no one high up in the company will be touched. It'll be all "it was unfortunate, and lessons learned, blah blah, but on to the next opportunity!"
Posted on 11/11/22 at 3:21 pm to Brummy
I had $1,000 parked in there for some crypto. Pray for me. I just withdrew it. Hopefully I get it. I could use some hookers and blow next week.
Posted on 11/11/22 at 3:23 pm to BigPerm30
quote:
Pray for me. I just withdrew it.
I hope you get it. I thought the withdrawals were disabled a couple hours ago
Posted on 11/11/22 at 3:25 pm to Anonymous95
quote:
All AMERICANS are going to learn sooner rather than later that currency isn’t some theoretical manna from heaven that magically appears by pressing print and they’re going to bring all of us down with them.
FIFY.
Neither “side” gives a fuq about responsible fiscal/monetary policy.
If the avg American understood what our govt is doing, we’d be bringing the gallows to DC.
Instead, we get Deep Trial, Tik Tok, NFL, kardashians, etc.
To quote Bill Hicks, “go back to bed, America. Your govt has figured it out. You are free to do as we tell you”.
Posted on 11/11/22 at 3:26 pm to BarnabyJones
quote:. It’s a big tulip market. It will all crash eventually.
So is all crypto just a middleman or just this one?
Posted on 11/11/22 at 3:27 pm to Proximo
quote:
I hope you get it. I thought the withdrawals were disabled a couple hours ago
Told me it would be sent in 5 days. Who knows. Glad it wasn’t a lot of money
Posted on 11/11/22 at 3:28 pm to DesScorp
quote:
The whole family is high up amongst the movers and shakers in the Democratic party. No one is going to jail.
This.
The people they robbed will still vote Democrat too rofl
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