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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.
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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.
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.
Yeah, depends if some of them decide to make a deal or not.
The collapse of the exchange is being explained in four different ways.
The first explanation is that a September contract vested to the quant trader and more than doubled the number of exchange tokens. Well, those tokens should have been promotional only and not vested value to the quant trader.
The second explanation is simply that the quant trader was using mostly exchange tokens for margin deposits.
The third explanation is that a rival exchange noticed their tokens on the exchange being transferred to the quant trader and therefor they had to object. Then their objection crashed the value of the exchange tokens and wiped-out the quant trader.
The fourth explanation is that the exchange CEO sent customer funds to the quant trader who then likely just deposited the funds with the exchange as margin call. Well, the money can't be in two places at the same time and then funds were not available for customer withdrawal from the exchange.
But the underlying flaw was the quant trader using the exchange tokens for margin deposit. Well, where was their real money ?
Now the exchange CEO seems to be like a classic spoiled-rich-kid who refused to find the discipline to acknowledge failure. However, remember the funds that went to the quant trader were likely used for margin calls. So the funds came right back to the exchange but in a different category ! That's a fun logic except that either winning customer positions can't be met or customer withdrawals can't be met. One or the other must fail.
Can the exchange shareholders be wiped-out and the exchange customers become the new shareholders ? Certainly, but I doubt that the exchange would be presently accepted by the public and then there is no business model
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I can't believe people can look at this and think nothing of it. We're not talking some crazy 9 degrees of separation theory here.
Democrats give Billions to Ukraine -> Ukraine gives hundreds of millions to FTX -> FTX gives tens of millions to Democrats.
Like that's it.. that's the whole cycle. If that doesn't make you question things then you are absolutely blind and the government could lead you to your own slaughter without you ever questioning it.
I can't believe people can look at this and think nothing of it. We're not talking some crazy 9 degrees of separation theory here.
Democrats give Billions to Ukraine -> Ukraine gives hundreds of millions to FTX -> FTX gives tens of millions to Democrats.
Like that's it.. that's the whole cycle. If that doesn't make you question things then you are absolutely blind and the government could lead you to your own slaughter without you ever questioning it.
It seems clear to me. Our Democrat led government funded their election campaign through the Ukraine using tax dollars from Republican, Independent and Democrat taxpayers.
The level of corruption in this government is despicable.
Word on crypto twitter is that Biden owes him favors, and that he owes Elon Musk favors. Adds a new dynamic to the DOJ looking into Musk/Twitter.
The word on crypto twitter, seriously? Jesus Christ.
Quote:
Originally Posted by Fedupwiththis
Democrats give Billions to Ukraine -> Ukraine gives hundreds of millions to FTX -> FTX gives tens of millions to Democrats
What billions did the Democrats give to Ukraine? The US Government, with support from the majority of both Republicans and Democrats, approves aid packages to Ukraine which are mostly in the form of weapon systems. If USA sends 1,000 rockets for HIMARS valued at 70 million dollars what are you thinking Ukraine melted them down to sell for scrap metal then used that money to give to Democrats?
I can't believe people can look at this and think nothing of it. We're not talking some crazy 9 degrees of separation theory here.
Democrats give Billions to Ukraine -> Ukraine gives hundreds of millions to FTX -> FTX gives tens of millions to Democrats.
Like that's it.. that's the whole cycle. If that doesn't make you question things then you are absolutely blind and the government could lead you to your own slaughter without you ever questioning it.
Yawn. This is simply human nature, and things like this have gone on for tens of thousands of years, and will not stop any time soon. They only stop if they are called out on it. Otherwise it's like the "tree falls in the forest" allegory... it doesn't make a sound if nobody hears it. If the media didn't report it, it might as well not have occurred.
A group of people is corrupt and uses government money to benefit their own... and a bear just pooped in the woods last night.
Is he the mastermind of a world wide money laundering scheme?
The Q’s gotta pick one.
This isn't even a good laundering scheme. Marty Bird would have put in an extra 7 pass throughs. This was childish laundering.
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