The FTX scam, Sam Bankman-Fried, the Clintons and the Democrats

Bitcoin is not tiny. They bought the naming rights of Stables Center which is now bitcoin stadium.

 

Agreed, this is an ongoing problem with crypto with fat pompus slobs replying with one off phrases like "do your own research". Managing soft and cold wallets are a PITFA where you always send a little bit, wait 10-15 mins to see if it clears...THEN transfer the real amount while still hoping n praying it goes through (cuz hax or some unknown glitch only known on the down low)

Crypto is not easy to navigate, manage or be in the loop. On top of that, none of these ****ing hoops you jump make it safer or more resilient!

It's deliberately opaque since on-chain transparency is supposedly one of their bright spots(lulz GBTC), so you have a cottage industry of insiders, knowledge brokers and gate keepers not unlike Wall Street and unlike Wall Street with a lower threshold of morals, academics, and credentialed fiduciaries...Think Wolf of Wall Street where the penny stock brokers of the late 80s are the crypto hawkers of today. Makes Goldman bros look like ****in saints.

So where does CEX like Coinbase, FTX or binance come in? The veneer of legitimacy through exchanges with "investment-like" interface of course! It's regulated like E-trade or Robinhood, right? Not only that, the officalness allows "a safe and easy onramp" for more dumb money to flow in.

There wasn't a minute or moment crypto peddlers were hoping of the day BTC became "institutional" whether it be an SEC approved domestic ETF or an IRA vehicle that held "physical" crypto. This was THE IPO moment for all the HODLers, speculators and degens. Saylor and GBTC capitalized upon this speculation.

This went beyond retail as retail was already lured by 10-50x bitcoin.

It's typical fat maxi slobs to brush aside, yet again, the role these exchanges played and how bad it looks for the entire industry. They can pretend they live in their walled garden while believing some Global Crash will usher in 100k btc...but hey if 100k btc comes early with no crash, uhh me have fun stayin rich?

Quite frankly, these purists are part of the problem, not the solution.

They're not as bad as influencers who peddled ftx, Celsius, or voyager nonstop for the past 18 months. Almost all of the top 50 deserve to be roasted in hellfire (Ben Cohen one of the few exceptions). They suspiciously aren't, mostly because the victims have no one else to rely on and there weren't any "good voices" to steer their simple brains clear.

Greed talks, and now fear is making them clutch onto the same snakeoil salesman posing as quack doctor.

 

It's hard to read this as anything but you implying that Bitcoin was meant to stop fraud.

 

Have the Clintons and Jaime Harrison been arrested yet?

 

yule c

 

Larry David and Matt Damon first.....

 

Then that's a failure of your imagination.... since there's nothing that will stop fraud.

Again with Crypto.... blockchain.... or whatever buzz word that you think is on par with the discovery with electricity (your words):



What's the point of it all.....?

 

So what’s the end goal? What is the point?

You are describing some amorphous, ambiguous black box.

 

Is there currently a special counsel assigned to the Clintons?

We are in the “Yule C” phase of waiting for the FTX-Clinton saga, no?

 

Nope! But he's been impeached! Twice. And lost the popular vote

#lifegoals

 

This is sad.

 

You don't know?

 

No, because like most people who aren't Republicans, I don't follow the Clintons. So I have no idea.

 

Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.

Most of FTX's purchases were luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing almost $72 million. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine who lived in the apartments.

The documents for another home with beach access in Old Fort Bay -- a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates -- show Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories. The property, one of the documents dated June 15 said, is for use as a "vacation home."

When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for -- whether in cash, with a mortgage or by a third party such as FTX -- a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.

"Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.

…

Reuters has reported Bankman-Fried secretly used $10 billion in customer funds to prop up his trading business, and that at least $1 billion of those deposits had vanished.

In a U.S. court filing with the District of Delaware bankruptcy court earlier this month, John Ray, FTX's new chief executive, said he understood that corporate funds of the FTX Group were used to "purchase homes and other personal items for employees and advisors."

Reuters could not determine the source of funds that FTX and its executives used to buy these properties.

FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022.

Its most expensive purchase was a $30 million penthouse at the Albany, a resort where Tiger Woods hosts a golf tournament every year. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

Salame did not respond to a request for comment.

Other high-end real estate purchases include three condominiums at One Cable Beach, a beachfront residence in New Providence. Records showed the condominiums cost between $950,000 and $2 million and were bought by Nishad Singh, the former head of engineering at FTX, Gary Wang, an FTX co-founder, and Bankman-Fried for residential use.

Singh and Wang did not respond to requests for comment.

Two of FTX Property's real estate holdings were marked for commercial use – an $8.55 million cluster of houses that served as FTX's headquarters, and a 4.95-acre plot of land on the coastline overlooking cyan waters that was also meant to be developed into office space for the crypto exchange.

The FTX headquarters is now unoccupied, with furniture pushed against some windows. Its signage has been removed. The plot of land, which cost $4.5 million, also lies empty.

A security guard said employees did not return to the headquarters after leaving earlier this month.