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

Good Questions. Many people are wondering why he is not in jail and worse, why is he being paraded around being interviewed like a celebrity.

I suspect this case is very complicated. There could be more than fraud. Where did all this money go?

Imagine a dozen casinos on the same drag, each have their own proprietary chip to prevent counterfeiting. They all agree to work together to create a single chip that is much more secure that is accepted at all 12 casinos and agree to program the chips to US Dollar serial numbers which must be kept on reserve at each casino. A couple casinos figure out how to run a back room counterfeit operation and start dumping the chips onto the other casinos books. The cheating casinos start laundering out the cash across the board, including their own. Eventually everyone finds out, but the question remains, where did the cash go?

Another way of looking at it - SBF runs a bank and says he has 32B in cash in the vault. Everyone knows this is not true but nobody knows for sure. The masses get restless and start rioting outside the locked bank demanding their cash. SBF freaks and knows the mob is about to break in. So he rushes out the back door in fear of his life and grabs 2 bags of cash worth 1B. On the way out, he tells the security guard (CZ/Binance) who so happens to have 500M stored in cash at the bank, he better grab his reserves and GTFO. CZ grabs his 1 bag of 500M and bolts right behind SBF and leaves the bank unguarded. Once SBF is caught, he turns over the 1B he took and says he left about 19B in the vault but the mob broke in and stole it all except for the 500m the CZ/security guard took (which was his). Now CZ knows this is bullshit because when he left, there was only a couple of bags of cash left, not 19B and SBF took a whole hell of a lot more than 2 bags worth 1B.

So now we have all of these yield lending crypto exchanges lending and borrowing to each other and we have FTX/Almeda who just ¯\_(ツ)_/¯ and said they lost all the money in trading. These casinos are trading back and forth their worthless chips while the cash is slipping out the back door to who knows where. SBF and friends likely have anonymous accounts all over the world in which they have been converting their worthless chips into Bitcoin or other crypto and siphoned off a long long time ago. A couple billion will be found in politicians hands and real estate and other places.

This is essentially why regulators hate crypto.

 

I find this whole saga entirely amusing…. And the lack of responsibility of the crypto crowd just trying to deflect.

This is just the biggest fraud in a sea of many crypto frauds. SBF clearly was a major scammer and used international law to try and insulate himself.

 

So when is the block chain going to be useful beyond grifters using it as a pump and dump scheme?

When is it going to replace fiat currency and decentralize money and save the world?

 

Who is trying to defect anything? Im confused.

 

Over/under nights he spends in jail-

0.5

 

The Crypto bros trying to blame the elites.... the regulators.... the Dems....globalists.... etc etc.

 

You aren't a crypto bro but just a DeSantis bro. Although, you may want to tip toe around being globalist with the DeSantis crowd.

Ant-wokism can produce some strange bedfellows.

 

It's amusing as well because how do you let somebody like this control that amount of money.

The entire thing is mind-boggling.

How do you invest that much and not understand how shaky the foundations are, aren't these funds supposed to be able to spot stuff like this?

But then most fraud happens because of the greed of the investors.

 

Christo-globalist-anti-wokist?!?!

 

I suppose the context went over my head since we went from talking about Crypto to your “internet bragging” about your Hyatt tier.

Pics or it didn’t happen. Always amusing how “rich, successful, internet folk” can argue and take positions you’d find in a West Virginia trailer park. Rich and poor ain’t all that different.

 

It’s just greed. Prominent VC funds like Sequoia Capital got swept up in it too….

Look at WeWork…. Billions got dumped into that company by many of the top outfits as well. Obviously not the type of fraud of FTX but shows how narrative/charisma can trump due diligence.

 

The fact this dude is still walking around after his documented fraudulent practices is in ****ing insane. Mad off at least shrunk to a raisin and didn’t leave his penthouse


Don’t forget that when the IRS is in the right mood they’ll stumble upon that cash beanie bag transaction and threaten to ruin you, the average Joe.

 

Is she single yet? I would try anything once.