Is Crypto dying or just dropping for the moment?

[Oleg]

So another company goes into Chapter 11.

What strikes me as odd is that there are these companies in the US, involved in dangerously unregulated commerce regarding funny money... yet, still manage to be able to apply for bankruptcy protection?! It is the perfecta! Not regulated and you get protected, after your scam company loses people's money.

It's better for creditors that they filed for Chapter 11 and not 7.

 

[Gospel]

So another company goes into Chapter 11.

What strikes me as odd is that there are these companies in the US, involved in dangerously unregulated commerce regarding funny money... yet, still manage to be able to apply for bankruptcy protection?! It is the perfecta! Not regulated and you get protected, after your scam company loses people's money.

Yeah, that's like me pick pocketing 8 Billion dollars worth of tourist money at time square then when caught by officials I file for bankruptcy instead of going to jail.

 

[Oleg]

So another company goes into Chapter 11.

What strikes me as odd is that there are these companies in the US, involved in dangerously unregulated commerce regarding funny money... yet, still manage to be able to apply for bankruptcy protection?! It is the perfecta! Not regulated and you get protected, after your scam company loses people's money.

Yeah, that's like me pick pocketing 8 Billion dollars worth of tourist money at time square then when caught by officials I file for bankruptcy instead of going to jail.

Filing for bankruptcy doesn’t preclude criminal charges if crimes were committed.

 

[Jimmy Higgins]

So another company goes into Chapter 11.

What strikes me as odd is that there are these companies in the US, involved in dangerously unregulated commerce regarding funny money... yet, still manage to be able to apply for bankruptcy protection?! It is the perfecta! Not regulated and you get protected, after your scam company loses people's money.

Yeah, that's like me pick pocketing 8 Billion dollars worth of tourist money at time square then when caught by officials I file for bankruptcy instead of going to jail.

Filing for bankruptcy doesn’t preclude criminal charges if crimes were committed.

True. Idiots fleeced bigger idiots. And most of it was lost. And it'll be determined if it was mere incompetence or a pyramid scheme. But what we know is that it should never have happened because this was all terribly unsustainable from the get go. But I like how a company that was unregulated dealing in funny money gets to take advantage of bankruptcy laws, pretty much fucking over every customer that was dumb enough not to understand what they were getting into.

 

[Gospel]

So another company goes into Chapter 11.

What strikes me as odd is that there are these companies in the US, involved in dangerously unregulated commerce regarding funny money... yet, still manage to be able to apply for bankruptcy protection?! It is the perfecta! Not regulated and you get protected, after your scam company loses people's money.

Yeah, that's like me pick pocketing 8 Billion dollars worth of tourist money at time square then when caught by officials I file for bankruptcy instead of going to jail.

Filing for bankruptcy doesn’t preclude criminal charges if crimes were committed.

True. Idiots fleeced bigger idiots. And most of it was lost. And it'll be determined if it was mere incompetence or a pyramid scheme. But what we know is that it should never have happened because this was all terribly unsustainable from the get go. But I like how a company that was unregulated dealing in funny money gets to take advantage of bankruptcy laws, pretty much fucking over every customer that was dumb enough not to understand what they were getting into.

A crime (particularly theft) was indeed committed. All one has to do is look at what they told there customers on paper and compare it to what they actually did. I'd wager my balls that their finacial records or complete rubbish as well and from what I understand making false finacial statements is also a crime. But, instead of going to jail like I would if I stole peoples money, they get to file bankruptcy and/or be saved by a competitor buying their criminal organization out.

 

[Oleg]

A crime (particularly theft) was indeed committed. All one has to do is look at what they told there customers on paper and compare it to what they actually did.

That's very likely true for FTX. But not all crypto outfits.

 

[Gospel]

A crime (particularly theft) was indeed committed. All one has to do is look at what they told there customers on paper and compare it to what they actually did.

That's very likely true for FTX. But not all crypto outfits.

Agreed. If the world still makes some sort of sense, Ken Lay is laughing in his grave while Jeff Skilling is rolling out a welcome matt in federal prison for the folks at the top of this FTX pyramid scheme.

 

[TV and credit cards]

So Bankman-Fried is indicted. SDNY was on him faster than a bum on a baloney sandwich. That's what happens when you're not a politician; swiftass motherfucking justice. US Attorney Damien Williams of the Southern District of New York recommended if there is anyone else who took part in these crimes to "come see us before we come see you".

 

[Elixir]

Yeah SDNY says (maybe intentionally menacingly) “if you lie to take what doesn’t belong to you we will come after you!”
Ya sure ya betcha.
Can you say “stop the steal”?

 

[Jayjay]

So Bankman-Fried is indicted. SDNY was on him faster than a bum on a baloney sandwich. That's what happens when you're not a politician; swiftass motherfucking justice. US Attorney Damien Williams of the Southern District of New York recommended if there is anyone else who took part in these crimes to "come see us before we come see you".

Larry David better watch out.

 

[steve_bank]

In interviews the guy at the center of FTX sounds like an irresponsible teenager with a lot of money. No clue to business.

Paraphrasing. "Yea, I should have ;pent time every day following what the company was doing, and doing risk analysis".

A ways back some of us on the forum saw it as a Ponsi scheme destined to eventually collapse. FTX may have just been business ignorant fools who actually stumbled into it without realizing what they were doing and the implications.

A good con artist like Trump would have walked away from the collapse with money and pay lawyers to stall for years any legal action.

An example was his Trump University where he promised to show people how to get rich in real estate with no experience. A very old scam. People spent a lot of money, and then sued when they realized it was bogus. Trump escaped with money as it failed.

 

[lpetrich]

David Dayen on Twitter: "Getting to it late, but this was quite good. Not just about the timing of the arrest, but the timing of the limited allowance for Bahamian FTX customers to get their money out." / Twitter
noting
CSPAN on Twitter: ".@AOC (D-NY) questions new FTX CEO John Ray on timing of Sam Bankman-Fried's arrest by the Bahamian government. (vid link)" / Twitter

She mentioned how SBF offered to the Bahamian attorney general to open withdrawals from FTX only for Bahamian customers. Something that he did for 25.5 hours. Seems to me that this was influence-buying by SBF.

Tom on Twitter: "@cspan @AOC looks like the enormous time & energy AOC has spent researching this case is being put to use after all (vid link)" / Twitter
AOC recently Instagrammed about how she spent a lot of time and effort researching what to ask SBF about, only for SBF to be arrested the day before he was to show up before Congress. AOC seems very diligent and very determined to do a good job.

 

[lpetrich]

Alexandria Ocasio-Cortez on Twitter: "Breakdown of FTX timeline: ..." / Twitter

Breakdown of FTX timeline:

1. Nov 9th: SBF emails the Bahamian AG with an offer to unfreeze FTX withdrawals in the Bahamas

2. On Nov 10, Bahamian gov puts FTX in foreign provisional liquidation. This was the day before FTX was supposed to file bankruptcy in the US.

3. SBF then makes good on his offer and unfreezes FTX withdrawals just for Bahamas for a 25.5 hour window.

4. Same day, $100 million is withdrawn from FTX by 1500 unknown people in the Bahamas.

5. Nov 16th: Bahamian-appointed liquidator goes to US bankruptcy court and argues their FTX proceedings should be the main one, over FTX’s US bankruptcy filing. (Big red flag )

6. Yesterday: this explosive information is exposed yesterday when FTX filed a court declaration outlining these emails, withdrawals, & dates w/ US bankruptcy court - around 3-4pm.

7. When FTX files this declaration, opposing counsel is informed. This opens a window where anyone involved in wrongdoing could be tipped off.

8. Around 6-7pm, Bahamian officials take SBF into custody w/ a statement that cites SDNY filing for extradition, but fails to say *when*

There are more key dates and developments in this timeline raised in my questioning and that of others as well - such as
@RepDean’s questions regarding minting on Nov 12th.

(Also, I sincerely apologize for mispronouncing Bahamian during my questioning. Won’t happen again. I’d also like to clarify that @CoinDesk *published* the leaked balance sheets on Nov 2nd.)

Seems to me like some major corruption here. Did SBF get some payoff for unfreezing Bahamians' FTX accounts?

 

[lpetrich]

Rep. Alexandria Ocasio-Cortez on Twitter: ""[Was] that 25.5 hour window opened in exchange for any consideration offered to Bankman-Fried by the Bahamian AG or any state official, including a promise to initiate liquidation proceedings which might offer a path towards Bankman-Fried retaining some control over FTX?" (vid link)" / Twitter
In effect, some payoff for unfreezing Bahamians' FTX accounts.

Ejibber65 on Twitter: "@AOC Kudos to @AOC and @RepRitchie (and just a couple others) for well-prepared, efficient and salient questions at FTX bankruptcy hearing. Such a contrast with most other reps-- more than good to see the youthful savvy energy on display." / Twitter

Sam Bankman-Fried says he donated just as many millions to Republicans as Democrats, but didn’t publicize it because reporters would ‘freak the f--k out’ | Fortune

“All my Republican donations were dark,” SBF told crypto influencer and YouTuber Tiffany Fong, referring to political donations that aren’t publicly disclosed. “The reason was not for regulatory reasons, it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

Tiffany Fong on Twitter: "Audio from my first interview with Sam Bankman-Fried. SBF talks bankruptcy, the alleged “backdoor,” donations to the Democratic Party, Ukraine money laundering rumors, the hack, Alameda’s margin position on FTX, using FTT as collateral & more. (link)" / Twitter

"Sam Bankman-Fried on the use of FTT tokens as collateral, its illiquidity, its price crash, & the run on the bank. Sam addresses Alameda's margin position on FTX."

SBF was the second-largest Democratic donor during the last election cycle, and he told Fong he gave about the same amount to Republicans. Politicians including Sen. Kirsten Gillibrand (D-N.Y.), Rep. Jesus “Chuy” Garcia (D-Ill.), and Rep. Kevin Hern (R-Okla.) have since given the money back or pledged to after FTX imploded and rocked the crypto industry.

The $40 million Bankman-Fried donated last cycle to Democrats trailed only financier George Soros, who gave away about $128 million. If SBF indeed donated the same amount to both parties, as he said Tuesday, that would make him the fifth-largest individual Republican donor as well, according to data compiled by OpenSecrets.

noting
Who are the Biggest Donors? • OpenSecrets

 

[lpetrich]

FTX CEO Sam Bankman-Fried hit with campaign finance complaint

• An ethics watchdog group asked the Federal Election Commission to investigate former FTX CEO Sam Bankman-Fried for alleged “serious violations” of election law.
• The complaint by Citizens for Responsibility and Ethics in Washington, or CREW, cites Bankman-Fried’s admitted contributions of “dark” money to Republican election efforts during the 2022 primary season.
• The complaint comes nearly a month after the cryptocurrency exchange FTX filed for bankruptcy protection.
• The complaint notes that Bankman-Fried was, “until recently, a crypto-currency billionaire and known top Democratic contributor,” who “admitted during a recent public interview that he gave ‘dark’ money contributions to support Republicans in federal elections in the past cycle.”

 

[Politesse]

That kid seems to be a disaster in the lives of everyone who knows him.

 

[steve_bank]

I hate to admit it, mybe there is some value in an MBA.

 

[TV and credit cards]

Alexandria Ocasio-Cortez on Twitter: "Breakdown of FTX timeline: ..." / Twitter

Breakdown of FTX timeline:

1. Nov 9th: SBF emails the Bahamian AG with an offer to unfreeze FTX withdrawals in the Bahamas

2. On Nov 10, Bahamian gov puts FTX in foreign provisional liquidation. This was the day before FTX was supposed to file bankruptcy in the US.

3. SBF then makes good on his offer and unfreezes FTX withdrawals just for Bahamas for a 25.5 hour window.

4. Same day, $100 million is withdrawn from FTX by 1500 unknown people in the Bahamas.

5. Nov 16th: Bahamian-appointed liquidator goes to US bankruptcy court and argues their FTX proceedings should be the main one, over FTX’s US bankruptcy filing. (Big red flag )

6. Yesterday: this explosive information is exposed yesterday when FTX filed a court declaration outlining these emails, withdrawals, & dates w/ US bankruptcy court - around 3-4pm.

7. When FTX files this declaration, opposing counsel is informed. This opens a window where anyone involved in wrongdoing could be tipped off.

8. Around 6-7pm, Bahamian officials take SBF into custody w/ a statement that cites SDNY filing for extradition, but fails to say *when*

There are more key dates and developments in this timeline raised in my questioning and that of others as well - such as
@RepDean’s questions regarding minting on Nov 12th.

(Also, I sincerely apologize for mispronouncing Bahamian during my questioning. Won’t happen again. I’d also like to clarify that @CoinDesk *published* the leaked balance sheets on Nov 2nd.)

Seems to me like some major corruption here. Did SBF get some payoff for unfreezing Bahamians' FTX accounts?

9. Bail denied. Larry Levine of Wall Street Prison Consultants says SBF should not fight extradition. Would likely be shitting in a bucket and fighting rats for the next year while doing so just to fight the inevitable.

 

[blastula]

SBF SOL.

Sam Bankman-Fried found guilty on all counts at fraud trial over crypto exchange FTX

Bankman-Fried was charged with seven counts of wire fraud, securities fraud and money laundering after his crypto exchange, FTX, and hedge fund, Alameda Research, collapsed.

www.nbcnews.com