WTFTX?

It's Probably Nothing More Money Than Brains Protected Class 27 Comments

The FTX Collapse Explained in 99 Seconds

More: (link fixed)

In 2008, Goldman mastered the art of crony capitalism: pay up for government protection & get bailed out when you need it most. That’s why Goldman got bailed out while Lehman didn’t. Crypto-dude Sam Bankman-Fried just tried to play the same game by donating $30mm+ to Democrats.

The failed exchange FTX had no board of directors. That was one point of failure by investors. They wanted in the deal so badly, they let the ship go through the ocean without a rudder.

But of course! The Ukrainian government website detailing the partnership, which sought to raise $200,000,000 in cryptocurrency to be sent to the National Bank of Ukraine, has been wiped from the internet following FTX filing for bankruptcy.

27 Replies to “WTFTX?”

    1. Looks like Blackrock took it on the chin as well. Geez, that’s a shame.
      Just a little speed bump in their quest to own planet Earth.

      1. I’m trying to decide whether it’s more or less frightening that the companies with the biggest influence on the economy are this stupid.

        1. *
          Warren Buffett famously noted… ‘Only when the tide goes out
          do you discover who’s been swimming naked,          ‘ and this week
          it looks like many tech entrepreneurs who had us all convinced
          they were geniuses might really have been splashing around
          shortsless.

  2. Rehypothecation, leveraging, commingling, all have played havoc with gold, currency, stocks.

    Why would it be any different for Bitcoin?

  3. Here’s a bit more on the same topic..

    https://halturnerradioshow.com/index.php/en/news-page/world/breaking-news-ukraine-military-aid-from-usa-was-invested-in-crypto-ftx-by-ukraine

    I still think CZ at Binance is going to come through this looking good. Now that Ukraine has entered into it, and there’s going to be some investigations into this in the next congress it may be time to brush up on some of how cryptos are at least “supposed” to work. It may be easier to move the $ in cryptos, but it is with any megabank operation. Reuters is reporting that FTX had a backdoor in their software used to move $billions without triggering alerts to staff or auditors…

    and…

    https://twitter.com/gencostocks/status/1591152036766445568

    There WILL be a Clinton connection to this, there ALWAYS is, Hal Turner has done some research….

    Ward, not exactly Bitcoin, more of IOU’s for Bitcoin, or compared to “not silver” but more like IOU’s for silver, what became of all those paper certificates for silver from a decade ago? They’re still out there, people think they’ll cash them in for real silver someday. The lineups for those are going to be real long too…

    1. Yes Marc – I just used Bitcoin for shorthand – and its what everyone will relate it to anyway – including the Banksters and Uniparty which want it destroyed or regulated into oblivion.

      The only regulation you need for any asset class is:

      You cant sell what you don’t own, you cant lend what you don’t own. That would clean alot of financial BS up.
      The only reason Gold and Silver are not much higher is naked shorting and rehypothecation.

      Naked shorting is used on Wall Street alot as well – its not supposed to happen but does – because contrary to popular belief there is no hard and fast rule against it.
      A broker doesnt need to have the shares on hand to provide to a short – only needs to “be confident” that those shares needed to cover the short can be found. You could drive a bus through that loophole.

  4. FTX-Bre-X-ReDuX?
    I’m getting this eerie premonition that SBF might “jump out of a helicopter” over a jungle and his body will never be found.

  5. When it comes to Ponzi scams it looks like Bernie Madoff still has this Punk beat at 65 billion dollars scammed,as opposed to this POS “Sammy 2 Names” only scamming 50 billion

  6. How much did the Bidens and Pelosis get out of this sordid affair?

    And Trudeau’s ‘trust’ fund.

    Sam Bankman-Fried should have been based in Quebec. If caught, he’d get a deferred prosecution agreement.

    Or he should have hired Catherine McKenna, who was in charge of ‘investing’ $33 billion as infrastructure Minister, and had nothing to show for it.

    1. “How much did the Bidens and Pelosis get out of this sordid affair?”

      Doesn’t the big guy get 10%?

  7. Turns out that contributing to campaign funds is not bribing politicians.

    I mean it is, especially when it amounts to millions, but there’s no law against it in the U.S.

  9. I think Sam Bankman-Fried will walk away with $100’s of millions he’s stashed away and no consequences, because he’s the second largest donor to Democrats behind Soros.

  10. On a personal level I took a $292,000 loss this week, I can eat that. I know many went to zero and can’t. That hurts me more.

    https://mobile.twitter.com/ApeDurden/status/1591093804425412608?cxt=HHwWgIDQkdPY2ZQsAAAA

    CEO of FTX

    Video

    https://mobile.twitter.com/ApeDurden/status/1590912098871435265?cxt=HHwWgoDTof-Hh5QsAAAA

    Interestingly they have wiped all historical data.

    I return to my Trojan Horse theory…

    The SEC chairman is balls deep in this shit. Nobody goes to prison.

    https://mobile.twitter.com/ApeDurden/status/1591292841980219397?cxt=HHwWisDSvZSatJUsAAAA

  12. Twitter Thread on another theory – when you consider the complexity of the Trump Russia collusion fraud, this is childs play

    CryptoTHFC – tyj.eth
    @CryptoTHFC
    ·
    Nov 9
    1/ As unlikely as you may think, I think you just have to consider the possibility this is an inside job designed to dismantle the crypto space and ruin its legitimacy ~ or atleast attempt to.

    ·

    2/ The actions of SBF and FTX as the main exchange driving institutional adoption being this insanely reckless just don’t stack up.

    ·

    3/ You have the world at your feet generating millions $ per/day. Every sponsorship possible. Branding across all of the US in every major city. Congressional hearings about crypto adoption and regulation.

    ·

    4/ Why throw all that away unless that was always the intention? Billions and billions have gone missing overnight. What a win-win that could be if it was by design.

    5/ We steal billions in user funds and divvy it up between complicit parties – AND simultaneously ruin crypto’s US legitimacy making CBDCs and big tech/data the only trusted digital banking method.

    Just a thought.

  13. From the comments at Market Ticker…

    ” April 25, 2019: Biden announces his presidential campaign.

    13 days later, Sam Bankman-Fried, son of Barbara Fried ( Stanford Professor and co-founder of political fundraising organization “Mind-the-Gap), launches #FTX crypto exchange.

    The exchange is magically an overnight success. SBF becomes biggest donor to Biden.

    Election day, FTX implodes completely.

    If you think this scandal is done, it goes even deeper.

    —–
    Gabe Bankman-Fried, brother to Sam (also a former Jane Street trader), is founder of Guarding Against Pandemics

    He was a Legislative Correspondent for the US House of Representatives and an advisor to large political donors in the Democrat party.

    The family Aunt Linda Fried is a WEF member on the Global Agenda Council on Aging.

    The father, Joseph Bankman is a Stanford professor who has lobbied on behalf of Hedge Fund managers before Congress before (film records exist).

    FTX’ Head of Ventures & Commercial at FTX Ventures Amy Wu, started with the Clinton Foundation years ago.

    Nishad Singh FTX Director of Engineering has spent over 8 million for Dem candidates.

    And finally Obama’s Commodity Futures Trading Commissioner, Mark Wetjen was literally the head of FTX Policy & Regulation.

    Reports were the organization wanted to spend over a billion dollars on the Democratic party for 2024.
    —–
    Looks like a massive money laundering operation…. “

  15. Democrats are just showing our Liberals how an
    “Addscam” is really done.
    What would you expect if they feel so powerful that law no longer matters?
    The Demons love to brag.
    If they cannot boast of their evil,they have little else to say..
    So a theft this blatant,ties right in with an election so corrupted as to trigger State Independence.
    Laws for thee..None for we.

    1. Bankman sent 9 billion to his trading company Alameda leaving this 28 year old doofus in charge, Caroline Ellison CEO.
      Apparently she doesnt believe in stop orders and uses basic elementary school math to run the operation.
      They are going to hang this around her neck, convenient patsy or Bankmans sploodge deposit hole.

      https://youtube.com/watch?v=Qd2enI4RvXU

      This interview was about 5 months ago and the tell tale signs are there.
      A sucker born every minute.

      Never let the kids have the keys to your car, liquor cabinet , no parties at home when you are away and insist on them being home early.

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