WTFTX?

BlockFi files for U.S. bankruptcy protection;

Major cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection along with eight affiliates, it said on Monday, the latest crypto casualty to follow the spectacular collapse of the FTX exchange earlier this month.

The filing in a New Jersey court comes as crypto prices plummet, with bitcoin BT*0 down more than 70 per cent from a 2021 peak.

New Jersey-based BlockFi had links with FTX, which filed for protection in the United States earlier in November after traders pulled $6-billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

In a court filing on Monday, BlockFi listed FTX as its second-largest creditor, with $275-million owed on a loan extended earlier this year. It said it owes money to more than 100,000 creditors.

Bitcoin Magazine: BlockFi has $1-10 billion in liabilities but only $256M cash on hand

Crooks gonna crook.

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37 Replies to “WTFTX?”

    1. Perfect Thomas. I have said that when you use real money to buy nothing and wind up with nothing what the hell did they expect?

      1. They loaned imaginary money to people who then gave that imaginary money to democrats.
        Somewhere along the way it turned into real dollars.

        Now I gotta pay $5 for a loaf of bread

  1. FTX going beĺy up? No pb, Dems@co will keep the other ways of stealing: Ukraine funds, climate change funds, pie-in-the-sky projects funds.

  2. Money to donate, why not?
    Sorry folks, but we are on the giving end of this $2.3 bill Christmas gift.

    Canada’s Indo-Pacific strategy sees China as a ‘disruptive global power’

    Canada has unveiled its Indo-Pacific strategy that will commit $2.3-billion over five years to expand military, security, trade and diplomatic ties with other nations in the region, in a new approach to China that sees Beijing as more adversary than friend.

    Just get in line and be nice.

    1. They will borrow that on our behalf and it will never be paid. The interest however will continue for infinity. Ask who is getting interest payments for the debt that Twaddels father started and we are still paying? That is a serious question from an old man who was there when the a$$hole started the debt ball rolling. Does anyone on this site remember that and does anyone remember that not one freaking dime has been paid on that debt. Now again, WHO THE HELL IS GETTING THE INTEREST? I want at least one of our brilliant commenters to weigh in. F***, I hate stupid people.

      1. Does anyone on this site remember that and does anyone remember that not one freaking dime has been paid on that debt. Now again, WHO THE HELL IS GETTING THE INTEREST? I want at least one of our brilliant commenters to weigh in.

        I am not brilliant, but while we wait for the many who are and who post regularly on here to come forward, I’ll take a stab at your question, assuming it was not rhetorical.

        Yes, many of us here were also alive when Trudeau I, God-Emperor, started to pile up the national debt. Yes, many people in this country criticized his profligacy at the time. More then than now with Junior. Because it’s 2022. Which really means, I suppose, that for some peculiar reason Canadian IQs are even lower now than in 1968.

        Before I answer the question about interest, let me ask and answer a question about what this borrowed Trudeau debt was used to buy. Other than elections out east, not a blessed thing. It just swished around elite government circles and predatory corporations as the government spent more on itself.

        Now, about the interest on the Trudeau debt, which over the years has just been thrown onto the existing debt pile. Not a penny of Trudeau debt has ever been paid off, and it’s been piling up for five decades now. So who gets this interest? The holders of the bonds and notes. Which is to say the banks and government pension plans mostly. Banks especially, since they also act as financial agents for the government, and they take a respectable vig right off the top as they participate in all government debt auctions.

        Consequently, the banks are the very last entities to ever want governments to stop borrowing. Is it any wonder that the banks own everything in this country? There is no industry or market that they do not have a ownership interest in. In the age of the internet, it is supremely simple to research the major holders of publicly traded shares in corporations. A few minutes of poking around will uncover the great untold secret in trudeauland, the banks and private equity corporations like Blackrock, Vanguard, State Street, Fidelity, et al., own EVERYTHING.

        PS we had this identical conversation years ago on here, and since then things have only got worse…

      2. I remember that. I recall a politician saying this was the beginning of the end and Canada would be bankrupt on day.

  3. I’m surprised the courts didn’t freeze all FTX funds and order all donations they made held in escrow until this mess was straightened out. The US financial industry is getting dodgier all the time.

  4. I’m so bloody sick of “crypto.” I was listening to someone the other day talking about buying crypto in the dips in order to ‘have a digital investment.’ By “digital” I think he meant an investment that could go poof to zero and there would be nothing whatsoever different about the investment. Imagine someone running the GPU in their computer until it was 150 degrees C at the heat sink. Imagine warming your hands over that graphics card. THAT is “crypto”… that’s what you are buying. There isn’t a penny of real value in all of “crypto.”

  5. Anyone else noticing that all these WTFTX? crypto crashes are happening at the same time that oil’s getting hammered in the Commodities Market with no link to increases in physical inventory. I can’t help but think it would burn huge sums of money to trash oil prices in the face of what appears to me to be a multi-year worsening shortage. Where could those huge sums be getting drained from… Just a wild-arse theory. It will be interesting what OPEC+ does on Dec. 4th.

  6. Those people that are “donating the money from FTX” to charities, will be donating to charities that support them (i.e. Laundering)

  7. Walmart accepts donations from millions of customers on their digital paypads, reaps millions of dollars of tax breaks for free. Ahhh, criminal capitalism.

  8. The hope is BlockFi is having liquidity problems caused by a run on cash. If nobody stole client funds, bankruptcy is just buying time for the problem to solve itself. The FTX retards appear to have actually appropriated client funds or so it is widely reported. I knew a few lawyers who took early retirement from co-mingling client funds with their own. All three managed to stay out of jail, likely because it was already or quickly thereafter repaid..

  9. 1s and 0s and always someone holding the code. Buy property, gold, or something tangible. Invest in Bitcoin and you get what you deserve.

  10. I just started a new currency if anyone wants to buy some from me. They’re called Ponzi coins.

    Don’t worry, they’re on the internet and have blockchain stuff all around them.

  11. Venture capitalism in earlier post about them 2 cows describes the crypto currency schemes just about perfect.

  12. I’m sure the Democrat politicians will donate to a ‘charity’ that benefits themselves or their families even more.

  13. Never understood how crypto worked. So many people tried to get me to buy in. It just seemed so irrational. Apparently it is irrational.

    1. My crypto is a scarce commodity.

      It’s scarce because I wrote a computer program that creates every unit of it, and my program will eventually stop making it.

      It’s a commodity because I and other super intelligent people can trade it to each other by exchanging unique numbers.

      We can also exchange it with less intelligent people for real things, like cash.

  14. Can anyone *actually* spell correctly anymore? “Dispicable” is not a word and even my phone knows.

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