When interest rates plunged to zero, nearly everyone cheered the resultant soaring of asset prices and ignored how the value of pyramid schemes was soaring in tandem. Now that the music has stopped, it will take more than “sorry” to fix this.
“Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX,” Kling said on Twitter on Monday. “By the time we went to withdraw Monday morning, we got very little out. We’re now stuck alongside everyone else.”
“I lost my investors’ money after they put faith in me to manage risk and I am truly sorry for that. I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong.”
Let the memes commence:
https://mobile.twitter.com/CitizenFreePres/status/1592217784125386752
All you Ukraine bots will see your heads explode, guaranteed. That’s mostly due to your lack of a sense of humor as your very limited mindset moves further and further left.
OMG!! ROFLMAO!!
https://mobile.twitter.com/LvlyWords/status/1591929953150726144
When are we going to wake up as a nation. Another ” Mea Culpa.” statement affirming that they were wrong and now an apologetic “I’m Sorry, truly I am deeply sorry! Now lets get back to business and I can do it all again.”
First they limited your freedom then they imperiled your and your childrens health, now they are destroying, systematically, your life’s capital and any future that you had planned and now, now they beg foregiveness! If we don’t start fighting back we’ll need the proverbial asteroid or biblical flood to put matters right and leave it to God to sort it out. Then again perhaps we’ll get off easy and we’ll be delivered by a volcanic eruption like the one in 536 AD. and some of by the grace of God will survive.
Not sure “risk management” involves putting most of your assets into a single entity – particularly one like FTX.
Looks like he managed to make the riskiest bet he could.
Greed.
Sorry. Sorry you’re now penniless. So sorry.
My favorite aphorism… “only a swindler can be swindled”
If you’re looking to get money for nothing … you’ll probably get nothing.
Just watched the Biden/Trudeau parade and what struck me was the jackets they were both wearing, indeed all of the attendees were wearing similar vestments, something akin to flack jackets or bullet proof vests. Tell me I’m wrong!
He /they should be stripped of their personal and family assets. Pay that Monies to investors for poor investment advice. And start their life from zero again.
“It’s obvious now that the space has not done enough to identify and expel bad actors. We’re letting way too many sociopaths get way too powerful and then we all pay the price. If Ikigai continues on, we pledge to fight harder in this regard. It’s a fight worth fighting.” — Kling
He doesn’t realize he’s one of the sociopaths
Ikigai – Oh the irony. There’s a joke in there somewhere.
icky-gay?
Well, I had to look it up only because I thought it was an odd name. Apparently it’s Japanese for
reason to live
the purpose of life
reason for being
the meaning of life
reason to get up in the morning or jump out of bed
what makes life worth living
the thing that you live for
happiness of being
It’s actually “icky guy”, they just Japanised the spelling.
I prefer the language of … my people.
raison d’être
Despite the screen name that reveals my admiration of the Japanese culture … not the anime’ shit … the traditional culture
Ikagi invested in FTX in May, a month after the CEO of FTX explained his ponzi scheme in a podcast
https://beincrypto.com/ftx-ceo-describes-yield-farming-as-a-ponzi-scheme/
Ikagi should go down in flames, and be driven from the market in shame
I would love it if the little goblin who ran FTX was forced to make a living as an Amway salesman.
UCSP, I’m sure he no longer “needs” to make a living. His only problem is he’s stuck in the Bahamas, and under the laws of that country, not the US. If he can get extradited to the US, I’m sure his friends will take care of him, and help him disappear. If they don’t, I’m betting his “NOT” friends might help him disappear permanently.
Fugly millennials in dirty T-shirts can only sell hipsters on get rich quick schemes … he’ll fail at laundry soap
The secondary embarrassment was even too much for me.
https://twitter.com/JackPosobiec/status/1592226764281061380?cxt=HHwWiIC97cvz3JgsAAAA
Hope Tom stays healthy…Looks like he might be playing into his 60’s.
As for his pal Bankman-Fried…he is one weird, creepy effer who I wouldn’t let come within 50 ft. of my grandkids.
You would think the shyster kid could wear a business suit to make the con a little more convincing.
Shorts, t shirt and Albert Einstein hair don’t cut it.
Obviously he doesn’t care one wit as his handlers are probably running the show, he’s the Fall Guy.
American Greed should get some great new episodes out of this.
Their last season should be about the shots that eventually kill Hollywood off…
“I’m at a loss for words at the depth and breadth of the pieces of sh*t that permeate crypto…”. Travis Kling
Describing himself?
https://twitter.com/Travis_Kling/status/1592198930481160193?cxt=HHwWgoCx8bmf0JgsAAAA
I wonder where is personal funds are?
Phunny dat, when I run into a scam like dat, I suspect it’s the same demographic, as George soreASS, Madoff, Karl Marx, and Billy boi Barrf, and yup, all have their roots in the same plot.
Invest in sad trombones.
The Biden administration has already laundered over sixty billion dollars through Ukraine back to Democrats in the US using crypto etc. That’s almost three times as much as Canada’s defence budget, this has to be the most lucrative war ever, for some people.
Yep