The FTX fraud

Yea but compared to Anglo & Co…

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I think it could be worse. I seem to remember that the recovery rate of taxpayer cash at Anglo Irish Bank was about 50%.

https://twitter.com/GRDecter/status/1593272102047580161

  1. Employees submitted expense reimbursements over chat

A random manager would accept or reject those reimbursements with an EMOJI

  1. Related party loans:

Alameda Research (FTX’s hedge fund) gave Sam Bankman-Fried a $1 billion personal loan

They also loaned Director of Engineering Nishad Singh $543 million

  1. Very few records were kept.

Most decisions were made over chat, with the messages automatically deleted after a certain time.

  1. FTX, a company valued at $32 billion, never had board meetings. Neither did most of the subsidiaries.
  1. FTX had no cash management system.

Management had no idea how much cash was on hand at any given time, or even where all their cash was

and on and on and on.

Anglo was about the biggest stinking cesspit I could have thought of, but this could be worse.

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What else would you expect when the CEO lives in a frat house with ten buddies and every night is animal house?

I saw this and a more detailed explanation from George Gammon showing clips of SBF describing in media interviews what was clearly a Ponzi scheme.

There’s no regulator in the world that can save people from stupid…

Those are today’s numbers. Let’s see where the number ends up.

So there was $1.6 billion in play. How was it expended

What in the actual fuck? The guy is a fraudster, yet this headline reads like some sort of hagiography. What have the WSJ and the establishment got to hide?

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https://twitter.com/sidprabhu/status/1595634120696397825

The Bahamas recently sentenced a man to 2.5 years in prison for stealing $6 of hot dog buns…

SBF is headlining a NY Times conference.

Very effective altruism…


https://twitter.com/GRDecter/status/1596198839429566464

FTX owned an $11.5 million stake in this rural bank with just a few employees.

What the hell is going on here?

Segway here if you dare - Tether... Next? 🪄

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WTFX???

Crypto lender BlockFi files for Chapter 11 bankruptcy
Group had at least 100,000 creditors and liabilities of up to $10bn

One has to wonder if we are heading for a Lehmans moment. I think there is a domino effect and it will start to hit the banks soon.

CRYPTO EXCHANGE AAX’S MARKETING EXEC LEAVES AS WITHDRAWAL HALT CONTINUES

https://financefeeds.com/crypto-exchange-aaxs-marketing-exec-leaves-as-withdrawal-halt-continues/

The departure comes on the heels of the Hong Kong-based company halting client withdrawals on its platform two weeks ago.

https://twitter.com/punk6529/status/1598274845816782848

The above is a great thread on describing what has gone on at FTX.

There is something seriously rotten in our mainstream media. This man has committed a multi billion dollar fraud but it still permitted kid glove treatment.

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