they just arrived. If they cross the yard they can find a good law firm, they will need it.Btw FTX headquarters is here in the Bahamas it seems which is bad news.
I wonder if these kids even know about Madoff. He was the master.
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There is a rumour of FTX insolvency
- Thread starter troubled soul
- Start date
I wonder if these kids even know about Madoff. He was the master.
FTX US says it may halt trading in a few days
LOL
Seems situation is worst than we thought .......This sam guy is immature or Fraud No.1......Sometime back I watch his interview where he mention he want to donate his entire Networth......and behind curtain he is doing this type of shady things with alameda.....really very shady fellow.....If he is not after money and want to do something for humanity ....why he doing trading with customer funds ??? It is very hard to believe any famous person word
LOL
Seems situation is worst than we thought .......This sam guy is immature or Fraud No.1......Sometime back I watch his interview where he mention he want to donate his entire Networth......and behind curtain he is doing this type of shady things with alameda.....really very shady fellow.....If he is not after money and want to do something for humanity ....why he doing trading with customer funds ??? It is very hard to believe any famous person word
He was also heavy into politics and lobbying e.g. donating to the Dem party
Source :FTFTX Tapped Into Customer Accounts to Fund Risky Bets
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
Crypto exchange FTX lent billions of dollars worth of customer assets to fund bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.www.wsj.com
----- quote start
Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.
FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, one of the people said.
---- quote end
Btw FTX headquarters is here in the Bahamas it seems which is bad news
Seems Bahamas acted swiftly and froze assets (if there are any relevant)
The Bahamas securities regulator has frozen the assets of part of Sam Bankman-Fried’s crypto empire and moved to appoint a liquidator for one of his entities, as the entrepreneur raced to raise as much as $8bn to save FTX.
The Securities Commission of The Bahamas took the action on Thursday against FTX Digital Markets, the Bahamian subsidiary of FTX. No assets belonging to the business can be transferred without the approval of a provisional liquidator, the regulator said. FTX moved to the Bahamas in 2021 from Hong Kong, where it was launched.
The commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research,” the announcement said. Alameda is Bankman-Fried’s crypto trading business.
Contagion effect party 
I wonder how many more exchanges and scams will fail in the next few days...
www.bloomberg.com
I wonder how many more exchanges and scams will fail in the next few days...
Crypto Lender BlockFi Suspends Withdrawals in FTX Contagion
The crisis sparked by the collapse of Sam Bankman-Fried’s FTX crypto empire ensnared BlockFi, a troubled digital-asset lender once worth $3 billion but which has now limited activity on its platform.
www.bloomberg.com
Just a taste of reality in the fantastic perfect cripto worldContagion effect party
I wonder how many more exchanges and scams will fail in the next few days...
Crypto Lender BlockFi Suspends Withdrawals in FTX Contagion
The crisis sparked by the collapse of Sam Bankman-Fried’s FTX crypto empire ensnared BlockFi, a troubled digital-asset lender once worth $3 billion but which has now limited activity on its platform.
FTX CEO does not even give damn about his own hair so how is he gonna give a damn about customer assets. The Bahamas regulators indeed have frozen the assets here and rightly so.
USDT is no better. The Bahamas regulators should tell USDT to find banking outside the island asap. People blindly believe in USDT and they offer no audited financials yet - just excuses after excuses
. I drove past their bank here in Bahamas (Deltec Bank) btw. You can read about it in below thread.
www.offshorecorptalk.com
USDT is no better. The Bahamas regulators should tell USDT to find banking outside the island asap. People blindly believe in USDT and they offer no audited financials yet - just excuses after excuses
. I drove past their bank here in Bahamas (Deltec Bank) btw. You can read about it in below thread.
Deltec Bank
Post of @JohnnyDoe reminded me of this and I didn't want to spam the original thread here. Has anyone used Deltec Bank? Last time I visited their website had no option to create an account with them. This might be the holy grail for us crypto bugs.
www.offshorecorptalk.com
We are in good hands
And thus kill Deltec, the largest bank in the Bahamas?
So you don’t like bungalows?People blindly believe in USDT and they offer no audited financials yet - just excuses after excuses
Look at how big and solid FTX’s offices are
We had our fair share of exchange about this, but since you bring it up I also feel free to repeat my points. I am not endorsing USDT, currently do not hold any (only form of safe fiat in my view is usd in cash bills).FTX CEO does not even give damn about his own hair so how is he gonna give a damn about customer assets. The Bahamas regulators indeed have frozen the assets here and rightly so.
USDT is no better. The Bahamas regulators should tell USDT to find banking outside the island asap. People blindly believe in USDT and they offer no audited financials yet - just excuses after excuses
Deltec Bank
Post of @JohnnyDoe reminded me of this and I didn't want to spam the original thread here. Has anyone used Deltec Bank? Last time I visited their website had no option to create an account with them. This might be the holy grail for us crypto bugs.
But we gotta put things into perspective.
People do not believe blindly in USDT at all. It is by far one of the most bashed, trashed and hated project, and they got shat on for years (not months or days like other projects, but years).
As we know, being audited does not prove anything and is even more counterproductive.
Credit suisse joins the ranks (most prob had a secret bailout by the fed).
And now guys, hold on to your seat, FTX was regulated as well and audited
double lol"Financial Audit
FTX has successfully undergone a US GAAP financial audit for 2021 and plans to continue undergoing regular audits.
"
What more of a joke do audits mean? They can be discarded as pretty much useless again.
Also Wirecard was audited and and and.
Whereas USDT did pass every (!) market test they had so far. Still running fine and I can redeem for 1usd.
In May/June there was even a stable coin crisis (a crisis in their house basically, bc everyone thought all stables are made equally), not a single blip only some price swings (but I could again redeem at 1$).
I wonder when and what is needed for them to go down?
I do not know how many people know that this Sam guy bidding to buy Twitter...just before a month.......salute to his guts.....I do not have word for this guy. ..... another level psycho...... criminal minded....I do not think that he is un aware of his probelm when he bidding to buying Twitter......
This whole episode, will the learning lesson for all investors.......how fraud this hoodie guys are ....they showing the world they do not care about money.......do not done thier hair.....wear some funny cloth....presenting themselves as a some short of genius.....even big experienced investors are failing to recognise this crooks........
This whole episode, will the learning lesson for all investors.......how fraud this hoodie guys are ....they showing the world they do not care about money.......do not done thier hair.....wear some funny cloth....presenting themselves as a some short of genius.....even big experienced investors are failing to recognise this crooks........
FTX is a ponzi scam always was........
FTX made basicly money by having Alameda Research making market on their FTX exchange creating demand by MM and increasing marketcap quickly for worthless tokens for which they got a share of xx% of all tokens and dumped them to retailers.
FTT was the same way pumped by Alameda Research without having any realistic value in backend.
They pumped their sheet with the increasing price of FTT token since they hold more tokens than there even exist in open market.
Big majority of their asset sheets like 60% were FTT tokens and the rest the worthless tokens they got for pumping them and bringing to the market.
So how is FTX going to pay customers with their FTT when there are no buyers.
Big Ponzi which SBF said himself long time ago in an interview.
Dumb kid of a rich family with ties..........what a coincidence as always
All this done so people CRY and ACCEPT crypto regulations which is going to protect them against these kind of frauds......
FTX made basicly money by having Alameda Research making market on their FTX exchange creating demand by MM and increasing marketcap quickly for worthless tokens for which they got a share of xx% of all tokens and dumped them to retailers.
FTT was the same way pumped by Alameda Research without having any realistic value in backend.
They pumped their sheet with the increasing price of FTT token since they hold more tokens than there even exist in open market.
Big majority of their asset sheets like 60% were FTT tokens and the rest the worthless tokens they got for pumping them and bringing to the market.
So how is FTX going to pay customers with their FTT when there are no buyers.
Big Ponzi which SBF said himself long time ago in an interview.
Dumb kid of a rich family with ties..........what a coincidence as always
All this done so people CRY and ACCEPT crypto regulations which is going to protect them against these kind of frauds......
Sam Bankman-Fried resigns as CEO of FTX as cryptocurrency exchange files for Chapter 11 U.S. bankruptcy
Check out this article from MarketWatch - Sam Bankman-Fried resigns as CEO of FTX as cryptocurrency exchange files for Chapter 11 U.S. bankruptcy
Check out this article from MarketWatch - Sam Bankman-Fried resigns as CEO of FTX as cryptocurrency exchange files for Chapter 11 U.S. bankruptcy
Good, facts are clear. Losses made (maybe after some years something comes back) and accepted. Case closed, and off to new races.
For those who were affected I just want to say "don't quit"!
Learn to play the game by using decentralized stuff... it's not that hard!
Learn to play the game by using decentralized stuff... it's not that hard!
Even the ones who are unaffected by the FTX bankruptcy should better rethink their startegy: Governmets finally have a free-pass to overregulate the crypto market and strangulate it to death.
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FTX RIP.
Folk on here may have noticed that I have stopped arguing with people for a while now. Why???? Because it is easier to let people find out the hardway sometimes.
Folk on here may have noticed that I have stopped arguing with people for a while now. Why???? Because it is easier to let people find out the hardway sometimes.
That is not in their interest. They are after all these juicy cap gains and taxes.
I can related with this....for myself also..As I growing up.......by reading or listening you can not learn anything meaningful...Only bad experience can teach you "the true lesson of life..."...FTX RIP.
Folk on here may have noticed that I have stopped arguing with people for a while now. Why???? Because it is easier to let people find out the hardway sometimes.
Most online debate are focusing on proving oneself right and put other person down...nothing constructive
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