FTX/Sam Bankman-Fried

[bitchstewie]

Maybe a bit niche but it's been on the front page of the BBC.

From $16B to $3 net worth in around a week and a lot of very interesting questions being asked about the running of the company.

FTX founder's $16bn fortune wiped out as crypto exchange files for bankruptcy

[bitchstewie]

cc3 said:

Hardly a surprise if you invest in this type of asset class you have got to expect to lose your shirt. Even in areas with better regulation we see events of clients being defrauded so no surprise in the Wild West crypto it’s going to be as bad or worse

I put £500 in Bitcoin as a literal punt as it's money I'm quite prepared and "happy" to lose as part of my investments.

Honestly it scares the st out of me the kind of amounts people seem to be into crypto for and how an event like this could impact them.

[bitchstewie]

Fascinating article linked from here.

https://twitter.com/dollarsanddata/status/15914360...

[bitchstewie]

Fascinating story even if only half the allegations turn out to be true.

Reuters reporting "back doors" in FTX accounts allowing SBF access.

FTX coincidentally gets "hacked".

Mutterings of SBF's private jet en-route to Argentina.

There's definitely going to be a movie made about this.

[bitchstewie]

This is brilliant

FLASHBACK Marc Cohodes: $FTX Is A Scam, "Dirty & Rotten To The Core"

[bitchstewie]

Some of the stuff you come across about FTX is unreal

https://twitter.com/TomBrady/status/15439652535238...

[bitchstewie]

Didn't it just.

And that's the problem you have when you have celebrities being paid more than most people will ever earn in their lives to promote and endorse people putting large chunks of their life savings into these largely unregulated products.

What could possibly go wrong with that.

[bitchstewie]

z4RRSchris said:

exchanges, yield farming, ico, nfts, fractional blocks, etc etc etc.

all a load of bks to con people out of their cash, and will all end at zero.

i’m glad the sec are starting to treat some of it like securities and going after people

Depends how you approach it IMO.

I don't care about all the "religion" side of it about it being the future but if I can make money out of it it's worth a punt with a small amount which is what I've done.

Nothing I can't afford to lose and it might go down to zero.

Last time I sold my car the guy at WBAC was telling me he had pretty much everything in crypto it was the future it'll go to $100K any day now bro all that stuff.

That scares the st out of me.

[bitchstewie]

If only there was some clue

https://twitter.com/WallStreetSilv/status/15926388...

[bitchstewie]

Lawsuits have been launched against Bankman-Fried plus some of the celebrities who endorsed FTX too.

US lawsuit launched against FTX founder and celebrity backers

[bitchstewie]

mids said:

https://www.vox.com/future-perfect/23462333/sam-ba...

He's got to end up in jail hasn't he?

[bitchstewie]

It's one of those isn't it where you read the Sequoia article and all the other gushing stuff and you could almost buy into it (not literally) but now it's all gone to st and you're watching it unravel it all seems so obviously wrong from the start.

[bitchstewie]

Guess this is cancelled?

[bitchstewie]

I'm not sure that points to conspiracy I think it just points to a lot of people being taken in.

Look at the list of big investment and VC houses who put money into SBF.

Literally some of the supposedly biggest brightest and best.

[bitchstewie]

This is a damned good read.

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire

[bitchstewie]

Has he actually been arrested yet?

[bitchstewie]

A good read.

FTX’s Collapse Was a Crime, Not an Accident

[bitchstewie]

It's one of the things that happens occasionally with open ended funds.

Essentially it's because if a ton of people want their money you can't realise it quickly if you need to sell property.

I don't see why anyone would think it's related to FTX.

[bitchstewie]

The state of this.

[bitchstewie]

Honestly at face value it's absolutely bizarre.