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Sam Bankman-Fried's downfall sends shockwaves through crypto
Nov 14, 2022 14:00:19   #
Justice101
 
Collapsed Crypto Giant Had Ties to Ukrainian Government, WEF, And Top Biden Adviser
https://t***hpress.com/news/collapsed-crypto-giant-had-ties-to-ukrainian-government-wef-and-top-biden-adviser/

https://abcnews.go.com/Business/wireStory/sam-bankman-frieds-downfall-sends-shockwaves-crypto-93245673

https://redstate.com/bonchie/2022/11/13/ukraine-a-ponzi-scheme-and-a-top-democrat-donor-raise-serious-questions-n658409

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Nov 14, 2022 14:12:11   #
JR-57 Loc: South Carolina
 

You have to admit his name is rather fitting; bank man fried.

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Nov 14, 2022 14:34:19   #
Justice101
 
JR-57 wrote:
You have to admit his name is rather fitting; bank man fried.


I bet that Sammy's bilked investors will want him fried. Unregulated market such as cryptos sounded like a very unsound investment to me to begin with.

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Nov 14, 2022 14:42:20   #
JR-57 Loc: South Carolina
 
Justice101 wrote:
I bet that Sammy's bilked investors will want him fried. Unregulated market such as cryptos sounded like a very unsound investment to me to begin with.

Absolutely. I’m not a financial wizard but I’ve done quite well over the years. This whole crypto business seemed like making something out of nothing and similar to a pyramid scheme.

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Nov 14, 2022 15:27:39   #
elledee
 
JR-57 wrote:
Absolutely. I’m not a financial wizard but I’ve done quite well over the years. This whole crypto business seemed like making something out of nothing and similar to a pyramid scheme.


You are spot on...... ponzi could take lessons from crypto

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Nov 14, 2022 19:04:35   #
albertk
 
JR-57 wrote:
You have to admit his name is rather fitting; bank man fried.



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Nov 14, 2022 20:56:07   #
Justice101
 
The tip of the iceberg:

Key Points:
Alameda Research, a trading firm founded by Sam Bankman-Fried, was trading billions of dollars from FTX accounts and leveraging the exchange’s native token as collateral, according to a source.

Many employees and outside auditors were unaware that FTX did not have enough money to match customer withdrawals, the source says.

Three sources familiar with the company told CNBC that they were blindsided by FTX’s missteps and that only a small cohort knew about the potential misuse of customer deposits.

Its biggest customer, according to a source, was the hedge fund Alameda. The fund was partially able to cover up this activity because the assets it was trading never touched its own balance sheet. Instead of holding any money, it was borrowing billions from FTX users, then trading it, the source said.

None of this was disclosed to customers, to CNBC’s knowledge. In general, mixing customer funds with counterparties and trading them without explicit consent, according to U.S. securities law, is illegal. It also violates FTX’s terms of service. Sam Bankman-Fried declined to comment on allegations of misappropriating customer funds, but did say its recent bankruptcy filing was a result of issues with a leveraged trading position.

https://www.cnbc.com/2022/11/13/sam-bankman-frieds-alameda-quietly-used-ftx-customer-funds-without-raising-alarm-bells-say-sources.html

Note this from 3 weeks ago
https://coinmarketcap.com/alexandria/article/ftx-and-sam-bankman-fried-under-investigation-in-texas-new-court-filing-reveals

Send this corrupt g*******t demon to prison.

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Nov 14, 2022 21:18:55   #
albertk
 
https://www.thegatewaypundit.com/2022/11/coincidence-zelensky-calls-peace-days-ftx-caught-funneling-millions-ukrainian-aide-dollars-us-democrats/



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Nov 14, 2022 21:26:12   #
Justice101
 
albertk wrote:
https://www.thegatewaypundit.com/2022/11/coincidence-zelensky-calls-peace-days-ftx-caught-funneling-millions-ukrainian-aide-dollars-us-democrats/


OUR US Tax dollars funding the D-rats' political campaigns through Ukraine and FTX!!

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