11-18-2022, 06:35 PM
#211
Originally Posted By pondus_levo⏩
Holy fuk, thank you based Elon. Twitter tearing this chit to pieces. This is amazing.
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Quote
11-18-2022, 06:54 PM
#212
Originally Posted By -JR⏩
Thanks brah
gwg77 doing gods work here. Cotdam dude.
11-18-2022, 08:51 PM
#213
This is supposed to be an exclusive, but we already knew yesterday from the Vox article that Gary Wang and Nishad Singh had left the company. Caroline Ellison getting fired from Alameda is news, though.
https://www.wsj.com/articles/bankrup...es-11668825607
FTX, the cryptocurrency exchange launched by Sam Bankman-Fried, said it fired three of the founder’s top deputies.
Gary Wang, an FTX co-founder and its chief technology officer; FTX engineering director Nishad Singh; and Caroline Ellison, who ran Mr. Bankman-Fried’s trading arm, Alameda Research, were terminated from those roles after FTX tapped John J. Ray to oversee the companies’ bankruptcy, an FTX spokeswoman said late Friday.
…
On a Nov. 9 video call with Alameda employees, Ms. Ellison said that she, along with Messrs. Bankman-Fried, Wang and Singh, were aware of the decision to send customer money to the trading firm, the Journal previously reported.
Gary Wang, an FTX co-founder and its chief technology officer; FTX engineering director Nishad Singh; and Caroline Ellison, who ran Mr. Bankman-Fried’s trading arm, Alameda Research, were terminated from those roles after FTX tapped John J. Ray to oversee the companies’ bankruptcy, an FTX spokeswoman said late Friday.
…
On a Nov. 9 video call with Alameda employees, Ms. Ellison said that she, along with Messrs. Bankman-Fried, Wang and Singh, were aware of the decision to send customer money to the trading firm, the Journal previously reported.
11-18-2022, 08:57 PM
#214
Ftx scam is a rabbit hole. In bed with SEC, close relationship with WEF, finding stufies to debunk ivermectine. Jfl
https://www.zerohedge.com/political/...-bankman-fried
https://www.zerohedge.com/political/...-bankman-fried
11-18-2022, 10:34 PM
#215
Quick Recap: FTX raised at least $1.8 Billion in Venture Capital. No due diligence was ever performed.
FTX had:
- No Board of Directors
- No CFO
- No Finance and Accounting staff
- No Risk Management team
- No HR staff
- No cash management systems
- No audited financial statements for Alameda Research or FTX Ventures
- No bank account for FTX. According to SBF, FTX funds were being sent to Alameda
- No accurate list of all bank accounts
- No books or records
- No security controls for digital assets
- No internal communication records - communications were set to auto-delete
- LITERALLY NO INTERNAL CONTROLS
^^^^
FTX had:
- No Board of Directors
- No CFO
- No Finance and Accounting staff
- No Risk Management team
- No HR staff
- No cash management systems
- No audited financial statements for Alameda Research or FTX Ventures
- No bank account for FTX. According to SBF, FTX funds were being sent to Alameda
- No accurate list of all bank accounts
- No books or records
- No security controls for digital assets
- No internal communication records - communications were set to auto-delete
- LITERALLY NO INTERNAL CONTROLS
^^^^
11-18-2022, 10:43 PM
#216
Does this help or hurt the $10k I have in dogecoin?
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11-18-2022, 10:44 PM
#217
Sounds like Bankman got Fried.
11-18-2022, 10:45 PM
#218
I love how this is all coinciding with Chappelle and Kanye talking about the joos.
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11-18-2022, 10:45 PM
#219
https://www.wsj.com/articles/ftx-inv...ce-11668736585
https://twitter.com/sequoia/status/1590522718650499073
https://twitter.com/sequoia/status/1590522718650499073
In a letter to its investors about FTX on Nov. 9,
Sequoia said the firm is “in the business of taking risk” and does “extensive research and thorough diligence on every investment we make. At the time of our investment in FTX, we ran a rigorous diligence process.”
11-18-2022, 11:00 PM
#220
So what’s the story here?
Didn’t he have some exchange program and was taking money and was giving nothing in return basically? Then when people tried to withdraw they couldn’t because a “hack” took them out but the hack was SBF stealing the money
Didn’t he have some exchange program and was taking money and was giving nothing in return basically? Then when people tried to withdraw they couldn’t because a “hack” took them out but the hack was SBF stealing the money
11-18-2022, 11:28 PM
#221
Originally Posted By GooBaaa⏩
Kind of
So what’s the story here?
Didn’t he have some exchange program and was taking money and was giving nothing in return basically? Then when people tried to withdraw they couldn’t because a “hack” took them out but the hack was SBF stealing the money
Didn’t he have some exchange program and was taking money and was giving nothing in return basically? Then when people tried to withdraw they couldn’t because a “hack” took them out but the hack was SBF stealing the money
I think the gist is they literally only paid minimal fees officially and used the rest of the 15 Billion or whatever they had like an unlimited credit card
11-18-2022, 11:31 PM
#222
Originally Posted By GooBaaa⏩
He was moving customer deposits from his FTX crypto exchange to his separate Alameda Research hedge fund for trading. Him and his top lieutenants also looted the company by using company funds to buy personal property and taking out $1.5 billion in loans - which will never be repaid. Then they had a run on the bank and didn't have liquidity. Then the night of the bankruptcy $600m was stolen in a hack - which was prolly them stealing that too. All his shіtcoins he created were worthless yet he valued them at $5.5 billion on his balance sheet. In the end, they were insolvent due to fraud. They had a $8-10 billion dollar hole.
So what’s the story here?
Didn’t he have some exchange program and was taking money and was giving nothing in return basically? Then when people tried to withdraw they couldn’t because a “hack” took them out but the hack was SBF stealing the money
Didn’t he have some exchange program and was taking money and was giving nothing in return basically? Then when people tried to withdraw they couldn’t because a “hack” took them out but the hack was SBF stealing the money
Overall, it was the most mismanaged company in history that was valued $30+ billion. See post #222.
11-18-2022, 11:39 PM
#223
Originally Posted By gwg77⏩
Of course they had none of those. It was a giant money laundering/theft organization for the DNC. Which is why nobody will ever go to jail.
Quick Recap: FTX raised at least $1.8 Billion in Venture Capital. No due diligence was ever performed.
FTX had:
- No Board of Directors
- No CFO
- No Finance and Accounting staff
- No Risk Management team
- No HR staff
- No cash management systems
- No audited financial statements for Alameda Research or FTX Ventures
- No bank account for FTX. According to SBF, FTX funds were being sent to Alameda
- No accurate list of all bank accounts
- No books or records
- No security controls for digital assets
- No internal communication records - communications were set to auto-delete
- LITERALLY NO INTERNAL CONTROLS
^^^^
FTX had:
- No Board of Directors
- No CFO
- No Finance and Accounting staff
- No Risk Management team
- No HR staff
- No cash management systems
- No audited financial statements for Alameda Research or FTX Ventures
- No bank account for FTX. According to SBF, FTX funds were being sent to Alameda
- No accurate list of all bank accounts
- No books or records
- No security controls for digital assets
- No internal communication records - communications were set to auto-delete
- LITERALLY NO INTERNAL CONTROLS
^^^^
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Trump 2020
DeSantis 2024
Catbrah 2032
Misc Firearms Crew
Misc Wristwatch Crew
Will sell wife's foot pics for watch/gun money crew
Definitely not a fed crew
11-20-2022, 12:14 AM
#224
Zero Hedge has a FTX Post Mortem Part 1 of 3, and it is a well-written and detailed summary of what really happened this month, definitely worth the read.
https://www.zerohedge.com/crypto/ftx...eally-happened
Thought this was interesting:
____________________________
https://www.zerohedge.com/crypto/ftx...eally-happened
Thought this was interesting:
While Alameda was claiming to have $5.82 billion of its balance sheet held in FTT tokens, the entire available market cap was less than $4 billion.
Read that again, Alameda’s balance sheet held more than the entire market cap of FTT.
So this wasn’t a situation where a lender might make a loss on selling the collateral, this was a situation where there were potentially billions in loans floating around in the Crypto ecosystem with essentially no collateral that could be liquidated without detonating the market.
Just to top it off, some of this FTT was likely pledged to multiple lenders.
Read that again, Alameda’s balance sheet held more than the entire market cap of FTT.
So this wasn’t a situation where a lender might make a loss on selling the collateral, this was a situation where there were potentially billions in loans floating around in the Crypto ecosystem with essentially no collateral that could be liquidated without detonating the market.
Just to top it off, some of this FTT was likely pledged to multiple lenders.
____________________________
11-21-2022, 11:03 AM
#225
Originally Posted By gwg77⏩
I guess they overlooked a few things. A bunch of degens playing video games during a meeting where $200 million is being invested being the smallest example. Fukking lol.
How many other companies are running like this? I used to work at a manufacturing place where the owner's son ran the place, took vacations literally every other month and lived the GOAT life screwing around even at "work." The fukker died and turned out he had so much debt out his ass and almost no proper paper work or taxes were being taken care of that the entire company almost collapsed if it weren't for some very dedicated guys unwinding the mess.
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11-21-2022, 11:18 AM
#226
… so did that sex tape ever get released or?
"The dildo of consequences rarely arrives lubed."
See OptimusTrajan' sig
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11-21-2022, 05:17 PM
#227
Originally Posted By -JR⏩
Oh I read another article last night how the Ontario Teachers' Pension claimed they did so much due diligence on this deal, but somehow overlooked the fact they didn't have a Board of Directors (amongst many other things), despite participating in 2 fundraising rounds. And what's funny is, they setup a coalition for good governance.
I guess they overlooked a few things. A bunch of degens playing video games during a meeting where $200 million is being invested being the smallest example. Fukking lol.
How many other companies are running like this? I used to work at a manufacturing place where the owner's son ran the place, took vacations literally every other month and lived the GOAT life screwing around even at "work." The fukker died and turned out he had so much debt out his ass and almost no proper paper work or taxes were being taken care of that the entire company almost collapsed if it weren't for some very dedicated guys unwinding the mess.
How many other companies are running like this? I used to work at a manufacturing place where the owner's son ran the place, took vacations literally every other month and lived the GOAT life screwing around even at "work." The fukker died and turned out he had so much debt out his ass and almost no proper paper work or taxes were being taken care of that the entire company almost collapsed if it weren't for some very dedicated guys unwinding the mess.
Bloomberg:
The latter is a particularly strange miss for Teachers, an early adopter of the view that pension funds should pay close attention to the boards and governance of their investments and disclose their voting on public companies. The fund and its first CEO, Claude Lamoureux, were central to the founding of the Canadian Coalition for Good Governance, an alliance of institutional investors, two decades ago.
Ontario Teachers’ investment departments, including TVG, conduct robust due diligence on all private investments. Supported by experienced, external consultants with financial, commercial, and other relevant expertise, and often in consultation with investment partners, due diligence is designed to use company-provided materials and other research to assess the risk related to a specific investment. In FTX’s case, our underwriting process included working closely with third-party advisors and FTX to explore commercial, regulatory, tax, financial, technical and other matters. Recognizing that no due diligence process can uncover all risks especially in the context of an emerging technology business, the investment in FTX was sized moderately in relation to TVG and the overall portfolio of the Plan.
Originally Posted By xxAchillesxx⏩
… so did that sex tape ever get released or?
Not sure. I think it was a joke. Although people have claimed to see it already - I think they are lying.
11-21-2022, 05:28 PM
#228
If anyone wants to read a comprehensive article that dives into basically everything, read this article below by some twitter user. There is some speculation on things, but it's the best he could do, given we don't know all the facts. But it is far more comprehensive than any other mainstream media journalist will ever report on.
https://milkyeggs.com/?p=175
This guy estimates that they blew up in excess of $15.5 billion in the past couple years.
We can try to give a very rough accounting of their potential losses:
- Voyager/BlockFi acquisition: 1.5b
- LUNA exposure: 1b
- KCG-style algo crash: 1b
- FTT/SRM collateral maintenance: 2b
- Venture capital: 2b
- Real estate, branding, other frivolous spending: 2b
- FTT drop from $22 to $4: 4b
- Discretionary longs going bad: 2b
- Total: 15.5 billion
This is another good article too, with much of the coverage coming from twitter, where most all of the news was being broken:
https://www.piratewires.com/p/twitter-vs-the-cathedral
Also, SBF is so delusional, he thinks he can still save the company as of today, despite not being a part of the company anymore:
https://www.cnbc.com/2022/11/21/sam-...amas-home.html
https://milkyeggs.com/?p=175
This guy estimates that they blew up in excess of $15.5 billion in the past couple years.
We can try to give a very rough accounting of their potential losses:
- Voyager/BlockFi acquisition: 1.5b
- LUNA exposure: 1b
- KCG-style algo crash: 1b
- FTT/SRM collateral maintenance: 2b
- Venture capital: 2b
- Real estate, branding, other frivolous spending: 2b
- FTT drop from $22 to $4: 4b
- Discretionary longs going bad: 2b
- Total: 15.5 billion
This is another good article too, with much of the coverage coming from twitter, where most all of the news was being broken:
https://www.piratewires.com/p/twitter-vs-the-cathedral
Also, SBF is so delusional, he thinks he can still save the company as of today, despite not being a part of the company anymore:
https://www.cnbc.com/2022/11/21/sam-...amas-home.html
11-21-2022, 05:30 PM
#229
This dude is either:
A) Gonna get saved by his liberal politician friends and mommy
B) Get thrown under the bus by them
A) Gonna get saved by his liberal politician friends and mommy
B) Get thrown under the bus by them
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
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11-21-2022, 05:34 PM
#230
Originally Posted By jackamo2887⏩
He's already admitted to multiple felonies the past week, his lawyer even had to drop him. I don't see this going too well for him.
This dude is either:
A) Gonna get saved by his liberal politician friends and mommy
B) Get thrown under the bus by them
A) Gonna get saved by his liberal politician friends and mommy
B) Get thrown under the bus by them
11-21-2022, 05:37 PM
#231
Originally Posted By gwg77⏩
Wire fraud is where they easily get this idiots dead to rights.
He's already admitted to multiple felonies the past week, his lawyer even had to drop him. I don't see this going too well for him.
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
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11-21-2022, 05:40 PM
#232
Binance Chief of Strategy said it only took 2 hours of due diligence after looking at their balance sheet.
https://www.cnbc.com/2022/11/17/bina...nd-madoff.html
Just LOL @ this balance sheet prepared directly by SBF:
Binance’s chief strategy officer said it took his company two hours of due diligence on FTX to determine that Sam Bankman-Fried’s crypto exchange was beyond saving.
“It was like a bomb went off in that place,” Patrick Hillmann, Binance CSO, told CNBC on Thursday. “You know, we’re getting on calls, people are crying. … It was complete pandemonium over there,” Hillmann said, adding that when “Sam went completely silent on them, the entire organization just fell to pieces.”
“Somehow they were always spending more and more and more and more money,” Hillmann said. “We never understood where the money was coming from. It just never made any sense to us.”
“For us, if there’s smoke there’s probably fire,” Hillmann said. “I don’t think we ever even could have come close to realizing exactly how hot the fire was burning inside.”
Hillmann said lawmakers and venture capitalists were apparently drawn in by Bankman-Fried’s persona and appearance of credibility. He said the FTX founder was either like Theranos’ Elizabeth Holmes, who Hillmann said was “completely delusional,” or Bernie Madoff, who was “manipulative” and created a “cult of personality.”
“There’s no middle ground,” Hillmann said. “It’s one of the two.”
Hillmann said that early on there were some concerns with FTX and its unsavory relationship with Alameda Research, Bankman-Fried’s hedge fund. However, the company had raised money at a $32 billion valuation from prominent investors, and Bankman-Fried made multiple trips to Washington, D.C., to testify in front of lawmakers. He was also a major contributor to Democratic political campaigns, while another executive, Ryan Salame, was a big Republican donor.
“We would just assume that because the scale and level of engagement they have with some of the most powerful people on this planet, that those checks and balances just naturally have to be there for those individuals to agree to be a part of their work,” Hillmann said.
“It was like a bomb went off in that place,” Patrick Hillmann, Binance CSO, told CNBC on Thursday. “You know, we’re getting on calls, people are crying. … It was complete pandemonium over there,” Hillmann said, adding that when “Sam went completely silent on them, the entire organization just fell to pieces.”
“Somehow they were always spending more and more and more and more money,” Hillmann said. “We never understood where the money was coming from. It just never made any sense to us.”
“For us, if there’s smoke there’s probably fire,” Hillmann said. “I don’t think we ever even could have come close to realizing exactly how hot the fire was burning inside.”
Hillmann said lawmakers and venture capitalists were apparently drawn in by Bankman-Fried’s persona and appearance of credibility. He said the FTX founder was either like Theranos’ Elizabeth Holmes, who Hillmann said was “completely delusional,” or Bernie Madoff, who was “manipulative” and created a “cult of personality.”
“There’s no middle ground,” Hillmann said. “It’s one of the two.”
Hillmann said that early on there were some concerns with FTX and its unsavory relationship with Alameda Research, Bankman-Fried’s hedge fund. However, the company had raised money at a $32 billion valuation from prominent investors, and Bankman-Fried made multiple trips to Washington, D.C., to testify in front of lawmakers. He was also a major contributor to Democratic political campaigns, while another executive, Ryan Salame, was a big Republican donor.
“We would just assume that because the scale and level of engagement they have with some of the most powerful people on this planet, that those checks and balances just naturally have to be there for those individuals to agree to be a part of their work,” Hillmann said.
Just LOL @ this balance sheet prepared directly by SBF:
11-21-2022, 05:42 PM
#233
Originally Posted By gwg77⏩
Glad MIT takes the best and brightest, not connected families who game admissions
Binance Chief of Strategy said it only took 2 hours of due diligence after looking at their balance sheet.
https://www.cnbc.com/2022/11/17/bina...nd-madoff.html
Just LOL @ this balance sheet prepared by directly by SBF:
https://www.cnbc.com/2022/11/17/bina...nd-madoff.html
Just LOL @ this balance sheet prepared by directly by SBF:
11-21-2022, 06:40 PM
#234
Of course the WSJ has to somehow find a way to associate Trump with SBF headlines. Pathetic.
He was good up until this tweet:
11-21-2022, 09:50 PM
#235
Originally Posted By gwg77⏩
^^This guy updated his definitive thread with more info, and also turned it into a substack article, making it easier to read.
The Definitive Thread on FTX
61 tweet thread. Link starts on 3rd tweet, so just scroll up to see the first couple tweets. Still reading it, it's pretty interesting. This guy has a lotta knowledge of FTX since inception.
https://twitter.com/mrjasonchoi/stat...02805171822592
61 tweet thread. Link starts on 3rd tweet, so just scroll up to see the first couple tweets. Still reading it, it's pretty interesting. This guy has a lotta knowledge of FTX since inception.
https://twitter.com/mrjasonchoi/stat...02805171822592
It's open for anyone to read, just click "let me read one time" on the pop-up:
https://blockcrunch.substack.com/p/t...he-ftx-scandal
11-22-2022, 12:37 AM
#236
SBF used $16.4 million of FTX money to buy his parents a vacation home in the Bahamas
SBF used $16.4 million of FTX money to buy his parents a vacation home in the Bahamas
His whole family is a bunch of crooks.
Full article:
https://www.reuters.com/technology/e...ln-2022-11-22/
His whole family is a bunch of crooks.
The documents for another home with beach access in Old Fort Bay – a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates – show Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories. The property, one of the documents dated June 15 said, is for use as a "vacation home."
When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for – whether in cash, with a mortgage or by a third party such as FTX – a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.
"Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.
When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for – whether in cash, with a mortgage or by a third party such as FTX – a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.
"Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.
Full article:
https://www.reuters.com/technology/e...ln-2022-11-22/
11-22-2022, 06:51 AM
#237
Originally Posted By gwg77⏩
SBF used $16.4 million of FTX money to buy his parents a vacation home in the Bahamas
SBF used $16.4 million of FTX money to buy his parents a vacation home in the Bahamas
His whole family is a bunch of crooks.
His whole family is a bunch of crooks.
"The philosophy of personal responsibility has ruined criminal justice and economic policy," Fried wrote at the time. "It’s time to move past blame."
The above is SBF's mother being quoted in an essay she wrote as a Stanford professor. Dude grew up with uber liberal parents who taught him there is no such thing as personal responsibility and criminals should not be blamed lol.
https://www.foxbusiness.com/politics...responsibility
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11-22-2022, 06:53 AM
#238
Proof that autism and Jewish guilt will never be currency.
Another point to the racist side.
Will they ever recover from this?
Only time will tell.
Another point to the racist side.
Will they ever recover from this?
Only time will tell.
🤡 Honk-Pilled 🤡
🏎️ Race-Pilled 🏎️
11-22-2022, 06:54 AM
#239
Has cex tape been released? I am asking for a friend
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11-22-2022, 09:22 AM
#240
Originally Posted By Contribution05⏩
"The philosophy of personal responsibility has ruined criminal justice and economic policy," Fried wrote at the time. "It’s time to move past blame."
The above is SBF's mother being quoted in an essay she wrote as a Stanford professor. Dude grew up with uber liberal parents who taught him there is no such thing as personal responsibility and criminals should not be blamed lol.
https://www.foxbusiness.com/politics...responsibility
The above is SBF's mother being quoted in an essay she wrote as a Stanford professor. Dude grew up with uber liberal parents who taught him there is no such thing as personal responsibility and criminals should not be blamed lol.
https://www.foxbusiness.com/politics...responsibility
Yep. Read about that article on twitter.
The parents should be fired from Stanford over that vacation home.
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