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FTX....Uh Oh

regor

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"Beyond Our Ability To Help" - Binance Abandons FTX Deal; SBF Admits $8 Billion Shortfall, Bankruptcy Likely​

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“Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said.

WED NOV 9, AT 12:55 PM


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Yldboyz

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Does this mean MLB looses their sponsorship?
 
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regor

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KingofBeers said:
This is getting crazier by the day.
https://twitter.com/i/web/status/1590717374801809409

I mean....this shit is crazy.
https://twitter.com/i/web/status/1591143297527222272

There are some BIG players that had shit loads of exposure to FTX....pretty unreal. Apparently risk management isnt what it use to be.
https://twitter.com/i/web/status/1591107902990913536
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and then...............

https://twitter.com/i/web/status/1590776124044627973

Thanks for playing!!!! 🤣
 
Roaddawg

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rrrr said:
KJP is my new candidate for the world's stupidest person. That includes all of the gender categories.
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She is a total bitch too. Saw her last week when Biden was here is San Diego. Couple of us said hi to her as she was walking by and she just looked at us like we were crazy..May have had something to do with us being in uniform.
 
RVRKID

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So from that list does that mean some teachers aren’t too happy right now?
 
regor

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FTX Hit By Mysterious $662 Million Outflow Amid Revelation That SBF Implemented Bookkeeping "Backdoor"​

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"Many FTX wallet holders are also reporting that they are seeing $0 balances in their FTX.com and FTX US wallets."

SAT NOV 12, AT 5:10 AM

Sam Bankman-Fried's now bankrupted crypto exchange FTX plunged into further chaos late Friday night and Saturday morning after the company detected unauthorized transactions.

Bloomberg said the exchange was "hit by a mysterious outflow of about $662 million in tokens in the past 24 hours."

These outflows came just hours after FTX filed for bankruptcy on Friday, and customers rushed to withdraw $6 billion over the last several days amid a failed Binance rescue deal.

Ryne Miller, the exchange's US general counsel, tweeted that FTX had begun moving digital assets into cold storage, adding the process was "to mitigate damage upon observing unauthorized transactions."

Bloomberg cited data from blockchain analytics firm Nansen, which said $662 million in withdrawals flowed out of FTX's US and international exchanges. But in a separate analysis, research firm Elliptic noted $475 million had been stolen from FTX in transactions via stablecoins and other tokens that were converted into Ether.

Reuters believes the amount of funds stolen from the exchange topped at least $1 billion.

Nansen's Alex Svanevik said, "It's unclear exactly who's making the transactions, but you wouldn't expect to see these on-chain trades at this time." He said FTX's main wallet was entirely drained of FTT.

In the bankruptcy filing, FTX said it had liabilities and assets between $10 billion and $50 billion.

Bankman-Fried tweeted Friday:

"I'm really sorry, again, that we ended up here ... Hopefully things can find a way to recover." 🤣
 
regor

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This is getting interesting.



FTX Held Just $900MM In Liquid Assets Vs $9BN In Liabilities As Video Emerges Confirming Alameda Knew It Was Pilfering Client Funds​

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The prison sentence better be in the decades...

SAT NOV 12, AT 11:49 AM


https://twitter.com/i/web/status/1591250862047100928

... we do wonder just how much money-laundering fraud between the US and Ukraine will emerge as a result of the bankruptcy discovery... and how long until we can safely claim that "Sam Bankman didn't fry himself"?



All of that 10 billion went to democrats and democrat causes. As per usual.


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Racey

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regor said:
This is getting interesting.



FTX Held Just $900MM In Liquid Assets Vs $9BN In Liabilities As Video Emerges Confirming Alameda Knew It Was Pilfering Client Funds​

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The prison sentence better be in the decades...

SAT NOV 12, AT 11:49 AM


https://twitter.com/i/web/status/1591250862047100928

... we do wonder just how much money-laundering fraud between the US and Ukraine will emerge as a result of the bankruptcy discovery... and how long until we can safely claim that "Sam Bankman didn't fry himself"?



All of that 10 billion went to democrats and democrat causes. As per usual.


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Imagine getting scammed by those two mutants 🤣🤣🤣
 
TimeBandit

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If you donate $39 MILLION DOLLARS to any political party it pretty much makes you prosecution proof.

Where exactly did his Billions (millions) come from? The ponzi scheme known as crypto "investing"?

"Investing" in shit some gamer invented in his mothers basement never looked solid to me at all.
 
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WhatExit?

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www.dailymail.co.uk

FTX founder holed-up in Bahamas resort as his crypto empire crumbles

The founder and former CEO of collapsing crypto trader Sam Bankman-Fried is said to be holed up with members of his inner circle in the Bahamas while his empire collapses around him.
www.dailymail.co.uk www.dailymail.co.uk


Among the issues being investigated is the fact that Bankman-Fried had transferred $10 billion of FTX customer funds to his trading company, Alameda Research.

The company is run by Bankman-Fried's girlfriend, Caroline Ellison. According to her LinkedIn page, she is based in the Bahamas.

Coin Telegraph reports that at the time of writing, Ellison is thought to be in Hong Kong. The website quotes a source saying: 'She might be able to get to Dubai.'

Earlier, internet sleuths discovered that $515 million has disappeared from the accounts of FTX under 'suspicious circumstances.'

Nick Percoco, chief security officer of Kraken, was among the industry officials seemingly piecing the situation together. He said in a tweet: 'We know the identity of the user' who withdrew the funds from FTX.
 
clarence

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Gianluca Giuffra, a 25-year-old investor from Lima, Peru, used FTX to trade digital assets and picked the exchange because he thought it was a safe bet.

“Sam looks like a very honest person,” he said, “He doesn’t look like the type of guy that would do crazy stuff behind users’ backs.”

www.wsj.com

FTX Customers Face a Long Road to Try to Get Their Money Back

The cryptocurrency exchange FTX, which is scrambling to raise money to cover a shortfall of up to $8 billion, paused customer withdrawals at its international unit this week.
www.wsj.com www.wsj.com

www.theonion.com

Man Who Lost Everything In Crypto Just Wishes Several Thousand More People Had Warned Him

CHICAGO—Saying he had been absolutely blindsided by the sudden change in his fortunes, local 33-year-old Tyler Branton, a man who lost everything in cryptocurrencies, told reporters Thursday that he just wished several thousand more people had warned him. “If only a thousand—or even a few...
www.theonion.com www.theonion.com
 
bonesfab

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What I don't get is how can these places have 10 billion in assets?? So people deposit money with them for crypto? And they make a percentage?? How much can they make off of this?? Loans are lucky to make 5% let alone 10%. I will go look at my investments in the garage. At least I know where they are and roughly what there worth. I don't understand this whole thing.
 
traquer

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bonesfab said:
What I don't get is how can these places have 10 billion in assets?? So people deposit money with them for crypto? And they make a percentage?? How much can they make off of this?? Loans are lucky to make 5% let alone 10%. I will go look at my investments in the garage. At least I know where they are and roughly what there worth. I don't understand this whole thing.
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People with names like Bankman-Fried can make it work, I can assure you. Sometimes I wish I was more than 1/4 Jewish, as I'd probably have more money lol!
 
BabyRay

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MooreMoney said:
How is the guy not in custody yet? O wait he’s close to the democrats and will squeal like a pig when he’s facing life in prison.
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It’s difficult to determine what is rumor vs, fact, but supposedly, according to one article I read, the Bahamian authorities have him under surveillance and he isn’t being allowed to leave the country. If true, I guess he hasn’t offered a bribe to the right guy yet.
 
caribbean20

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Sequoia, Third Point, Paul Tudor Jones, SoftBank, Coinbase . . . Quite the list of blue chip VCs and PE shops that got burned on this one. Very surprising and embarrassing for them in a very public melt down.
 
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