Crypto Currency Fund 'loses' one BILLION dollars in client funds. Goes Bankrupt. CEO Flees To Bahamas

Do you think this is the event that causes the market to tank? I see Dow is down -0.63%, but it has to lose a lot at 33,000+ points to go to bottom.
 

rasmusjc said:
Do you think this is the event that causes the market to tank? I see Dow is down -0.63%, but it has to lose a lot at 33,000+ points to go to bottom.
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No, this news was out on Friday. The market dropped today because of Fed comments on inflation.

It would be a good thing if more investors realized that crypto is a dangerous, maybe crazy, place to put money.

One of the funny things about this is that the twerp behind this disaster ("SBF" or Sam Bankman Fried) is the second largest individual donor to Democrats, right after Soros.
 
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Still can’t figure out how/why people get involved in this “play money”. I’m kind of glad I’m too dumb to catch on.
 
Geezerette said:
Still can’t figure out how/why people get involved in this “play money”. I’m kind of glad I’m too dumb to catch on.
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He probably cashed in the 'play money' for real money. Problem is if he cashed out over the last 3 months in particular he might have wound up buying high and selling low hence why there is nothing left for the actual investors.

It's not the crypto but there is little transparency with alot of the companies that specialize in it. These firms should be required to file statements quarterly.
 
https://markets.businessinsider.com...-ftx-ukraine-russia-cash-war-donations-2022-2

https://cointelegraph.com/news/ukra...-donation-website-with-ftx-kuna-and-everstake

https://unusualwhales.com/news/ukraine-government-partnered-with-ftx-for-crypto-to-fiat-donations

FTX launched crypto donation platform Aid for Ukraine in March, setting itself up as the central clearing house for all cryptocurrency donations to Kiev’s war effort. While the exchange was supposed to route those donations to the National Bank of Ukraine, the report suggests it funneled at least some of the money back to the US through political donations. :mad:
 
squatting dog said:
https://markets.businessinsider.com...-ftx-ukraine-russia-cash-war-donations-2022-2

https://cointelegraph.com/news/ukra...-donation-website-with-ftx-kuna-and-everstake

https://unusualwhales.com/news/ukraine-government-partnered-with-ftx-for-crypto-to-fiat-donations

FTX launched crypto donation platform Aid for Ukraine in March, setting itself up as the central clearing house for all cryptocurrency donations to Kiev’s war effort. While the exchange was supposed to route those donations to the National Bank of Ukraine, the report suggests it funneled at least some of the money back to the US through political donations. :mad:
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Cool, thx for linking.
 
Crypto although a risky investment isn't the issue here. The head guy stole, donated and mismanaged client funds. He is a criminal. His actions were criminal.

There's still upwards of a billion dollars in assets missing. The political donations to whom ever(he gave 23 million plus to other parties as well) show he is literally giving client money away when he supposed to be investing or growing it.

I also checked with FINRA I had trouble pulling up statements on FTX and the fund has been in existence since 2019. I'm wording the search right or they didn't file squat.
 
squatting dog said:
https://markets.businessinsider.com...-ftx-ukraine-russia-cash-war-donations-2022-2

https://cointelegraph.com/news/ukra...-donation-website-with-ftx-kuna-and-everstake

https://unusualwhales.com/news/ukraine-government-partnered-with-ftx-for-crypto-to-fiat-donations

FTX launched crypto donation platform Aid for Ukraine in March, setting itself up as the central clearing house for all cryptocurrency donations to Kiev’s war effort. While the exchange was supposed to route those donations to the National Bank of Ukraine, the report suggests it funneled at least some of the money back to the US through political donations. :mad:
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And look at every major league umpire who wore the FTX label on their uniforms this season, which tells me that MLB also cashed in on this young man’s fake scheme. He was actually acting like a mini Madoff trader.

Although Madoff was a complete schemer and con artist, I had to hand it to him. He fooled the best and smartest financiers and investment bankers in the business, although a few did find his ability to make money during the crash as suspicious and even insinuated that Bernie wasn’t playing it straight up.
 
Nathan said:
You know what's equally funny is how you try to sneek in a right wing political jab, in a non-political conversation.
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But true. Just saying. He did finance a lot of Demos running for office and it goes beyond that, but I don’t want to get into trouble, but you can read more about it and how he pulled off his scheme with the help of others. Why would anyone get upset if a story is truthful?

FTX
 
@911, I'm very picky about what is presented as the truth. It is a pet peeve of mine when misinformation and distortions are put out in public to daze and confuse. Your FTX link points to Axios.com, which I am evaluating to determine credibility. So far Axios seems to be legitimate, with no signs of bias.
Just to clear though, my comment that you quoted had nothing to do with any news content about Sam Bankman Fried, but rather the interjection of a political aspect, mentioned in post #4.
 
JimBob1952 said:
No, this news was out on Friday. The market dropped today because of Fed comments on inflation.

It would be a good thing if more investors realized that crypto is a dangerous, maybe crazy, place to put money.

One of the funny things about this is that the twerp behind this disaster ("SBF" or Sam Bankman Fried) is the second largest individual donor to Democrats, right after Soros.
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Did he donate in Crypto? 😂
 
The Bahamas has a strong relationship with the US and an agreement to deport those wanted by the US Government, so being there has little to no protection for him. JImB.
 
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Nosy Bee-54 said:
I don't understand Crypto so as an alternative, Pokemon might be a better bet.

ETA: Just saw a headline that Tom Brady and several celebrities are being sued due FTX troubles or scam. Why would Tom get himself involved again in a cheating scandal?

https://sports.yahoo.com/tom-brady-...in-class-action-crypto-lawsuit-181117155.html

https://www.dailymail.co.uk/news/ar...lebrities-endorsed-platform-hit-11B-suit.html
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Like to know how much these were paid by FTX. Anyone knows?
 
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