Ftx Crypto - Cryptocurrency Collapses ~articles & Videos - Svb - Silvergate Failures

Discussion in 'OFF TOPIC SUBJECTS' started by CULCULCAN, Nov 13, 2022.

  1. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

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  2. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

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    848e19e38619c999.
    gettingtrump.com@dacase
    1d·
    Jake Sullivan Indicates the Same Corrupt Entity that Authorized Sale of Uranium One to Russia Now Reviewing Sale of Twitter to Elon Musk https://www.thegatewaypundit.com/20...ingButtons&utm_campaign=websitesharingbuttons
    2ddb2ea9b4a4abbc.
    Jake Sullivan Indicates the Same Corrupt Entity that Authorized Sale of Uranium One to Russia Now Reviewing Sale of Twitter to Elon Musk
    The same crooks that gave Uranium One to Russia now apparently think they should review the Twitter sale to Elon Musk. The corrupt group that approved the sale of…
     
  3. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

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    848e19e38619c999.
    gettingtrump.com@dacase
    19h·
    this didn't take very long...

    Here We Go: Biden Regime Plans to Extend Covid-19 Public Health Emergency Through Spring of 2023 https://www.thegatewaypundit.com/20...ingButtons&utm_campaign=websitesharingbuttons
    736f9ee99e0badd0.
    Here We Go: Biden Regime Plans to Extend Covid-19 Public Health Emergency Through Spring of 2023
    The Biden regime is set to prolong the Covid-19 public health emergency once again through the spring of 2023, according to CNBC citing a Biden administration official
     
  4. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

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    OVER 3400 IMPORTANT TOPICS
    OFF TOPIC SUBJECTS | Cosmogenesis - Library of Akbar Ra in Alexandria Thuban (cosmosdawn.net)
    https://www.cosmosdawn.net/forums/off-topic-subjects.149/


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  6. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

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    FTX CEO Sam Bankman-Fried bankrolled the Democratic Party's midterms war chest
    to the sum of $40,000,000 using funds from his now-bankrupt crypto exchange.
    Meanwhile, blameless customers have likely lost BILLIONS in savings.
    This is the SCANDAL everyone should be talking about!


    FhaVl5EX0AA4jVd?format=&name=small.

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    Show this thread
     
  7. CULCULCAN

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  8. CULCULCAN

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    Sam Bankman-Fried

    From Wikipedia, the free encyclopedia



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    This article is about a person who is involved in a current event. Information may change rapidly as the event progresses. Initial reports may be unreliable, thus the most recent updates to this article may not reflect all information currently circulating. Please feel free to discuss changes on the talk page and, also, to improve the article itself. Note, however, that updates to details within the article which are unaccompanied by valid and reliable references will be removed. (November 2022) (Learn how and when to remove this template message)

    Sam Bankman-Fried
    220px-Sam_Bankman-Fried.
    Bankman-Fried in 2021
    BornMarch 6, 1992 (age 30)
    Stanford, California, U.S.
    EducationMassachusetts Institute of Technology (BS)
    OccupationEntrepreneur
    Known forCEO of FTX
    Parents
    RelativesLinda P. Fried (aunt)
    Samuel Bankman-Fried[1] (born March 6, 1992[2]), also known by his initials SBF,[3] is an American entrepreneur, investor and reportedly a former billionaire.[4][5] He is the founder and former CEO of FTX, a cryptocurrency exchange,[6][7] FTX.US, its U.S. affiliate,[8] and Alameda Research, a quantitative cryptocurrency trading firm. FTX experienced a solvency crisis in late 2022, which led to a collapse in FTX's native cryptocurrency, FTT. Amid the crisis, Bankman-Fried announced he would wind down operations at Alameda Research and resigned as CEO of FTX, which filed for Chapter 11 bankruptcy.[9][10]
    Bankman-Fried's net worth peaked at $26 billion.[11] In October 2022, he had an estimated net worth of $10.5 billion.[12] However, on November 8, 2022, amid FTX's solvency crisis, his net worth was estimated to have dropped 94% in a day to $991.5 million, according to the Bloomberg Billionaires Index, the largest one-day drop in the index's history.[13][10] By November 11, 2022, the Bloomberg Billionaires Index considered Bankman-Fried to have no material wealth.[14] Before Bankman-Fried's wealth eroded in November 2022, Bankman-Fried was a major donor to the Democratic Party and many left-wing political causes.[15][16] He was the second-largest individual donor to Joe Biden in the 2020 election cycle, personally donating $5.2 million,[17][18] and donated $40 million to the Democratic Party during the 2022 US midterms elections.[19]
    Contents
    Early life and education[edit]

    Bankman-Fried was born in 1992 on the campus of Stanford University into a family of academics. Born and raised to an upper-middle-class Jewish family in California, he is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.[2][20] His aunt Linda P. Fried is the current dean of Columbia University Mailman School of Public Health.[21] His brother, Gabe Bankman-Fried, is a former Wall Street trader[22] and the director of the non-profit Guarding Against Pandemics.[23][24][25] He attended Canada/USA Mathcamp, a summer program for mathematically talented high-school students.[2] He attended high school at Crystal Springs Uplands School in Hillsborough, California.[26]
    From 2010 to 2014, Bankman-Fried attended the Massachusetts Institute of Technology.[2] There, he lived in a coeducational group house called Epsilon Theta.[2] In 2014, he graduated with a degree in physics and a minor in mathematics.[2][27][28]
    Career[edit]

    In the summer of 2013, Bankman-Fried began working at Jane Street Capital, a proprietary trading firm,[2] trading international ETFs.[29] Initially an intern, he returned there full-time after graduating.[2]
    In September 2017, Bankman-Fried left Jane Street and moved to Berkeley, where he worked briefly at the Centre for Effective Altruism as director of development from October to November 2017.[2][30] In November 2017, he founded Alameda Research, a quantitative trading firm along with Tara Mac Aulay from the Centre of Effective Altruism.[2][31] As of 2021, Bankman-Fried owned approximately 90% of Alameda Research.[2] In January 2018, Bankman-Fried organized an arbitrage trade, moving up to $25M per day, to take advantage of the higher price of bitcoin in Japan compared to in America.[2][30] After attending a late 2018 cryptocurrency conference in Macau, he moved to Hong Kong.[2][32] He founded FTX, a cryptocurrency derivatives exchange, in April 2019, and it then launched the following month.[2]
    On December 8, 2021, Bankman-Fried, along with other industry executives, testified before the Committee on Financial Services in relation to regulating the cryptocurrency industry.[33][34]
    On May 12, 2022, it was revealed that Emergent Fidelity Technologies Ltd., which is majority owned by Bankman-Fried, had bought 7.6% of Robinhood Markets Inc. stock.[35][36]
    In September 2022, it was revealed that Bankman-Fried had offered Elon Musk billions of dollars to fund his purchase of Twitter.[37] According to messages released as part of the lawsuit between Twitter and Musk during the latter's proposed acquisition of Twitter, on April 25, 2022, investment banker Michael Grimes wrote that Bankman-Fried would be willing to commit up to $5 billion.[38]
    Bankman-Fried invested more than $500 million into venture capital firms, including $200 million into Sequoia Capital.[39] Sequoia published a glowing profile of Bankman-Fried which it subsequently removed after the solvency crisis at FTX.[40][41]
    Bankman-Fried has stated he is a supporter of effective altruism and says that he is pursuing earning to give as an altruistic career.[42][43] He is a member of Giving What We Can and has said that he plans to donate the great majority of his wealth to effective charities over the course of his life.[6] He founded the FTX Future Fund for this purpose, which included William MacAskill, one of the founders of the effective altruism movement. After the collapse of FTX, the entire team resigned.[44][45] Future Fund had committed $160 million in charitable grants and investments by September 1, 2022.[46]
    Solvency crisis at FTX[edit]

    In November 2022, Binance CEO Changpeng Zhao revealed on Twitter that his firm intended to sell its holdings of FTT, FTX's token.[47] Binance received FTT as part of a sale of its equity in FTX in 2021.[48] Zhao published his tweet soon after a report from CoinDesk stating that the bulk of the holdings of Alameda, Bankman-Fried's quantitative trading firm, were in FTT.[48] Bloomberg and TechCrunch reported that any sale by Binance would likely have an outsize impact on FTT's price due to the token's low trading volume.[49][50] The announcement by Zhao of the pending sale and disputes between Zhao and Bankman-Fried on Twitter led to a decline in the price of FTT and other cryptocurrencies.[51] Zhao had been critical of Bankman-Fried's lobbying efforts.[52]
    On November 8, Zhao announced that Binance had entered into a non-binding agreement to purchase FTX due to a liquidity crisis at FTX.[53][54] Zhao further announced on Twitter that the company would complete due diligence soon, adding that all crypto exchanges should avoid using tokens as collateral.[55][56] He also wrote that he expected FTT to be "highly volatile in the coming days as things develop". On the day of the announcement, FTT lost 80 percent of its value.[57] On November 9, the Wall Street Journal reported that Binance was walking away from the FTX acquisition.[58] Binance cited reports of FTX's mishandling of customer funds and pending investigations of FTX as the reasons the firm would not pursue the deal.[59] Amid the crisis, Bankman-Fried was no longer a billionaire, according to the Bloomberg Billionaires Index.[13] The same day, the FTT token's price fell more than 80 percent in 24 hours.[60]
    Also on November 9, Bloomberg reported that the Securities and Exchange Commission and Commodity Futures Trading Commission were investigating FTX and the nature of its connections to Bankman-Fried's other holdings.[61]
    Anonymous sources cited by Reuters stated that Bankman-Fried had transferred at least $4 billion from FTX to Alameda Research, without any disclosure to insiders or the public, earlier in 2022. The sources said that the money transferred had included customer funds, and that it was backed by FTT and shares in Robinhood.[62][63] An anonymous source cited by the Wall Street Journal stated that Bankman-Fried had disclosed that Alameda owed FTX about $10 billion which were secured through customer funds stored in FTX when FTX had, at the time, $16 billion in customer assets.[64] According to anonymous sources cited by the Wall Street Journal, the Chief Executive of Alameda Research Caroline Ellison told employees that Bankman-Fried was aware that FTX had lent its customers’ money to Alameda to help it meet its liabilities.[65]
    Bankman-Fried resigned as CEO of FTX on November 11 and was replaced by John J. Ray III, the same day FTX and related entities filed for bankruptcy in Delaware.[66]
    Political donations[edit]

    2020 and earlier[edit]

    Bankman-Fried made few political donations as a student, the exception being a $1,000 contribution to Michael Bennet at the age of eighteen.[18]
    In the 2020 US election cycle, he contributed $5.2 million to two super PACs that supported the Biden campaign.[18] He was the second-largest individual donor to Joe Biden in the 2020 election cycle,[17] second to only Michael Bloomberg.[42][67]
    2021–2022[edit]

    Contributions for June 2021 through February 2022 went to members of both parties. They included direct donations to the Republican campaigns of senators Susan Collins of Maine, Mitt Romney of Utah, Lisa Murkowski of Alaska, and Ben Sasse of Nebraska.[18]
    In 2022, Bankman-Fried provided initial financial support for Protect Our Future PAC. Protect Our Future was launched as a Democratic political action committee with $10 million in initial funding aiming to support "lawmakers who play the long game on policymaking in areas like pandemic preparedness and planning", according to Politico.[68]
    Bankman-Fried was the second-largest individual donor to Democratic causes in 2021–2022 election cycle, with total donations of $39.8 million, only behind George Soros.[69][70][71] Of this, $27 million was given to Protect Our Future PAC, bankrolled by Bankman-Fried.[72] He donated $40 million to the Democratic Party during the 2022 US midterm elections.[19]
    Bankman-Fried said in February 2022 that his political contributions were not aimed at influencing his policy goals for the cryptocurrency ecosystem; however, FTX was circulating a list of suggestions to policymakers at the time.[18] He said in an interview that he would prefer the Commodity Futures Trading Commission take a larger role in regulating and guiding the crypto industry.[18] The CFTC has a reputation for favoring relatively relaxed regulations for the industry, when contrasted with other regulators like the Securities and Exchange Commission.[73]
    Bankman-Fried pushed for regulations via the proposed Digital Commodities Consumer Protection Act (DCCPA) by extensively lobbying Congress, which was perceived as being favorable to FTX but harmful to the broader industry, especially its decentralized finance competitors.[74][75][76]
    Contributions for the year 2022, through August 15, 2022, also went to members of both parties, with $105,000 donated to conservatives, and $35,872,000 donated to liberals.[77]
    Personal life[edit]

    Bankman-Fried is vegan.[32] He lives in a penthouse in the Bahamas with about 10 roommates.[28][78] He has a love for the video game League of Legends, and allegedly played the game while on a call attempting to secure an investment from Sequoia Capital.[79][80] An investigation by the Financial Times characterized Bankman-Fried's "win ratios" in League of Legends as "average-to-bad".[81]
    Anonymous employees of FTX and Alameda reportedly told CoinDesk that Bankman-Fried was dating co-worker Caroline Ellison, the CEO at Alameda Research.[82]
    References[edit]

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    81. ^ Ashworth, Louis (November 11, 2022). "Sam Bankman-Fried is not very good at League of Legends". Financial Times. Retrieved November 12, 2022.
    82. ^ Varanasi, Lakshmi (November 11, 2022). "FTX's crypto empire was reportedly run by a bunch of roommates in the Bahamas who dated each other, according to the news site that helped trigger the company's sudden collapse". Business Insider. Among the named members of Bankman-Fried's inner circle were Caroline Ellison, Alameda's current CEO. Ellison was the only employee CoinDesk singled out for having reportedly dated Bankman-Fried at one point, but no other specific past or present relationships were disclosed.
    External links[edit]


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  9. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

    Messages:
    55,226
    1f1fa-1f1f8. ProudArmyBrat

    @leslibless
    ·
    12 nov 2022

    So, this dude scammed crypto FTX clients out of $2Billion, and Ukraine bought into his service in March, using OUR US ‘aid’ money. Then Sam here, diverted that money back into Dem politicians for their campaigns? Massive money laundering scheme!


    FhZnS3VXwAA0H2z?format=&name=small.


    6s-55iqA_normal.

    Rob DenBleyker

    @RobDenBleyker
    ·
    Nov 12, 2022

    just to confirm i'm understanding the FTX collapse: over a million people put $1 billion in assets into a crypto company,
    founded in the bahamas, by a 28 year old. am I understanding this right.
     
  10. CULCULCAN

    CULCULCAN The Final Synthesis - isbn 978-0-9939480-0-8 Staff Member

    Messages:
    55,226






    9qheijpvtu9g5dteqvvw_normal.

    Kim Dotcom

    @KimDotcom
    ·
    13h

    The FTX thief stole $1 billion from his customers and donated $100 million to Democrats. 10% for the big guy?
     

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