Guest Posted November 11, 2022 Share Posted November 11, 2022 I definitely feel no sadness for all the family offices who have a little less money to play around with after firms like Sequoia and Tiger squandered hundreds of millions backing FTX Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted November 11, 2022 Share Posted November 11, 2022 41 minutes ago, sblfilms said: I definitely feel no sadness for all the family offices who have a little less money to play around with after firms like Sequoia and Tiger squandered hundreds of millions backing FTX Iirc Toronto teachers pension fund too. They should know better! 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted November 11, 2022 Author Share Posted November 11, 2022 Crypto giant files for bankruptcy as CEO resigns in a stunning downfall | CNN Business WWW.CNN.COM FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. Quote FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition. Taking the helm in his place is John J. Ray III, the lawyer who oversaw the liquidation of Enron. Several employees are expected to stay on to run the company in Chapter 11. 1 Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted November 11, 2022 Share Posted November 11, 2022 We love to see it. Quote Link to comment Share on other sites More sharing options...
Comet Posted November 12, 2022 Share Posted November 12, 2022 6 minutes ago, Commissar SFLUFAN said: Crypto giant files for bankruptcy as CEO resigns in a stunning downfall | CNN Business WWW.CNN.COM FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted November 12, 2022 Author Share Posted November 12, 2022 The new CEO is John J. Ray III. John J. Ray III became chairman of ENRON after its collapse. 1 1 1 Quote Link to comment Share on other sites More sharing options...
Air_Delivery Posted November 12, 2022 Share Posted November 12, 2022 Miami Heat to cut ties with bankrupt FTX, rename arena WWW.ESPN.COM The Miami Heat have decided to terminate their relationship with the cryptocurrency exchange FTX, which filed for bankruptcy Friday. 3 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted November 12, 2022 Author Share Posted November 12, 2022 Let's point and laugh at this list of every institutional investor who lost their entire investment in FTX: 6 Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted November 12, 2022 Share Posted November 12, 2022 12 minutes ago, Commissar SFLUFAN said: Let's point and laugh at this list of every institutional investor who lost their entire investment in FTX: Israel Englander - Wikipedia EN.WIKIPEDIA.ORG Quote Link to comment Share on other sites More sharing options...
Remarkableriots Posted November 12, 2022 Share Posted November 12, 2022 Before his epic fall, Sam Bankman-Fried was hailed as a crypto genius. Some clients saw smoke and mirrors. WWW.NBCNEWS.COM Three people who did business with Bankman-Fried and his companies in recent years told NBC News that they lost money in what they contend were manipulative trading activities. In less than a week, Sam Bankman-Fried's $16 billion fortune evaporated | CNN Business WWW.CNN.COM Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. By Friday, his fortune was completely wiped out. Quote Link to comment Share on other sites More sharing options...
MarSolo Posted November 12, 2022 Share Posted November 12, 2022 The irony when Larry David is portrayed to be out of touch in those commercials and he ends up being right in the end. 3 Quote Link to comment Share on other sites More sharing options...
ThreePi Posted November 12, 2022 Share Posted November 12, 2022 Apparently the dude is skipping town and fled to Argentina? Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted November 12, 2022 Share Posted November 12, 2022 13 hours ago, Commissar SFLUFAN said: Let's point and laugh at this list of every institutional investor who lost their entire investment in FTX: I’m so glad to see people who invested $420.69 get screwed 1 1 Quote Link to comment Share on other sites More sharing options...
Amazatron Posted November 12, 2022 Share Posted November 12, 2022 Ah, so this is why Tom and Gisele's marriage fell apart... 1 2 1 Quote Link to comment Share on other sites More sharing options...
stepee Posted November 12, 2022 Share Posted November 12, 2022 lmao 1 Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted November 12, 2022 Share Posted November 12, 2022 2 hours ago, ThreePi said: Apparently the dude is skipping town and fled to Argentina? Ah yes Argentina. Known for its stable currency. Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted November 12, 2022 Share Posted November 12, 2022 Are we witnessing the South Sea Bubble burst in real time? Quote Link to comment Share on other sites More sharing options...
SimpleG Posted November 12, 2022 Share Posted November 12, 2022 Exclusive: At least $1 billion of client funds missing at FTX WWW.REUTERS.COM While it is known that FTX moved customer funds to Sam Bankman-Fried's Alameda trading desk, the missing funds are reported here for the first time. The financial hole was revealed in records that 'SBF' shared with other senior executives a week ago. Quote In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software. They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said. Quote Link to comment Share on other sites More sharing options...
Jason Posted November 12, 2022 Share Posted November 12, 2022 7 minutes ago, SimpleG said: Exclusive: At least $1 billion of client funds missing at FTX WWW.REUTERS.COM While it is known that FTX moved customer funds to Sam Bankman-Fried's Alameda trading desk, the missing funds are reported here for the first time. The financial hole was revealed in records that 'SBF' shared with other senior executives a week ago. In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software. They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said. so he funged the funds? 2 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 12, 2022 Share Posted November 12, 2022 All the Crypto shit is fake af 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted November 12, 2022 Author Share Posted November 12, 2022 FTX hit by rogue transactions, analysts saw over $600 million outflows WWW.REUTERS.COM The collapsed crypto firm was engulfed in further chaos when it said it detected unauthorized transactions and analysts flagged that millions of dollars of assets had been moved from the platform in "suspicious circumstances". Quote FTX was engulfed in more chaos on Saturday when the crypto exchange said it had detected unauthorized access and analysts said hundreds of millions of dollars of assets had been moved from the platform in "suspicious circumstances". FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 12, 2022 Share Posted November 12, 2022 Crypto so safe Blockchain Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 12, 2022 Share Posted November 12, 2022 On 11/10/2022 at 1:34 PM, Commissar SFLUFAN said: The Financial Times is attempting to re-create the SBF/FTX organizational structure: Always great to see a company this large and handling this much "money" not having a CSO or CISO. 4 hours ago, Commissar SFLUFAN said: FTX hit by rogue transactions, analysts saw over $600 million outflows WWW.REUTERS.COM The collapsed crypto firm was engulfed in further chaos when it said it detected unauthorized transactions and analysts flagged that millions of dollars of assets had been moved from the platform in "suspicious circumstances". Ha! And here I wrote my reply long before I read the headline for this article. Who could have thought something like this would happen with nobody actually responsible for security. Quote Link to comment Share on other sites More sharing options...
unogueen Posted November 13, 2022 Share Posted November 13, 2022 truly the drunk driver of investments. Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted November 14, 2022 Share Posted November 14, 2022 An exchange that said three days ago that it had no exposure to FTX is suddenly suspending all withdrawals AAX cryptocurrency exchange suspends withdrawals WEB3ISGOINGGREAT.COM The Hong Kong-based cryptocurrency exchange announced that they would suspend withdrawals, which they claimed was due to a system upgrade that went poorly. They've estimated it will taken seven to ten days for normal service to resume.Users have been hesitant to believe this explanation, given the enormous shakeup in the industry lately, and the tendency for firms to be less-than-forthcoming when they are... 1 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 14, 2022 Share Posted November 14, 2022 Love that free market of libertarianism Quote Link to comment Share on other sites More sharing options...
Jason Posted November 16, 2022 Share Posted November 16, 2022 2 1 Quote Link to comment Share on other sites More sharing options...
Air_Delivery Posted November 16, 2022 Share Posted November 16, 2022 11 minutes ago, Jason said: wut Quote Link to comment Share on other sites More sharing options...
Jason Posted November 16, 2022 Share Posted November 16, 2022 1 hour ago, Air_Delivery said: wut FTX should have slurp juiced their money until they had more 1 Quote Link to comment Share on other sites More sharing options...
stepee Posted November 16, 2022 Share Posted November 16, 2022 9 hours ago, Jason said: I think this really does sum up all this crypto shit perfectly. 1 Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted November 17, 2022 Share Posted November 17, 2022 FTX contagion tracker: FTX Contagion WWW.MOLLYWHITE.NET Charting the FTX collapse. 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted November 17, 2022 Author Share Posted November 17, 2022 Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy WWW.CNBC.COM Newly appointed FTX CEO John Ray III excoriated Sam Bankman-Fried, declaring he had never seen such a failure of corporate controls or trustworthy information. Quote Newly appointed FTX CEO John Ray III minced no words in a filing with the U.S. Bankruptcy Court for the District of Delaware, declaring that “in his 40 years of legal and restructuring experience,” he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” Ray formerly served as the CEO of Enron after the implosion of the energy titan. He promised to work with regulators to investigate FTX founder Sam Bankman-Fried. In the filing, Ray disclosed that he did “not have confidence” in the accuracy of the balance sheets for FTX and its sister company Alameda Research, writing that they were “unaudited and produced while the Debtors [FTX] were controlled by Mr. Bankman-Fried.” The document is a declaration from Ray in his new role as CEO of FTX and associated entities, which filed for bankruptcy last week in an implosion that left the crypto world reeling and investors shaken, possibly bereft. Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance. “The concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals” was unprecedented, the former Enron recovery boss said. Ray said a “substantial portion” of assets custodied with FTX may be “missing or stolen,” following widespread reports on social media of the theft of hundreds of millions in cryptocurrencies. Quote Link to comment Share on other sites More sharing options...
TwinIon Posted November 17, 2022 Share Posted November 17, 2022 I almost feel bad for SBF after reading this VOX article: Sam Bankman-Fried tries to explain himself WWW.VOX.COM The fallen crypto CEO on what went wrong, why he did what he did, and what lies he told along the way. Kinda seems like he felt like he was talking to a friend rather than a reporter. Admitting that his stance on regulation was a fraud, as were his efforts at philanthropy and even ethics. Does seem like he's genuinely upset he lost people's money, but the fact that he basically lost it all on accident proves how much of a house of cards the whole thing was. Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted November 17, 2022 Share Posted November 17, 2022 14 minutes ago, TwinIon said: I almost feel bad for SBF after reading this VOX article: Sam Bankman-Fried tries to explain himself WWW.VOX.COM The fallen crypto CEO on what went wrong, why he did what he did, and what lies he told along the way. Kinda seems like he felt like he was talking to a friend rather than a reporter. Admitting that his stance on regulation was a fraud, as were his efforts at philanthropy and even ethics. Does seem like he's genuinely upset he lost people's money, but the fact that he basically lost it all on accident proves how much of a house of cards the whole thing was. He comes across like he assumed crypto would forever be on the rise, so just winging it without a care in the world would work out just fine. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 17, 2022 Share Posted November 17, 2022 1 hour ago, Ghost_MH said: He comes across like he assumed crypto would forever be on the rise, so just winging it without a care in the world would work out just fine. Quote Link to comment Share on other sites More sharing options...
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