Massive - no monumental - Crypto BLOW UP .... unfolding globally
Posted: Sat Nov 12, 2022 10:24 am
So yesterday FTX Exchange one of the key global players crypto finance blew up and filed chapter 11 bankruptcy ... The sequence of events played out on twitter was amazing
Why?
Because FTX's founders - Sam Bankman Fried - the scruffy billionaire entrepreneur - turned out to be a rat bag who lined the pockets of politicians and kept the wealthiest 'political' company... including being the 2nd biggest donor to the US Democratic Party after George Sorros. This situation stinks so bad, I guarantee a Hollywood movie will be made.
These guys took ordinary people's money and allegedly gambled it away on crazy leveraged crypto bets. They used a college kid as their chief trader and risk strategists. Meet the mastermind behind Alameda Research - FTX sister company - CEO Caroline Ellison
https://twitter.com/marcfriedrich7/stat ... 6585774080 allegedly Alameda received and gambled much of the money away on worthless crypto schemes and tokens. It all fell apart when Binance CEO said they were dumping their FTX token.
What a joke. And This Ellison kid was their 'master trader' said she’d buy Binaces Stake in FTS token back on Twitter at $22 Ffs. (Which appeared to name the price at which below FTX fell over). Their present COO was ex risk control at Credit Suisse...of all organisations. (handbrake skid emoji) Now the FBI are investigating….
The fallout will devastate the crypto world. The guys I listen to smelled a rat at FTX and warned of dangers about 2 months ago.. They claimed (after some thorough research and analysis) that nothing about Sam Bankrun Fried added up. Nothing. Nobody could ascertain who backed him and where the money came from. https://twitter.com/Hedgeye/status/1591240664779743232
But yet he was somehow billed as the JP Morgan of Crypto... It's an absolute disgrace ... the saddest part, that these events totally fly in the face of what Bitcoin was designed to avoid. The maximalists will be turning in the graves. A Decentralised collapse, perpetrated by centralised finance operation.
This is now a really big problem for bitcoin.
Crypto's foundation is permanently damaged and undermined, causing global towers in finance to fall like dominoes. Feck knows who is exposed to this high level shitshow . I've just read that Hedge fund Galois Capital says half its capital stuck on FTX exchange -FT http://reut.rs/3E3EDqu .... Jesus wept.
IMO there is WAY too much cash involved here for this not to have a contagion type effect across crypto finance and maybe even much wider than that....
Gold will benefit. I expect and the run to safe havens. Tether could soon lose its peg to the dollar with enough redemptions. And then its game over.
I cannot emphasis how important the fast moving events are. By comparison, The Enron scandle's losses were around $24bn
FTX is already over $50bn!!!!
A giant $50bn ponzi staking scheme operated by scumbags with no regard to risk or fiduciary responsibilities.
I'm very sorry for the ordinary people caught out by this fraud who will now all experience catastrophic losses.
Nothing is safe ... in crypto. Maybe Speedy, for all his detractors, has it nailed..?
https://www.youtube.com/watch?v=Mgxf3YI4OEo&t=1649s
Why?
Because FTX's founders - Sam Bankman Fried - the scruffy billionaire entrepreneur - turned out to be a rat bag who lined the pockets of politicians and kept the wealthiest 'political' company... including being the 2nd biggest donor to the US Democratic Party after George Sorros. This situation stinks so bad, I guarantee a Hollywood movie will be made.
These guys took ordinary people's money and allegedly gambled it away on crazy leveraged crypto bets. They used a college kid as their chief trader and risk strategists. Meet the mastermind behind Alameda Research - FTX sister company - CEO Caroline Ellison
https://twitter.com/marcfriedrich7/stat ... 6585774080 allegedly Alameda received and gambled much of the money away on worthless crypto schemes and tokens. It all fell apart when Binance CEO said they were dumping their FTX token.
What a joke. And This Ellison kid was their 'master trader' said she’d buy Binaces Stake in FTS token back on Twitter at $22 Ffs. (Which appeared to name the price at which below FTX fell over). Their present COO was ex risk control at Credit Suisse...of all organisations. (handbrake skid emoji) Now the FBI are investigating….
The fallout will devastate the crypto world. The guys I listen to smelled a rat at FTX and warned of dangers about 2 months ago.. They claimed (after some thorough research and analysis) that nothing about Sam Bankrun Fried added up. Nothing. Nobody could ascertain who backed him and where the money came from. https://twitter.com/Hedgeye/status/1591240664779743232
But yet he was somehow billed as the JP Morgan of Crypto... It's an absolute disgrace ... the saddest part, that these events totally fly in the face of what Bitcoin was designed to avoid. The maximalists will be turning in the graves. A Decentralised collapse, perpetrated by centralised finance operation.
This is now a really big problem for bitcoin.
Crypto's foundation is permanently damaged and undermined, causing global towers in finance to fall like dominoes. Feck knows who is exposed to this high level shitshow . I've just read that Hedge fund Galois Capital says half its capital stuck on FTX exchange -FT http://reut.rs/3E3EDqu .... Jesus wept.
IMO there is WAY too much cash involved here for this not to have a contagion type effect across crypto finance and maybe even much wider than that....
Gold will benefit. I expect and the run to safe havens. Tether could soon lose its peg to the dollar with enough redemptions. And then its game over.
I cannot emphasis how important the fast moving events are. By comparison, The Enron scandle's losses were around $24bn
FTX is already over $50bn!!!!
A giant $50bn ponzi staking scheme operated by scumbags with no regard to risk or fiduciary responsibilities.
I'm very sorry for the ordinary people caught out by this fraud who will now all experience catastrophic losses.
Nothing is safe ... in crypto. Maybe Speedy, for all his detractors, has it nailed..?
https://www.youtube.com/watch?v=Mgxf3YI4OEo&t=1649s
