Scam Bankrun Fried himself
The golden boy of crypto has lit the cryptosphere on fire or maybe it was CZ that called his BS accurately? Anyways, it has set the whole place ablaze and detractors and skeptics couldn't be anymore delighted.
Sam Bankman-Fried over cooked himself and FTX crypto exchange as he misallocated customer funds.
According to The Wall Street Journal, “it appears that FTX took billions of dollars’ worth of money and loaned it out to its sister firm, Alameda, to fund high-risk bets.”
Bloomberg columnist Matt Levine describes it like magic because it was literally an illusion: “FTX took its customers’ money and traded it for a pile of magic beans, and now the beans are worthless.”
And all he had to say was 'I’m sorry' and 'it was a small calculation error.'
You can't make this shit up.
It is still a developing story so there might be a new twist in the saga, but its worth to grab our popcorns!
Over the weekend, FTX was hacked for all of its funds (both FTX US and FTX International)
FTX users are reporting their wallet balances show up as $0
FTX apps were hacked
FTX site got hacked
The question on everyone’s mind is if this is an inside job.
Better writers have penned numerous articles covering different takes on the situation so I wouldn't pile on. I prefer to watch the outcome..
As more revelations one out of Sam’s supposedly altruistic “I drive a corolla” and that his purpose in life was to “make money to give money.”
Yeah right.
Turns out, dude was, living in a $35m house & owns $200m+ of land in the Bahamas.
And employees were all sleeping together! Sam was dating the CEO of Alameda Research, Caroline Ellison.
That is after they were high out of their minds on regular use of stimulants.
It is such a MEGA shitshow and we haven't touched on the link to the democrats, Ukraine and the Biden administration.
One giant money laundering operation.
WHAT THE ACTUAL…
See you tomorrow!
- Ope