FTX to file for U.S. bankruptcy, CEO resigns

It's official now; let's see if any other crypto companies will also fall. Looking at BlockFi and Nexo specifically.

The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that"

https://twitter.com/ApeDurden/status/1590912098871435265

Now how did this place end up managing billions of dollars and SBF the darling of politicians?

The picture is starting to come into focus. SBF used customer funds to become one of the top political donors. He donated $40M and was planning up to $1B. His parents are Stanford Professors who are well connected in the political world.

Caroline, Alameda's CEO, also said "My advice for college is that classes don't matter that much and friends and networking are really important. Probably the most valuable thing you can do in college is find the coolest people you can and spend lots of time hanging out with them". Apparently so.

Her dad is the Department Head of Economics at MIT. Prior to getting appointed to the SEC, Gary Gensler was a Professor for the Practice of Global Economics & Management at MIT.

The CEO of GoldmanSachs met with SBF to help FTX get regulatory approval.

From a congressman yesterday, "Gary Gensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this." https://twitter.com/RepTomEmmer/status/1590717374801809409

Senators are still going forward with an SBF-backed bill https://www.theblock.co/post/185746/senators-moving-forward-...

It looks like Enron or Theranos 2.0. The kids of the elite were being elevated into positions way outside their ability and supported at high levels with no scrutiny. The fallout from this is going to be astronomical.

It looks like it? At least from a cursory reading of the press release...which goes against everything that has been said up to this point. The hilarity continues.

This is good for bitcoin

Nexo has zero exposure to FTX according to their CEO.