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

reuters.com

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

#31

Post by hn_throwaway_99 »

memish wrote: post #4

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…

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

It's not that hard to be the darling of politicians in this day of extreme polarization - you just tell them what they want to hear.

SBF made a good safe bet that coming off as "pro-regulation" would be a winning strategy in the current climate. Heck, it was probably a good bet regardless of whether Democrats or Republicans are in power, because even though Republicans are nominally anti-regulation, being against "Silicon Valley billionaires" is basically the one thing that gets bipartisan support these days, so flattering politicians with "we need you to regulate us" was probably a good strategy.

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

#32

Post by shapefrog »

Just 20 hours ago - it was all bad but still fine and plenty of money and lots of interested parties...

Oh and it is all the fault of the Devs

https://twitter.com/SBF_FTX/status/1590774827467812865

If you stick your company name in your twitter handle - does that mean the company owns the twitter account too???

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

#33

Post by shapefrog »

hn_throwaway_99 wrote: post #31
memish wrote: post #4

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…

> Now how did this place end up managing billions of dollars and SBF the darling of politicians? It's not that hard to be the darling of politicians in this day of extreme polarization - you just tell them what they want to hear. SBF made a good safe bet that coming off as "pro-regulation" would be a winning strategy in the current climate. Heck, it was probably a good bet regardless of whether Democrats or Republica…

It's not that hard to be the darling of politicians - give them money.

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

#34

Post by Kiro »

prh8 wrote: post #28

Was this another CEO "taking all responsibility" without any actual responsiblity/penalties? Not counting resigning.

He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switcheroo where the he walks away with a slap on the wrist and a golden handshake.

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

#35

Post by [deleted] »

leereeves wrote: post #23
halfmatthalfcat wrote: post #6

Earlier quoted context omitted.

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.

Yeah, just yesterday SBF tweeted: > This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. https://twitter.com/SBF_FTX/status/1590709195892195329

[deleted]

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

#36

Post by sillysaurusx »

leereeves wrote: post #23
halfmatthalfcat wrote: post #6

Earlier quoted context omitted.

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.

Yeah, just yesterday SBF tweeted: > This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. https://twitter.com/SBF_FTX/status/1590709195892195329

That’s the one. Thanks for linking it.

Was he in denial? Lying? Clueless? I have no idea at this point.

He seemed earnest and genuine, but everything he’s saying is the exact opposite of reality.

Maybe he was having an anxiety attack. I had one once, and it completely sucks. It ruins your ability to form logical thoughts.

(It’s rare to see someone so powerful be so confidently mistaken. The confidence is the part I’m struggling to figure out. There doesn’t seem to be much benefit for him to knowingly lie about FTX US not being impacted, so it seemed like something else was going on.)

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

#38

Post by hn_throwaway_99 »

I think this tweet reply to the bankruptcy announcement is pretty brilliant, https://mobile.twitter.com/Abrahamweb3eth/status/15910726841....

I made the argument a couple days ago that CZ thought he was playing "4D chess" as the kids like to say these days by publicly and loudly dumping FTT, and he ended up burning the whole thing down.

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

#39

Post by duxup »

shapefrog wrote: post #22

Just 20 hours ago - it was all bad but still fine and plenty of money and lots of interested parties... Oh and it is all the fault of the Devs https://twitter.com/SBF_FTX/status/1590774827467812865 If you stick your company name in your twitter handle - does that mean the company owns the twitter account too???

>does that mean the company owns the twitter account too???

At this point I think there are a lot of people who operate as if they and the company are fundamentally joined / the same thing.

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

#40

Post by digerata »

Kiro wrote: post #34
prh8 wrote: post #28

Was this another CEO "taking all responsibility" without any actual responsiblity/penalties? Not counting resigning.

He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switcheroo where the he walks away with a slap on the wrist and a golden handshake.

He was running a Ponzi scheme. Don't feel sorry for him.
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