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

Post by hestefisk » Fri, Nov 11, 2022, 3:18 PM UTC

chinathrow wrote: post #62

gmays wrote: post #16

Earlier quoted context omitted.

Yes, it explicitly mentions that FTX US is included: > FTX Trading Ltd. (d.b.a. FTX.com), announced today that it, West Realm Shires Services Inc. (d.b.a. FTX US), Alameda Research Ltd. and approximately 130 additional affiliated companies (together, the "FTX Group"'), have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware in order to begin an orderly pr…

130 companies? What did they for a living? Collect companies each time a new month began?

Post by adamsmith143 » Fri, Nov 11, 2022, 3:19 PM UTC

orangepurple wrote: post #82

alldayeveryday wrote: post #42

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Post by khuey » Fri, Nov 11, 2022, 3:20 PM UTC

rippercushions wrote: post #85

bhouston wrote: post #61

What of the rumour that Bahamians are allowed to access their funds for legal reasons while everyone else can not? Most of the FTX employees including SBF are based in Bahama? Isn't this just insiders cashing out before creditors/users? https://twitter.com/JasonYanowitz/status/1590800210200256513 https://twitter.com/StackerSatoshi/status/159097223797656780... https://twitter.com/statelayer/status/1590939767205920769…

There are 130 (!) companies in the FTX group, across a whole slew of jurisdictions: https://i.redd.it/078p4g7m6cz91.jpg The Chapter 11 filing is for the ones in the US, working out what this means for the rest is going to keep a whole lot of lawyers very busy for years.

Post by thiscatis » Fri, Nov 11, 2022, 3:20 PM UTC

jddil wrote: post #74

mkagenius wrote: post #44

Had it been going on behind the doors, the VCs would have pumped more money in to the scam. Since it became too public to hurt their brand they will no more fund it. It happens all the time. The VCs know how their portfolio companies operate and still keep supporting them.

Ding ding, winner winner chicken dinner. Quick reminder that we're on a VC board that has participated in this shell game; this fraud that has stolen money from naive people. And before I get downvoted to oblivion or moderated by @dang I hope a few people read this comment and realize how much was stolen from you so the sand hill gang can play monopoly ... it was a lot.

Post by zenkat » Fri, Nov 11, 2022, 3:22 PM UTC

gjsman-1000 wrote: post #90

yourMaster_666 wrote: post #66

you cannot make up this shit https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_... gold

It's funny. Banks are widely perceived as corrupt; and lo and behold, the alternative systems to replace banking have been dragged by their heels through Banking 101. Edit: Also funny, was the unrelated Matt Damon TV ads about how "Fortune Favors the Brave." Obviously it comes from Caesar, but it was also used in Charles Dickens's Little Dorrit by a character encouraging what later turned out a Ponzi scheme...