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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

#122

Post by doorman2 »

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...

FTX being corrupt doesn't automatically mean banks are not corrupt. Just 14 years ago, the actions of banks brought most of the world to the precipice of financial collapse. FTX and Alameda depositors will lose their money. During the GFC, almost everyone lost their money.

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

#123

Post by systemicdanna »

adamsmith143 wrote: post #97
alldayeveryday wrote: post #42

Quoted post unavailable.

That thread is completely deranged and uses a lot of tweets to say nothing of substance. Barely above Qanon level here. Well connected kids with successful well connect parents make lots of money, news at 11...

It’s unusual that this trash is leaking to HN and is getting support.

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

#124

Post by NotYourLawyer »

zinekeller wrote: post #15

Just noting that the FT article has a statement from its interim CEO: “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” [John J] Ray [III] said.

Stakeholders == company insiders, right?

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

#126

Post by aniforprez »

thiscatis wrote: post #108

Too bad Jonah Hill will be too old once the movie comes out about this whole saga. He would have aced it as SBF.

They made the Theranos series within a year of the trial and she still hasn't been sentenced yet. I think Jonah Hill could still get the part though for some reason I'm thinking Michael Cera?

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

#128

Post by pavlov »

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?

These days owning a crypto exchange is a shell game where you try to hide the funds and liabilities into a chain of companies located in offshore jurisdictions.

Binance does the same but even more extreme — they don’t even tell where their HQ is actually located.

Money launderers and tax evaders have long used these tricks. Those people don’t normally get VC capital at $34 billion valuations though. The crypto implosion ought to be a massive lesson to the industry.

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