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It is not Theranos 2.0; it is straight up theft to use client funds sitting in an exchange to cover losses in a hedge fund.
Theranos was straight up fraudulent lab reports and a tale of numerous people who should've known better getting duped
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Is this the same FTX US that is the #3 donor to political parties? 2/3 (D) 1/3 (R) https://www.opensecrets.org/elections-overview/top-organizat...
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...
Too bad Jonah Hill will be too old once the movie comes out about this whole saga. He would have aced it as SBF.
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>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.
Including the new owner of Twitter
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.
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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.
Edit: Most comments in this chain, including the genesis, "Add some political contribution money laundering into the equation", are now grey.
Edit 2: Aaaaand the genesis comment, as well as the follow up with "corroborating information", are now flagged.
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I can guess: The US has Chapter 11 bankruptcy, while Antigua and Barbuda might only have something more closer to the US's Chapter 7.
You can't really pick and choose where to have your bankruptcy. This filing is for FTX's US entities, those in Antigua will be wound up with Antigua's rules.
FTX Trading Ltd is "is incorporated in Antigua and Barbuda, and headquartered in The Bahamas", yet the linked statement clearly says FTX Trading Ltd (plus the FTX US entity, and Alameda, and others) are filing for Chapter 11 under US law in Delaware.
Is there a parent company of FTX Trading Ltd that's based in the US?
Edit: Apparently "Paper Bird Inc" is registered in Delaware, is 100% owned by SBF, and has ~89% ownership of FTX Trading Ltd.