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The lack of legal focus, given the obvious illegitimacy of it all is disgraceful and I can't even imagine the size of the wealth transfer happening through all this.
Earlier quoted context omitted.
There was a constant drumbeat of high interest promises by these crypto companies, even the supposedly “safe” ones. And so many people thought it was a no lose proposition. E.g. 8% APR at FTX.us: https://mobile.twitter.com/ftx_app/status/141749746557453927...
Why haven’t they deleted this tweet by now?
Earlier quoted context omitted.
> Reports on crypto Twitter are that this is a hack It's really unfortunate to get "hacked" with such bad timing. You steal customer money and file for bankruptcy but now the bad hackers, probably from the Bahamas as well, take whatever is left and cash out. Oh no! /s But it's alright, SBF said he's sorry.
SBF takes "full responsibility".
Edit: It is rumored that SBF is en-route to Argentina
Second Edit: This is a Twitter rumor, with no verification, could be fake news. I was going to paste the Tweet, but the Tweet has been removed because it was seen as unlikely.
Fraud. This is why banking regulation is important, almost all banking laws on the books exists because someone got screwed.
If this is real, most likely an inside job. I mean FTX staff probably had a lot of their own crypto on the exchange, so now that it appears Bankman stole it from them, why not steal it back.
This is an unreal speedrun nightmare timeline. At this rate I am half expecting to wake up to news tomorrow that SBF is dead.
1. Who is transferring the funds? a. Bankman-Fried and associates b. insiders (disgruntled) c. outsiders (hackers) 2. Is it plausible that the transferred funds be laundered? 3. Can this altruism get any more effective? This story is utterly fascinating. It keeps getting better and better. I remember thinking Mt. Gox was wild. This fraud is second only to Ponzi.
I’ve also heard rumors that inside bad actors pushed out a forced FTX app update to gain access to accounts. So the advisory is to uninstall FTX and not go anywhere near that website. Any money one has is unfortunately gone, wait for the bankruptcy proceedings to recoup it, if at all.