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FTX used corporate funds to purchase employee homes, new filing shows

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Re: FTX used corporate funds to purchase employee homes, new filing shows

#301

Post by FridgeSeal »

texaslonghorn5 wrote: post #180
hcrisp wrote: post #134

Earlier quoted context omitted.

SBF seems to have claimed that funds sent to Alameda were loans. Can he do that here too (even if accounting was sloppy)? If so how does that differ from what other financial institutions do, unless it is in the degree of leverage and risk they take on? I am just imagining a headline like " used corporate funds to purchase employee home".

ftx created new tokens and loaned them to alameda, and then alameda posted them as collateral to borrow money from ftx customers.

Crypto people complain about governments “just printing money” and then go and do shit like this. It boggles the mind.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#302

Post by agumonkey »

pigtailgirl wrote: post #281

"Finally, and critically, the Debtors have made clear to employees and the public that Mr. Bankman-Fried is not employed by the Debtors and does not speak for them. Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic and misleading public statements. Mr. Bankman-Fried, whose connections and financial holdings in the Bahamas remain unclear to me, recently stated to a reporter on Twitter: “F** regula…

here's the whole chat

https://archive.ph/4dD0d

quite interesting

Re: FTX used corporate funds to purchase employee homes, new filing shows

#303

Post by Schweigi »

HDThoreaun wrote: post #255
memish wrote: post #171

Earlier quoted context omitted.

Coinbase did all the right things with compliance and ethics, but went through hell because of their no politics at work stance. The media did hit pieces on their CEO because of it. He and Coinbase were villainized on social media. FTX and SBF avoided this and really any scrutiny by repeating the correct words and opinions, but were actually fraudulent under the surface. It goes to show how shallow it all is.

Coinbase went through hell because their product is worse than offshore exchanges. Less tokens available, much higher fees, no leverage. Why would any serious trader use coinbase when the alternatives exist? On top of that their expenses are far higher than their competitors, it's easy to see that the politics thing was the least of their issues.

Coinbase probably does all this because they want to be a reliable, profitable and somehow auditable business. If you don’t care what happens to customers funds, sure, yes, provide leverage and all kinds of tokens to your customers. I guess in a way you get what you pay for…

Re: FTX used corporate funds to purchase employee homes, new filing shows

#304

Post by buescher »

nullc wrote: post #291
three_seagrass wrote: post #130

Earlier quoted context omitted.

That's at least one strong reason - VCs look at the person as much as the business. Crypto was filled with sleazy car-salesman "investor" types at the time Alameda Research was looking for funding. So when in came someone with a Jane Street background and not a single flashy Ferrari in their driveway, the dam broke on VCs finally being able to pour money into the crypto space on a decent looking founder.

SBF had huge sleaze vibes, so I don't know if your logic applies. > and not a single flashy Ferrari the article mentions his $30 million dollar penthouse ... It seems the only place the flashy assets didn't exist was in the press coverage put out by organizations SBF gave money to...

Nice real estate and art send a very different signal than an exotic car, even if they're kind of high-life blingy.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#305

Post by Cupertino95014 »

tootie wrote: post #165
boh wrote: post #114

In a separate article Ray also said: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” And this is the same man who oversaw the liquidation of Enron. "Ray said he had found at FTX international, FTX US and Bankman-Fried’s Alameda Research trading company “compromised systems integrity”, “faulty regulatory o…

The guy who says regulations are dumb has no idea what he spent his money on or even how many employees he has. This guy is almost worse than Elizabeth Holmes.

I'm the last person to defend Holmes, but at least she was trying to produce something.

SBF's prison sentence should be at least five times what Holmes gets.

Re: FTX used corporate funds to purchase employee homes, new filing shows

#306

Post by gergov »

threeseed wrote: post #296
SkyMarshal wrote: post #250

Earlier quoted context omitted.

Also at least Elizabeth wasn't stupid enough to give an interview to Vox where she admitted everything was a fraud and then told the regulators to fuck themselves. SBF's parents are both Stanford law professors, they or someone really needs to tell the kid to just stop talking.

Also Elizabeth didn't do this: Michael Lewis, who is famous for writing The Big Short and Moneyball, has reportedly been embedded with the bankrupt crypto exchange’s former CEO Sam Bankman-Fried for six months and will pen a book telling the inside story.

maybe this is some 4D chess narcissism of wanting to be on the big screen while you serve time?

Re: FTX used corporate funds to purchase employee homes, new filing shows

#307

Post by HideousKojima »

fortran77 wrote: post #52
moneycantbuy wrote: post #28

how did ftx successfully raise so much vc money recently? do these top vc firms do no due diligence?

One lesson I’ve learned from this case and Theranos — avoid anything that comes out of Stanford.

After all, it is just a Junior University (Credit to my dad, a Cal alumnus, for that joke. Though I'm sure he got it from someone else back in his college days).

Re: FTX used corporate funds to purchase employee homes, new filing shows

#309

Post by sgammon »

buescher wrote: post #298
jerf wrote: post #160

Earlier quoted context omitted.

The filing is amazing: https://pacer-documents.s3.amazonaws.com/33/188450/042020648... Don't forget to read this with the "diplomatic/legal/lawyer" mindset. These are not internet comments, these are legal filings. Sentences like "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems inte…

>The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.” You're not kidding.

mic drop, he doesn't even feel the need to explain the impact of this statement lmfao

Re: FTX used corporate funds to purchase employee homes, new filing shows

#310

Post by oblio »

dymk wrote: post #218
xdavidliu wrote: post #199

Earlier quoted context omitted.

> FTX just yeeted ticker symbols to bag holders based on fancy darkmode graphic design and a screwball haircut. I understand the words in this sentence individually, but not the sentence in its entirety. Can anyone translate?

> yeeted ticker symbols presented prices for worthless securities > to bag holders to now-defrauded clients of the FTX website > fancy darkmode graphic design a slick, sort of professional looking website > and a screwball haircut and a screwball haircut

Thank you, translator of slang.
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