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Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

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Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#101

Post by ethanbond »

SilasX wrote: post #66
ethanbond wrote: post #37

Earlier quoted context omitted.

Seems to me people have completely unrealistic expectations of how financial crimes play out. This will take years to unwind. Pretty obvious the "why isn't he in jail yet" screaming is coming from the same place as "why aren't I rich yet," on which this entire empire was built. This stuff takes time. He's very obviously going to prison. For context: Enron, whose operations and collapse caused way more negative impact…

To which I have to keep linking this comment[1] which explains why Enron would reasonably take longer than FTX. If you don't want to read it, it's: A) Massive corporate hierarchy in which to untangle responsibility vs SBF and a few others, B) Complex accounting subtleties vs "lol we gambled customer deposits", and C) Lawyering up and denying everything vs blabbing to every journalist he can[2] In practice, the reason…

Totally, I don't expect this to take quite as long as Enron, but I certainly wouldn't expect things to be much further after, what, 5 weeks?

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#102

Post by dotnet00 »

dheera wrote: post #76
onlyrealcuzzo wrote: post #21

Earlier quoted context omitted.

The main thing people claim Tether does is: 1. pretend to have customers 2. pretend those customers have deposits 3. issue Tether to front those deposits 4. pump up their favorite coins with their newly minted Tethers My first suspicion would be that FTX was more fraudulent to its investors than people claim. It pretended to have a lot more customers & deposits than it actually did to pump up FTT, to get real money f…

Sounds a lot like what banks do. They mostly lend out money they don't actually have, with the hope that the owners of the money they lend out don't notice.

A lot of what FTX did was indeed bank-like, the difference being that they avoided outright qualifying as a bank because of the associated regulations.

Incidentally, this was something they got in trouble for just a few months ago because they made it seem like they were covered by FDIC (like banks are required to be), but were not.

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#103

Post by [deleted] »

mikejulietbravo wrote: post #70
ethanbond wrote: post #37

Earlier quoted context omitted.

Seems to me people have completely unrealistic expectations of how financial crimes play out. This will take years to unwind. Pretty obvious the "why isn't he in jail yet" screaming is coming from the same place as "why aren't I rich yet," on which this entire empire was built. This stuff takes time. He's very obviously going to prison. For context: Enron, whose operations and collapse caused way more negative impact…

I don't know what this has to do with my comment. I only said that the media and select politicians have been very soft in their questions and engagement with him. They have been considerably harsher with others in the tech and financial sphere who have done less.

[deleted]

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#104

Post by kipchak »

dtx1 wrote: post #26
factsarelolz wrote: post #8

Earlier quoted context omitted.

Quoted post unavailable.

It's just the spending for the UAP Reverse Engineering Effort. Note the lack of a /s tag

If they haven't cracked it by now, what do you figure the odds of the next couple billion doing it are?

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#105

Post by ninjaa »

coffeeblack wrote: post #79

The All-In podcast about this is worth listening to. Considering that part of the money went to you-know-who, it’s no surprise that those groups don’t ask any tough questions.

SBF also donated an equal amount of money to Republicans. He just did so using dark money PACs because he was afraid of a PR backlash - said journos would freak the f out. He donated about $40 M to both parties.

Src: https://fortune.com/crypto/2022/11/29/sam-bankman-fried-poli...

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#106

Post by jjtheblunt »

tom-thistime wrote: post #93
jjtheblunt wrote: post #77

Earlier quoted context omitted.

I thought it was long admitted, even by the NYT (citation below) in a recent reorg, that they were controlled by the Democrats to an extent that even they found losing them readership and thus money. That said, I can't find an exact citation, but one article back then noted replacing editors in attempt to be more neutral. https://www.washingtontimes.com/news/2017/oct/17/new-york-ti...

At some point the NYT just got rabies where Trump was concerned. The news pages became gross and distracting even to folks like me who are normally core NYT readers. Now this is nuanced, ok? Trump has publicly called for elimination of the Constitution. That's not the media, that's him. But anyway, re the NYT, the really important point (for me) is that they allowed the front page to become unreasonable and unreadabl…

i subscribe; it's more balanced, perhaps because of the results mentioned in the article i linked above.

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#108

Post by TacticalCoder »

hungryforcodes wrote: post #52
onlyrealcuzzo wrote: post #21

Earlier quoted context omitted.

The main thing people claim Tether does is: 1. pretend to have customers 2. pretend those customers have deposits 3. issue Tether to front those deposits 4. pump up their favorite coins with their newly minted Tethers My first suspicion would be that FTX was more fraudulent to its investors than people claim. It pretended to have a lot more customers & deposits than it actually did to pump up FTT, to get real money f…

What? How does Tether come into this? How is it related to FTX?

tether (aka USDT) and Bitfinex are part of the same iFinex group.

The Panamera papers revealed what everyone in the business knew: they're all exactly the same owners.

So tether/Bitfinex: one and the same.

Now how does FTX relates to tether? Bifinex's top lawyer happens, what a coincidence, to be an ex-colleague of FTX's top lawyer. But wait, it gets better: what does these two used to work together on? A poker server software that had a "god mode" where owners would see customers' cards and defraud them.

So these two lawyers were already working hand in hand on a previous fraud. And now at least one of them is caught, again, in a similar fraud (replace poker with crypto), where the money sent to these guys disappears in a black hole.

But it's just a coincidence right?

OK... What about this one: it's well known that the Bahamas bank at the center of the entire tether thing is Deltec/Delbank (they also have tens if not hundreds of companies).

Guess who SBF bought a bank in the US from? From the owner of Deltec.

So tether and FTX may be related in that they both frauds (at least one is proved to be a fraud now).

Or, if we listen to those who correctly explained SBF and FTX were scam from day one, before SBF was even in the news as the savior of the world, FTX and tether are one and the same fraud.

Tether is ultra shady but they may have counterfeited their way into solvency (buy cheap bitcoins, print fake usdt to pump bitcoins... The guys were already in this game back when Bitcoin was worth $200 or so IIRC). Especially if, by sheer luck, the trading arm of Bitfinex (Bitfinex has a company that is to Bitfinex what Alameda was to FTX) happens to be those on the winning side of the trade where FTX/Alameda lost billions.

For that's the thing: they "lost" billions and we're to believe it's retail who won big vs the billions FTX lost?

But I'd say it's unlikely anything substantial will be publicly disclosed. I only except lies and more lies from the very same media that were presenting SBF as an altruistic genius.

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#109

Post by dtx1 »

kipchak wrote: post #104
dtx1 wrote: post #26

Earlier quoted context omitted.

It's just the spending for the UAP Reverse Engineering Effort. Note the lack of a /s tag

If they haven't cracked it by now, what do you figure the odds of the next couple billion doing it are?

Virtually none in this century

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#110

Post by throwaway1777 »

rvba wrote: post #62
lilsoso wrote: post #15

Earlier quoted context omitted.

I'm not sure why you're being downvoted. The error discredits the voice of the article.

"Alameda" is also spelled inconsistently in the article.

Yes, it seems very sloppy.
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