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Anyone here able to do a tl;dr; for us? The FTX story is super confusing. Why are they screwed? What happened?
Excellent explanation.
Appears to be confirmed by the WSG "FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall"
Original: https://www.wsj.com/amp/articles/ftx-tapped-into-customer-ac...
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130 companies? What did they for a living? Collect companies each time a new month began?
Gaze on the beauty of this chart and despair: https://i.redd.it/078p4g7m6cz91.jpg
What of the rumour that Bahamians are allowed to access their funds for legal reasons while everyone else can not? Most of the FTX employees including SBF are based in Bahama? Isn't this just insiders cashing out before creditors/users? https://twitter.com/JasonYanowitz/status/1590800210200256513 https://twitter.com/StackerSatoshi/status/159097223797656780... https://twitter.com/statelayer/status/1590939767205920769…
There are 130 (!) companies in the FTX group, across a whole slew of jurisdictions: https://i.redd.it/078p4g7m6cz91.jpg The Chapter 11 filing is for the ones in the US, working out what this means for the rest is going to keep a whole lot of lawyers very busy for years.
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He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switcheroo where the he walks away with a slap on the wrist and a golden handshake.
I am 100% sure he must have siphoned off some sizable part of his net worth in cash or other non-crypto assets.
If he siphoned off even 1% ($160M+)- you can bet he's going to lose it in bankruptcy proceedings.
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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 often banks are perceived as corrupt due to risk management practices, like not giving mortgages to poor people who go on about how their rent is more than their mortgage.
Was this another CEO "taking all responsibility" without any actual responsiblity/penalties? Not counting resigning.
He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switcheroo where the he walks away with a slap on the wrist and a golden handshake.
>Enron turnaround veteran John J. Ray III has been appointed as the new CEO. Sam is only 30 so obviously doesn't appreciate just how retro this is... Enron & Crypto...as I live and breathe.
Anyone here able to do a tl;dr; for us? The FTX story is super confusing. Why are they screwed? What happened?
Just 20 hours ago - it was all bad but still fine and plenty of money and lots of interested parties... Oh and it is all the fault of the Devs https://twitter.com/SBF_FTX/status/1590774827467812865 If you stick your company name in your twitter handle - does that mean the company owns the twitter account too???
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It's like that scene in The Big Short: "I don't get it, why are they confessing?" "They're not confessing - they're bragging".
Right. But (1) The Big Short was not a very good movie, and (2) it was about the collapse of the entire housing market. This is about the collapse of an abstract metaPonzi scheme.
