Heading over to r/CryptoCurrency/ to see if they sticky the suicide prevention hotline again. That's when you know shits getting real.
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FTX to file for U.S. bankruptcy, CEO resigns
251–260 of 1001 posts
Re: FTX to file for U.S. bankruptcy, CEO resigns
#252Earlier quoted context omitted.
He was running a Ponzi scheme. Don't feel sorry for him.
It wasn’t a Ponzi scheme, at least based on what’s publicly known. This is just investing with client funds, which the US learned the hard way must be carefully restricted. The US has the Glass-Steagall Act, and deposit insurance to try to prevent bank runs like this.
The investing with client funds part is probably the easiest charge but his self-description sounds Ponzi-like:
https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
Re: FTX to file for U.S. bankruptcy, CEO resigns
#253Heading over to r/CryptoCurrency/ to see if they sticky the suicide prevention hotline again. That's when you know shits getting real.
r/bitcoin did that in one of the early downturns, and with good reason: at least one person on r/bitcoinmarkets did take their own life, and several more in the cryoto subreddits talked about it.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#254Earlier quoted context omitted.
He was running a Ponzi scheme. Don't feel sorry for him.
It wasn’t a Ponzi scheme, at least based on what’s publicly known. This is just investing with client funds, which the US learned the hard way must be carefully restricted. The US has the Glass-Steagall Act, and deposit insurance to try to prevent bank runs like this.
>It wasn’t a Ponzi scheme, at least based on what’s publicly known.
>This is just investing with client funds...
This is just plain not true.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#255I've seen some comments saying that this is all delayed fallout from the Luna/Terra collapse last spring, it's just that FTX had the means (its own token that it could pump and move around its own entities) to paper over the hole in its balance sheet until now. Can anyone more familiar with the situation elaborate? How much further will the contagion spread?
Its hard to tell, but looks like the fall out is far from over. There are a lot of rumours running around so unsure what is true and what is not, but we've gotten confirmations from a lot of crypto companies to be affected one way or another. Genesis (a big OTC trading company) lost about 160M but their parent company wrote them a check. BlockFi seems to be in the hole and has closed withdrawals. Blockfolio (an FTX owned company) paused withdrawals. Anything SOL/SRM related is likely affected. Any market maker worth its salt had money on it as well... think we will see a lot of blood in the coming days/weeks.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#256Earlier quoted context omitted.
It looks like it? At least from a cursory reading of the press release...which goes against everything that has been said up to this point. The hilarity continues.
Yeah, just yesterday SBF tweeted: > This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. https://twitter.com/SBF_FTX/status/1590709195892195329
Wrong. FTX US is the US based exchange that accepts Americans. You gotta always read the latest SBF tweets because he consistently says 1 thing then the next day does the opposite.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#257Re: FTX to file for U.S. bankruptcy, CEO resigns
#258What 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…
FTX is registered in the Bahamas, but the employees are not Bahamians, they are all from the US with a VISA for residence
FTX has plenty of non-american employees. I know a decent number of their developers are south american.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#259I've seen some comments saying that this is all delayed fallout from the Luna/Terra collapse last spring, it's just that FTX had the means (its own token that it could pump and move around its own entities) to paper over the hole in its balance sheet until now. Can anyone more familiar with the situation elaborate? How much further will the contagion spread?
[RUMOR - UNCONFIRMED]
People are saying that Alameda Research lost a lot of money due to Luna / Terra and were bailed out by FTX user funds, a loan with FTT as collateral.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#260Was this another CEO "taking all responsibility" without any actual responsiblity/penalties? Not counting resigning.
Other than resigning, what more responsibility can someone take for a professional failure?