The REAL FTX Scandal

[g5000]

There are two scandals surrounding FTX right now. One is real, the other is a hoax. This topic is about the real scandal.

If you want to discuss the fake scandal, I have created a topic for it here: The FAKE FTX Scandal

Sam Bankman-Fried created a crypto exchange called FTX. There are a lot of crypto exchanges. A crypto exchange is just a place where you can buy and sell crypto.

.When you have an account with a crypto exchange, many of them offer benefits similar to what banks offer. You earn interest on your deposits and so forth.

FTX offered a fairly high interest rate on customer deposits. And like other crypto exchanges, FTX also offered their own crypto currency. In this case, FTT.

FTT was created out of thin air, like most crypto exchange coins. FTT was not pegged to any currency. Again, like most crypto exchange coins, its value was whatever the suckers who play in crypto think it was worth.

FTX had a partner firm which was a trading firm. This trading firm is called Alameda Research.

The one day, inflation began climbing. As inflation climbed, speculators began losing confidence in crypto and crypto begin falling.

Then the Fed began raising interest rates, and crypto again suffered an even bigger collapse.

Right about this time, a crypto newsletter called CoinDesk published an article revealing that Alameda Research had a shit ton of FTT backing its investments and covering as collateral for loans.

And since crypto's value was collapsing...well, you can take it from there.

CoinDesk's article hit like a bombshell.

A rival company of FTX called Binance announced they were divesting themselves of all their FTT tokens. And this kicked off a crypto exchange version of a bank run on FTX.

Boom. Down goes Frasier! Down goes Frasier! Down goes Frasier!

Thus endeth the career of one Sam Bankman-Fried.

Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet

Alameda had $14.6 billion of assets as of June 30, according to a private document CoinDesk reviewed. Much of it is the FTT token issued by FTX, another Bankman-Fried company.

www.coindesk.com

 

[Ralph Norton]

There are two scandals surrounding FTX right now. One is real, the other is a hoax. This topic is about the real scandal.

If you want to discuss the fake scandal, I have created a topic for it here: (TBD)

Sam Bankman-Fried created a crypto exchange called FTX. There are a lot of crypto exchanges. A crypto exchange is just a place where you can buy and sell crypto.

.When you have an account with a crypto exchange, many of them offer benefits similar to what banks offer. You earn interest on your deposits and so forth.

FTX offered a fairly high interest rate on customer deposits. And like other crypto exchanges, FTX also offered their own crypto currency. In this case, FTT.

FTT was created out of thin air, like most crypto exchange coins. FTT was not pegged to any currency. Again, like most crypto exchange coins, its value was whatever the suckers who play in crypto think it was worth.

FTX had a partner firm which was a trading firm. This trading firm is called Alameda Research.

The one day, inflation began climbing. As inflation climbed, speculators began losing confidence in crypto and crypto begin falling.

Then the Fed began raising interest rates, and crypto again suffered an even bigger collapse.

Right about this time, a crypto newsletter called CoinDesk published an article revealing that Alameda Research had a shit ton of FTT backing its investments and covering as collateral for loans.

And since crypto's value was collapsing...well, you can take it from there.

CoinDesk's article hit like a bombshell.

A rival company of FTX called Binance announced they were divesting themselves of all their FTT tokens. And this kicked off a crypto exchange version of a bank run on FTX.

Boom. Down goes Frasier! Down goes Frasier! Down goes Frasier!

Thus endeth the career of one Sam Bankman-Fried.

Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet

Alameda had $14.6 billion of assets as of June 30, according to a private document CoinDesk reviewed. Much of it is the FTT token issued by FTX, another Bankman-Fried company.

www.coindesk.com

Thank you. That is a succinct explanation.
Now what is the hoax?

 

[g5000]

Thank you. That is a succinct explanation.
Now what is the hoax?

The FAKE FTX Scandal

There are two scandals surrounding FTX right now. One is real, the other is a hoax. This topic is about the fake scandal. If you want to discuss the real scandal, I have created a topic for it here: The REAL FTX Scandal There is a stupid hoax going around that FTX somehow facilitated the...

www.usmessageboard.com

 

[MarcATL]

What's your take on all the celebrities involved in this scam OP?

 

[g5000]

What's your take on all the celebrities involved in this scam OP?

It depends on what you mean by "involved".

There are some celebrities who are all in on the crypto speculative madness.

I don't think any celebrities who used FTX or endorsed FTX are culpable for the collapse of FTX.

To some people, a celebrity endorsement means prestige, but endorsements are actually worthless for determining the viability, credibility, or success of a business.

 

[g5000]

You know what's funny about crypto?

They are reinventing the fiscal wheel.

Binance proposes fund to save crypto from future failures

NEW YORK (AP) — Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure, aiming to stave off the cascading effects of last week's implosion of FTX, the world's third-largest crypto exchange .

apnews.com

Doesn't that sound like a central bank to you?

 

[CrusaderFrank]

The FTX connection to the Ukrainian government and WEF​

Curiously, the Ukrainian government launched a cryptocurrency donation website in March that was backed by FTX.

CoinDesk reported in March,

‘Aid for Ukraine,’ which has the backing of crypto exchange FTX, staking platform Everstake, and Ukraine’s Kuna exchange, will route donated crypto to the National Bank of Ukraine, Everstake’s Head of Growth Vlad Likhuta told CoinDesk. Ukraine’s crypto-savvy Ministry of Digital Transformation is also involved.

An Everstake Press Release stated,

Aid For Ukraine is cooperating with the cryptocurrency exchange FTX which converts crypto funds received into fiat and sends the donations to the National Bank of Ukraine. This marks the first-ever instance of a cryptocurrency exchange directly cooperating with a public financial entity to provide a conduit for crypto donations. Earlier this month, FTX already converted $1 million worth of SOL and transferred it to the National Bank of Ukraine.

Bankman-Fried said at the time:

At the onset of the conflict in Ukraine, FTX felt the need to provide assistance in any way it could. By working with the Ministry of Digital Transformation to set up payment rails and facilitate the conversion of crypto donations into fiat currency, we have given the National Bank of Ukraine the ability to deliver aid and resources to the people who need it most. We are grateful for the opportunity to work with Sergey and the Everstake team as they continue to work tirelessly in helping Ukrainians as they suffer from this conflict.

The World Economic Forum (WEF) lists FTX as a partner and provided a link, to the exchange’s website. The original has been removed but here is an Archive Link.

Collapsed cryptocurrency exchange FTX had ties to Ukrainian government, WEF, and top Biden adviser | MR Online

 

[g5000]

The FTX connection to the Ukrainian government and WEF​

Curiously, the Ukrainian government launched a cryptocurrency donation website in March that was backed by FTX.

CoinDesk reported in March,


An Everstake Press Release stated,



Bankman-Fried said at the time:


The World Economic Forum (WEF) lists FTX as a partner and provided a link, to the exchange’s website. The original has been removed but here is an Archive Link.

Collapsed cryptocurrency exchange FTX had ties to Ukrainian government, WEF, and top Biden adviser | MR Online

And?

The Ukrainian charity has raised about $60 million so far.

FTX's role in the charity was to enable people to donate crypto TO Ukraine and FTX would convert that crypto to currency.

Understand? That's money going from donors all over the world TO Ukraine.

So what? That's a 100 percent good deed.

 

[g5000]

FTX is an illegal ponzi scheme that gave a half billion dollars to the Democrat assholes and the Moon Bats try to deny any wrong doing.

Typical Moon Bat denial. Just like the deny the 2020 election was stolen or that President Potatohead is fucking up this country.

This was posted in the wrong topic about the FAKE FTX scandal.

Bankman-Fried's pyramid scheme is part of the REAL FTX scandal. The poor rubes are unable to parse reality from delusion, sadly. Which is exactly what their propagandists are shooting for. Conflation.

FTX was a crypto exchange based in the Bahamas. It was probably registered in the Bahamas to circumvent certain US regulations.

Anyway, a crypto exchange is for buying and selling crypto. Some crypto exchanges also pay you interest on any money you leave on deposit there, like a bank.

FTX was one such exchange.

Where the Ponzi scheme comes in is that Bankman-Friedman was paying dividends to depositors from the money of newer depositors.

That's a REAL scandal.


Oh, and Bankman-Friedman did not give half a billion dollars to the Democrats as Flash claims. That's a YUGE lie.

 

[Flash]

 

[Flash]

This was posted in the wrong topic about the FAKE FTX scandal.

Bankman-Fried's pyramid scheme is part of the REAL FTX scandal. The poor rubes are unable to parse reality from delusion, sadly. Which is exactly what their propagandists are shooting for. Conflation.

FTX was a crypto exchange based in the Bahamas. It was probably registered in the Bahamas to circumvent certain US regulations.

Anyway, a crypto exchange is for buying and selling crypto. Some crypto exchanges also pay you interest on any money you leave on deposit there, like a bank.

FTX was one such exchange.

Where the Ponzi scheme comes in is that Bankman-Friedman was paying dividends to depositors from the money of newer depositors.

That's a REAL scandal.


Oh, and Bankman-Friedman did not give half a billion dollars to the Democrats as Flash claims. That's a YUGE lie.

Stop with your fucking denial you stupid shit.

"Mababy may have got a haf billion but mababydindunutin" .

We hear that shit out of you lying asshole Moon Bats all the time

 

[g5000]

View attachment 729256

Oh, someone gave you a hoax graphic to copy and paste. Gee!

 

[g5000]

Stop with your fucking denial you stupid shit.

"Mababy may have got a haf billion but mababydindunutin" .

We hear that shit out of you lying asshole Moon Bats all the time

Um...retard?

Bankman-Fried gave $40 million to the Democrats.

Not half a billion.

Why do you so casually destroy any integrity you might have had? Who is this stupid?

 

[g5000]

The Top Political Donors In The Midterms

Coming in at #1, every Nazi's favorite international Jew banker: George Soros, with donations amounting to $128,475,971 to Democrats. Coming in at #2, Richard Uihlein, with $80,692,168 to Republicans. Ringing the bell as #3, Kenneth C. Griffin, with $68,571,500 to Republicans. Rushing past...

www.usmessageboard.com

 

[sparky]

FTT was created out of thin air, like most crypto exchange coins. FTT was not pegged to any currency.

so what separates it from the USD?

~S~

 

[g5000]

so what separates it from the USD?

~S~

The value of FTT is entirely dependent on what the speculators think it is worth.

Like beanie babies, or Dutch tulips.

 

[sparky]

The value of FTT is entirely dependent on what the speculators think it is worth.

Like beanie babies, or Dutch tulips.

well yes g5, i realize it's all about honor among thieves

but neither has any 'backing' in the physical universe, and FDIC is limited protection

~S~

 

[g5000]

well yes g5, i realize it's all about honor among thieves

but neither has any 'backing' in the physical universe, and FDIC is limited protection

~S~

Especially since FTX was based in the Bahamas and not the US.

Crypto is one big con. You can't do anything with it. You can't use it at the grocery store. It is more volatile than the price of natural gas. It's just a bunch of fools looking for bigger fools.

 

[g5000]

well yes g5, i realize it's all about honor among thieves

but neither has any 'backing' in the physical universe, and FDIC is limited protection

~S~

Some crypto does have backing in the real world. They are called stablecoins. Like Tether. Their stablecoin is pegged to the US dollar.

FTT was pegged to wild imaginations.

 

[Rogue AI]

Some crypto does have backing in the real world. They are called stablecoins. Like Tether. Their stablecoin is pegged to the US dollar.

FTT was pegged to wild imaginations.

Unless they dealt with FTT in significant quantities. In which case they handed out their backed cash for air. Time will tell. Since the crypto world is unregulated and murky to begin with we'll likely never really know until it's too late and it all comes crashing down.