United States v. BANKMAN-FRIED (FTX collapse/fraud)

[OldGarandDad]

As for the Southern District of New York (SDNY) being corrupt all I can say is that I was a Grand Juror in the Eastern District of New York (Brooklyn) for almost six months and it is amazing what you hear in the halls and bathrooms when lawyers are venting. Let's just say the SDNY was usually prefaced with an expletive along with the word "corrupt" following along later in the tirade.

Might not be conclusive for you but I overheard it enough times to form an opinion that it was not coincidence.

 

[Goldhedge]

5 minute readJanuary 4, 202310:59 PM MSTLast Updated 9 hours ago

Exclusive: FTX's former top lawyer aided U.S. authorities in Bankman-Fried case​

By Angus Berwick

Exclusive: FTX's former top lawyer aided U.S. authorities in Bankman-Fried case

Daniel Friedberg gave details about FTX in a Nov. 22 meeting with two dozen investigators. Emails between attendees scheduling the meeting with those agencies were seen by Reuters.

www.reuters.com

 

[pmbug]

...
View attachment 5490
...

The graphic in that post is unadulterated bullshit.

I wonder if the trial will discover anything about where the money went?

... that scenario is quite plausible but not proven.

The graphic in question has been posted in this thread at least 3 times already without any qualification that it's pure speculation without any proof/basis.

Trump Ate Putin's Fudge

I have no proof, but it could be true. I'll just keep posting it every time someone posts bullshit in the forum. Eventually, folks are going to believe it!

Can you enlighten us ...

It's been posted in this thread already:

United States v. BANKMAN-FRIED (FTX collapse/fraud)

from another board -- dyodd April 25, 2019: Biden announces his presidential campaign… 13 days later, Sam Bankman-Fried, son of Barbara Fried ( Stanford Professor and co-founder of political fundraising organization "Mind-the-Gap), launches #FTX crypto exchange. The exchange is magically an...

www.pmbug.com

FTX helped build a portal that allowed Ukraine to receive/process crypto donations (for Ukraine - to fund their defense). Ukraine was not a slush fund pass through for US taxpayer money to FTX. That's bullshit.

 

[Voodoo]

The graphic in question has been posted in this thread at least 3 times already without any qualification that it's pure speculation without any proof/basis.

Trump Ate Putin's Fudge

I have no proof, but it could be true. I'll just keep posting it every time someone posts bullshit in the forum. Eventually, folks are going to believe it!



It's been posted in this thread already:

United States v. BANKMAN-FRIED (FTX collapse/fraud)

from another board -- dyodd April 25, 2019: Biden announces his presidential campaign… 13 days later, Sam Bankman-Fried, son of Barbara Fried ( Stanford Professor and co-founder of political fundraising organization "Mind-the-Gap), launches #FTX crypto exchange. The exchange is magically an...

www.pmbug.com

FTX helped build a portal that allowed Ukraine to receive/process crypto donations (for Ukraine - to fund their defense). Ukraine was not a slush fund pass through for US taxpayer money to FTX. That's bullshit.

Everything in that graphic is easily proven. Check the wording. Besides, you nor the government has provided Any sort of accounting of the what $70 Billion+ dollars now sent as aid.

Let's start with 1/4 of the graphic. The Democrats support Biden. Well duh.

The second easiest to prove 1/4. The US has indeed sent Billions to the Ukraine.

Even the CFR has it at $48 Billion through Nov.

How Much Aid Has the U.S. Sent Ukraine? Here Are Six Charts.

Six charts illustrate the extraordinary level of support the United States has provided Ukraine in its war against Russian invaders.

www.cfr.org

In 2022, the Biden administration and the U.S. Congress have directed nearly $50 billion in assistance to Ukraine,

Alright, onto the third claim. SBF donated to Democrats. Also easily proven.

"Overall, he gave almost all of the $40 million to Democratic politicians or groups, and just over $200,000 to Republicans, according to the disclosures."

Interactive: Here are the politicians who received money from FTX's Sam Bankman-Fried

FEC filings show the vast majority of his donations went to Democrats, but the FTX founder claims he made "dark-money" contributions to Republicans.

www.marketwatch.com

And let's take a look at the last claim. "Uses US aid to partner with FTX"

They clearly had a partnership with FTX to "accept donations".

Ukraine Partners With FTX, Everstake to Launch New Crypto Donation Website

FTX is converting crypto contributions to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine.

www.coindesk.com

SO the only part of the graphic that might be a stretch is proving they used the US aid directly. What we don't know is who donated those $40-100 million estimate nor any other potential donations.

 

[CiscoKid]

Everything in that graphic is easily proven. Check the wording. Besides, you nor the government has provided Any sort of accounting of the what $70 Billion+ dollars now sent as aid.

Let's start with 1/4 of the graphic. The Democrats support Biden. Well duh.

The second easiest to prove 1/4. The US has indeed sent Billions to the Ukraine.

Even the CFR has it at $48 Billion through Nov.

How Much Aid Has the U.S. Sent Ukraine? Here Are Six Charts.

Six charts illustrate the extraordinary level of support the United States has provided Ukraine in its war against Russian invaders.

www.cfr.org

In 2022, the Biden administration and the U.S. Congress have directed nearly $50 billion in assistance to Ukraine,

Alright, onto the third claim. SBF donated to Democrats. Also easily proven.

"Overall, he gave almost all of the $40 million to Democratic politicians or groups, and just over $200,000 to Republicans, according to the disclosures."

Interactive: Here are the politicians who received money from FTX's Sam Bankman-Fried

FEC filings show the vast majority of his donations went to Democrats, but the FTX founder claims he made "dark-money" contributions to Republicans.

www.marketwatch.com

And let's take a look at the last claim. "Uses US aid to partner with FTX"

They clearly had a partnership with FTX to "accept donations".

Ukraine Partners With FTX, Everstake to Launch New Crypto Donation Website

FTX is converting crypto contributions to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine.

www.coindesk.com

SO the only part of the graphic that might be a stretch is proving they used the US aid directly. What we don't know is who donated those $40-100 million estimate nor any other potential donations.

Nicely done. And nobody can account for much of where the money went. Yet, they keep asking for more.

 

[Unca Walt]

Everything in that graphic is easily proven. Check the wording. Besides, you nor the government has provided Any sort of accounting of the what $70 Billion+ dollars now sent as aid.

Let's start with 1/4 of the graphic. The Democrats support Biden. Well duh.

The second easiest to prove 1/4. The US has indeed sent Billions to the Ukraine.

Even the CFR has it at $48 Billion through Nov.

How Much Aid Has the U.S. Sent Ukraine? Here Are Six Charts.

Six charts illustrate the extraordinary level of support the United States has provided Ukraine in its war against Russian invaders.

www.cfr.org

In 2022, the Biden administration and the U.S. Congress have directed nearly $50 billion in assistance to Ukraine,

Alright, onto the third claim. SBF donated to Democrats. Also easily proven.

"Overall, he gave almost all of the $40 million to Democratic politicians or groups, and just over $200,000 to Republicans, according to the disclosures."

Interactive: Here are the politicians who received money from FTX's Sam Bankman-Fried

FEC filings show the vast majority of his donations went to Democrats, but the FTX founder claims he made "dark-money" contributions to Republicans.

www.marketwatch.com

And let's take a look at the last claim. "Uses US aid to partner with FTX"

They clearly had a partnership with FTX to "accept donations".

Ukraine Partners With FTX, Everstake to Launch New Crypto Donation Website

FTX is converting crypto contributions to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine.

www.coindesk.com

SO the only part of the graphic that might be a stretch is proving they used the US aid directly. What we don't know is who donated those $40-100 million estimate nor any other potential donations.

That was an impressive, clear, and remarkably provable step-by-step series addressing the "too easily seen" scenario that is so hard to accept without being crushed in shattered faith.

 

[Goldhedge]

That was an impressive, clear, and remarkably provable step-by-step series addressing the "too easily seen" scenario that is so hard to accept without being crushed in shattered faith.

and it didn't take a peer reviewed study to figure it out. Common sensical...

 

[pmbug]

Everything in that graphic is easily proven. ...

The graphic is conflating a series of statements in order to suggest/insinuate a broader point that is not true. It's the same dynamic as the KimDotCom tweet about Liz Truss phone hack. He didn't outright lie, just made insinuations that got amplified on social media because some folks want to believe. In this case, EpochTimes and substack propagandists keep pushing this money laundering narrative using that graphic.

...
And let's take a look at the last claim. ...

Yes, this is the crux of the issue and one that I've already addressed several times in this thread, not that anyone here has had the intellectual honesty to acknowledge it.

... Political commentators and media figureheads have been discussing a stream of claims tying this relationship to alleged money-laundering.

The claims rely on an unsubstantiated claim that the Ukrainian government has invested directly into FTX. An employee of Everstake, a company that assisted the construction of the donation partnership, points out that the donation website keeps a transparent report on how the donations have funded the war effort. ...

Ukraine Crypto Donations in Focus as FTX Collapses

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Once again, the crypto market is finding itself under the scrutinizing lens of ...

markets.businessinsider.com

The donation website is here:

UNITED24 - The initiative of the President of Ukraine

UNITED24 was launched by the President of Ukraine Volodymyr Zelenskyy as the main venue for collecting charitable donations in support of Ukraine. Funds will be transferred to the official accounts of the National Bank of Ukraine and allocated by assigned ministries to cover the most pressing needs

u24.gov.ua

You can visit the website and get reports showing how much was donated and how it was used. Full transparency. It's not being used to funnel or launder crypto/money to FTX.

To the extent that the graphic is designed to insinuate a flow of money from Ukraine to FTX (to be used for political donations), the graphic is 100% propaganda. Totally baseless. Bullshit.

Trump Ate Putin's Fudge

 

[Goldhedge]

https://truthsocial.com/users/WallStreetApes/statuses/109646212510096589

 

[Unca Walt]

I wonder if I could file an accusation of malfeasance of office using the above information?

 

[pmbug]

WallStreetApes says:

... money to Ukraine and then gets money back laundered through #FTX via his congressional leadership fund. ...

and

... Congressional Leadership Fund receiving laundered money from FTX? ....

And provides zero support for his assertion that Ukraine funds were laundered to FTX. It's the same unsubstantiated bullshit as that graphic that keeps being posted.

Trump Ate Putin's Fudge

 

[searcher]

This "trump ate putin's fudge" thing reminded me of an old Frank Zappa tune. Not going to post it, but if you're playing around on youtube it's Bobby Brown. Catchy little tune and kinda funny.

 

[CiscoKid]

Pure as the driven snow.

 

[pmbug]

Trump Ate Putin's Fudge

 

[CiscoKid]

FTX and Ukraine are inextricably tied to each other.

How Deep Does the FTX-Ukraine-Democrats Scandal Go?​

NOVEMBER 29, 2022 BY THE EDITORS


Vice President Joe Biden sits with Ukrainian President Petro Poroshenko on February 7, 2015, before a bilateral meeting also attended by U.S. Secretary of State John Kerry and Assistant Secretary of State for European and Eurasian Affairs Toria Nuland on the sidelines of the Munich Security Conference in Munich, Germany. [State Department photo/ Public Domain]
Was there an illegal scheme using laundered taxpayer funds to invest in Sam Bankman-Fried’s FTX, which then gave those funds to Democratic politicians? On his blog, Mercola.com, Dr. Joseph Mercola dives into the connections between the bankrupted cryptocurrency exchange, Ukraine, and the Democratic Party. He writes:

Many have suspected that the U.S. government’s “security assistance” to Ukraine — which as of November 15, 2022, had surpassed $98 billion1,2 — is a money laundering scheme to somehow ensure its own security, perhaps relating to questionable activities involving American biolabs in Ukraine.
With the sudden implosion of the cryptocurrency exchange FTX,3,4 suspicions of money laundering in Ukraine are gaining new support.
As scrutiny into FTX increases, people are finding more and more links between the ill-fated crypto exchange, the Democratic Party, Ukraine, the World Economic Forum (WEF) and even the suppression of COVID-19 treatments through the funding of fake science.
FTX, along with the Bill & Melinda Gates Foundation actually funded the TOGETHER trial,5 which sought to identify “effective repurposed therapies to prevent the disease progression of COVID-19.” Using fraudulent trial protocols, this trial concluded that ivermectin and hydroxychloroquine were useless.6 Of course, to discourage criticism, the trial was given a “Trial of the Year” award for excellence.
Where Did All the Money Go?
Judy Morris for Peace, Liberty & Prosperity summarized many a sentiment in a November 13, 2022, Substack article:7

“Did you ever wonder where all those billions of dollars were going in Ukraine? Did you ever wonder why anyone was trusting the elites in US politics like the Bidens with billions in funds going to Ukraine? Today it turns out that these were excellent questions.

We have information that the tens of billions of dollars going to Ukraine were actually laundered back to the US to corrupt Democrats and elites using FTX cryptocurrency. Now the money is gone and FTX is bankrupt.”

More at link: https://www.richardcyoung.com/politics/how-deep-does-the-ftx-ukraine-democrats-scandal-go/

 

[pmbug]

"We have information that ..."

Really? That's the extent of the support for their assertion that Ukraine funds were routed to Democrats "using FTX cryptocurrency"? Lol. From your source:

Some believe the foreign aid the Ukrainian government received from the U.S. was put into FTX, which then turned around and donated money back to Democratic candidates — in other words, a money laundering scheme. There’s no concrete evidence for this, however, and deputy minister of Digital Transformation Alex Bornyakov has denied it.19

Estimates say that $200 million in donations were raised but from this $200 million only $22 million were officially used …

Estimates huh? Estimates made by whom and based upon what? It's laughably dumb.

... While it cannot be proven yet, circumstantial evidences do raise suspicions. ...

Circumstantial "evidences"? What evidences? Mysterious "estimates" that came out of some anonymous bunghole?

...
What is clear is that FTX worked with Ukraine to funnel overseas donations into its war efforts. FTX converted crypto donations into cash currency. These kinds of transactions are how it made its money.
...

What? They are claiming that FTX got rich off of donations to the Ukraine crypto donation portal? The portal that transparently tracks all the donations and how the money is used? If FTX made any money from this, the trail would be evident in their books which have been audited. More baseless claims from the "I want to believe" crowd.

Trump Ate Putin's Fudge

 

[CiscoKid]

Is it really any worse than the Trump pee tapes or that Hunter's laptop is all Russian disinformation? There are a lot of stories floating around out there. These days one must use intelligence guided by experience to ferret out the truth.

 

[pmbug]

... These days one must use intelligence guided by experience ...

For purposes of discussion in this forum, I'll settle for folks using intellectual honesty.

Intellectual honesty - Wikipedia

en.wikipedia.org

 

[CiscoKid]

CNN, MSNBC, the Washington Post, the New York Times, CBS, ABC, Time magazine, Newsweek, and HuffPo all assured us that Hunter's laptop was nothing more than Russian disinformation. Everybody now knows better.

Would you have had us believe all those sources out of "intellectual honesty"?

And, if you don't mind me asking, why do you not believe that FTX was being used to launder money to our politicians? In post 336, you admit that the Bidens were using Ukraine in a Quid Pro Quo grifting operation. You further admit that this is standard operating procedure for all politicians. You mention Trump, Bush, and the Clintons. Why, then, is FTX such a stretch?

To me, if we are being honest here, it merely shows that our elected officials will use pretty much anything and everything to personally enrich themselves at taxpayer expense. It has been shown time after time.


Personally, I believe that every politician out there, no matter what side of the aisle they are sitting on, wonders what is in it for them every single time a bill comes up for vote. Thirty of forty years ago, they wanted some pork to take back to their state. And that was fine. Showed they were thinking about their constituents. I believe those days are long past. I doubt very much whether they give much thought about their constituents or their carpet bagging state any longer. I believe every one of them is in it for themselves. Too many are becoming millionaires practically overnight for it to be anything else. What is AOC's net worth right now? How did she get it? She has the IQ of an artichoke and she came to Washington broke.

We are currently watching, in real time, the sacking of Rome. And they really aren't trying very hard to hide it. If I am to use true "intellectual honesty", I must believe that where there is smoke there most certainly is fire. And I don't trust those arsonists one bit.

 

[pmbug]

...
Would you have had us believe all those sources out of "intellectual honesty"?

I am not arbitrating what media anyone here should consume or believe. When I talk about "intellectual honesty", I'm talking about how folks here engage themselves in discussion.

...
And, if you don't mind me asking, why do you not believe that FTX was being used to launder money to our politicians? ...

Because I have not seen any evidence of it. Nothing even remotely credible suggesting it. Every suggestion of it has been disingenuous - suggested in bad faith with mischaracterizations of fact.

Edit: I'm specifically referring to the "FTX laundered money from Ukraine". I won't be terribly surprised if evidence gets exposed that FTX was laundering funds from other sources given the people involved in FTX/Almeda Research.

 

[Unca Walt]

I have trouble not seeing graft, corruption and stealing when the hard data shows that on a salary of $200,000 per year, Nancy Pelosi managed to save $9,300,000 of that $200,000 every single year to give her nice nest-egg of $140,000,000 out of a salary totalling less than one hundredth of that number (2007-2022 is 15 years)

15years x 200,000/year = 1,300,000 grand total Pelosi's salary BEFORE taxes.

I wish I could get $170 net after taxes out of every $10 I am paid.

Bueller? Bueller?

 

[pmbug]

The pros in DC know the real money comes from insider trading.

How Nancy Pelosi's net worth vastly increased while House Speaker

Pelosi's husband, Paul Pelosi, is a millionaire venture capitalist and real estate investor who has been highly successful.

www.newsweek.com

 

[Goldhedge]

The pros in DC know the real money comes from insider trading.

How Nancy Pelosi's net worth vastly increased while House Speaker

Pelosi's husband, Paul Pelosi, is a millionaire venture capitalist and real estate investor who has been highly successful.

www.newsweek.com

Especially if you're creating bills prior to the eventual outcome!

 

[searcher]

The pros in DC know the real money comes from insider trading.

Especially if you're creating bills prior to the eventual outcome!

And keeping insider trading legal for themselves goes a long way to help fill up an empty suitcase.

 

[Unca Walt]

And keeping insider trading legal for themselves goes a long way to help fill up an empty suitcase.

Spot on. What they do LEGALLY every damn' day would put each and every one of us in prison.

 

[searcher]

Sam Bankman-Fried’s lawyers just filed a claim to keep his $450 million in Robinhood shares, arguing he needs them for legal fees

The disgraced crypto founder, once worth $26.5 billion, said he only has $100,000 in his bank account.

finance.yahoo.com

 

[Goldhedge]

Sam Bankman-Fried’s lawyers just filed a claim to keep his $450 million in Robinhood shares, arguing he needs them for legal fees

The disgraced crypto founder, once worth $26.5 billion, said he only has $100,000 in his bank account.

finance.yahoo.com

Sounds like we should have pity on Sammy...

 

[CiscoKid]

The pros in DC know the real money comes from insider trading.

How Nancy Pelosi's net worth vastly increased while House Speaker

Pelosi's husband, Paul Pelosi, is a millionaire venture capitalist and real estate investor who has been highly successful.

www.newsweek.com

Insider trading and having a sham "charity" foundation.

 

[Voodoo]

"We have information that ..."

Really? That's the extent of the support for their assertion that Ukraine funds were routed to Democrats "using FTX cryptocurrency"? Lol. From your source:



Estimates huh? Estimates made by whom and based upon what? It's laughably dumb.



Circumstantial "evidences"? What evidences? Mysterious "estimates" that came out of some anonymous bunghole?



What? They are claiming that FTX got rich off of donations to the Ukraine crypto donation portal? The portal that transparently tracks all the donations and how the money is used? If FTX made any money from this, the trail would be evident in their books which have been audited. More baseless claims from the "I want to believe" crowd.

Trump Ate Putin's Fudge

That was all in crypto remember. So some people could simply go through the transactions and sum them up. The source I saw had it at $100 million. Plenty of proof, despite your repeated denial.

Audited books.... Ha, you haven't been paying attention to the scandal.

 

[Voodoo]

Just a short lift of a private Martin Armstong blog post. Not a big deal because I said the same thing, he either gets Epstein'd or they don't go to a real trial. Clearly they choose the corrupt Get Out of Jail free card.

Link in case you want to check out his investment site or blogs.

Log in - Socrates

www.ask-socrates.com

 

[Goldbrix]

From the 'blowing smoke' department...

View attachment 4948

The FED System only requires 10% CASH Bond UNLESS stated "FULL CASH BOND".

 

[pmbug]

"... where Ukraine funded ..."

Claim based upon what evidence?

Trump Ate Putin's Fudge

 

[Voodoo]

Claim based upon what evidence?

Trump Ate Putin's Fudge

This forum is going to devolve into circular non-sense. But we will reply anyway.

Everything in that graphic is easily proven. Check the wording. Besides, you nor the government has provided Any sort of accounting of the what $70 Billion+ dollars now sent as aid.

Let's start with 1/4 of the graphic. The Democrats support Biden. Well duh.

The second easiest to prove 1/4. The US has indeed sent Billions to the Ukraine.

Even the CFR has it at $48 Billion through Nov.

How Much Aid Has the U.S. Sent Ukraine? Here Are Six Charts.

Six charts illustrate the extraordinary level of support the United States has provided Ukraine in its war against Russian invaders.

www.cfr.org

In 2022, the Biden administration and the U.S. Congress have directed nearly $50 billion in assistance to Ukraine,

Alright, onto the third claim. SBF donated to Democrats. Also easily proven.

"Overall, he gave almost all of the $40 million to Democratic politicians or groups, and just over $200,000 to Republicans, according to the disclosures."

Interactive: Here are the politicians who received money from FTX's Sam Bankman-Fried

FEC filings show the vast majority of his donations went to Democrats, but the FTX founder claims he made "dark-money" contributions to Republicans.

www.marketwatch.com

And let's take a look at the last claim. "Uses US aid to partner with FTX"

They clearly had a partnership with FTX to "accept donations".

Ukraine Partners With FTX, Everstake to Launch New Crypto Donation Website

FTX is converting crypto contributions to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine.

www.coindesk.com

SO the only part of the graphic that might be a stretch is proving they used the US aid directly. What we don't know is who donated those $40-100 million estimate nor any other potential donations.

 

[pmbug]

This forum is going to devolve into circular non-sense. But we will reply anyway.

It will if you never acknowledge replies to your posts (see post #328). This is what I'm talking about vis a vis intellectual honesty.

Edit: Who is "we"?

 

[Voodoo]

It will if you never acknowledge replies to your posts (see post #328). This is what I'm talking about vis a vis intellectual honesty.

Edit: Who is "we"?

Gee, I'm sorry I don't live on here and see every post. Nor do I plan on doing such a thing.

 

[pmbug]

FTX has recovered over $5 billion worth of liquid assets, including cash and digital assets, attorneys in Delaware bankruptcy court said during an FTX bankruptcy hearing Wednesday.

The news comes after federal prosecutors announced plans to seize at least $500 million worth of FTX-connected assets in connection with their ongoing prosecution of FTX co-founder Sam Bankman-Fried.

The recovery will be a welcome boon to FTX customers, which are collectively owed at least $8 billion in missing assets after the crypto exchange imploded in November 2022.
...

FTX has recovered $5 billion worth of 'liquid' assets, lawyers say

FTX lawyers said they had recovered $5 billion of assets, including cash and crypto, bringing customers closer to recovering from the exchange's collapse.

www.cnbc.com

 

[Goldhedge]

$5B/$32B = 16%

 

[rblong2us]

Gives the liquidator and its team a target for costs / expenses

 

[Goldhedge]

FTX Pre-Mortem Overview​

Summary​

In mid November, FTX International became effectively insolvent. The FTX saga, at the end of the day, is somewhere between that of Voyager and Celsius.

Three things combined together to cause the implosion:

a) Over the course of 2021, Alameda’s balance sheet grew to roughly $100b of Net Asset Value, $8b of net borrowing (leverage), and $7b of liquidity on hand.
b) Alameda failed to sufficiently hedge its market exposure. Over the course of 2022, a series of large broad market crashes came–in stocks and in crypto–leading to a ~80% decrease in the market value of its assets.
c) In November 2022, an extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent.

And then Alameda’s contagion spread to FTX and other places, similarly to how Three Arrows etc. ultimately impacted Voyager, Genesis, Celsius, BlockFi, Gemini, and others.

Despite this, very substantial recovery remains potentially available. FTX US remains fully solvent and should be able to return all customers’ funds. FTX International has many billions of dollars of assets, and I am dedicating nearly all of my personal assets to customers.

more

FTX Pre-Mortem Overview

Summary In mid November, FTX International ran into a liquidity crisis. The FTX saga, at the end of the day, is somewhere between that of Voyager and Celsius. Three things combined together to cause the implosion: a) Over the course of 2021, Alameda’s balance sheet grew to roughly $100b of Net...

sambf.substack.com

 

[pmbug]

Sam trying to sway the court of public opinion. Prove it Sam.

...
Bankman-Fried on Thursday launched a channel on SubStack, a platform that supports subscription newsletters. In a blog titled “FTX Pre-Mortem Overview” on Thursday, Bankman-Fried wrote that “I didn’t steal funds, and I certainly didn’t stash billions away.”

The ex-billionaire pleaded not guilty to U.S. federal criminal charges last week and is set to face a trial in October in what could be one of the most high-profile white-collar fraud cases in recent years.

In the SubStack post Thursday, Bankman-Fried said the collapse of FTX’s affiliate trading firm Alameda research was due to its failure to hedge its exposure in the crypto market crash and attacks by FTX’s rival Binance. He also said he hasn’t run Alameda for the past few years.
...
Some of the arguments contradict charges by federal prosecutors and media reports. The Wall Street Journal reported earlier that FTX lent billions of dollars’ worth of customer assets to Alameda while the crypto exchange’s chief executive and senior officials knew of the use of customer funds.

Caroline Ellison, former chief executive of Alameda Research, and Gary Wang, co-founder founder of FTX, has pleaded guilty to federal criminal fraud charges and are cooperating in the prosecution of Bankman-Fried. Nishad Singh, FTX’s former director of engineering, also met with federal prosecutors earlier this week, according to a report by Bloomberg.
...

Sam Bankman-Fried posts detailed defense online while under house arrest: 'I didn’t steal funds, and I certainly didn’t stash billions away'

Sam Bankman-Fried, co-founder and former chief executive of bankrupt crypto exchange FTX, is back online, reviving his defense via a new public forum, while...

www.marketwatch.com