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Thread: Major crypto exchange FTX is about to collapse

  1. #121
    Owner Dan Druff's Avatar
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    Quote Originally Posted by sonatine View Post
    Quote Originally Posted by sonatine View Post



    this is really a big part of the point i was making yesterday.

    fraud is when you line your own pockets with a rug pull.

    the overwhelming majority of missteps that brought down ftx _appear_ to simply be impulsive gestures based on shit that worked a hundred times before it didnt.

    the recent 'hacks' are a different convo, we dont know what happened there. im more inclined to chalk it up to north korea than insiders but whatever.

    there were so many incredibly high risk plays made that were obviously not designed to deceive, but simply to be flashy 'i can so i will' type maneuvers... i dont know what a court can do with that, and i dont know what court would even have jurisdiction.


    alameda just copped to loans being used to finance venture capital investments at the peak of the bull run being the root cause. the loans got called and they used investor capital to cover. its just not clear to me if/how thats going to get prosecuted.

    there may be some bookkeeping charges coming but honestly you really cant prosecute when a fund goes batshit. at best you can sue and lest we forget, burry got sued for halting withdrawals from scion in 2007 and no one got a penny from him because he was within his contractual rights.

    its just not clear to me what contractual boundaries alameda had in place, or what is / is not allowed in the bahamas...


    Yeah this might be the center of any criminal case brought against these four people. If Caroline really did tell people that she knew the entire time that SBF stole $10 billion in order to invest elsewhere, that makes SBF clearly guilty, Caroline a direct accomplice, and the other two likely accomplices as well.

    Does anyone know why that "other" Sam guy left Alameda in August? He was co-CEO with Caroline, prior to his departure. From reading replies to Caroline's tweets about it at the time, it seemed there was already some suspicion that things weren't quite right there. Maybe the guy bounced because he was uncomfortable regarding what was going on, and knew the shit would hit the fan soon enough?

  2. #122
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by sonatine View Post



    alameda just copped to loans being used to finance venture capital investments at the peak of the bull run being the root cause. the loans got called and they used investor capital to cover. its just not clear to me if/how thats going to get prosecuted.

    there may be some bookkeeping charges coming but honestly you really cant prosecute when a fund goes batshit. at best you can sue and lest we forget, burry got sued for halting withdrawals from scion in 2007 and no one got a penny from him because he was within his contractual rights.

    its just not clear to me what contractual boundaries alameda had in place, or what is / is not allowed in the bahamas...


    Yeah this might be the center of any criminal case brought against these four people. If Caroline really did tell people that she knew the entire time that SBF stole $10 billion in order to invest elsewhere, that makes SBF clearly guilty, Caroline a direct accomplice, and the other two likely accomplices as well.

    Does anyone know why that "other" Sam guy left Alameda in August? He was co-CEO with Caroline, prior to his departure. From reading replies to Caroline's tweets about it at the time, it seemed there was already some suspicion that things weren't quite right there. Maybe the guy bounced because he was uncomfortable regarding what was going on, and knew the shit would hit the fan soon enough?
    Which jurisdiction is going to prosecute in your opinion?

  3. #123
    Diamond TheXFactor's Avatar
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    Sam Bankman-Fried reportedly said it was a mistake to pick a fight with Binance CEO Changpeng Zhao: 'not a good strategic move on my part"

    https://www.businessinsider.com/sam-...report-2022-11

    No Shit!!!



  4. #124
    Owner Dan Druff's Avatar
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    Caroline Ellison in November 2011... just 11 short years before she was on the run from the law. I bet the 17-year-old girl in this picture would have never predicted such a thing.

    http://mathprizeforgirlscommunity.bl...es-indeed.html


  5. #125
    Plutonium sonatine's Avatar
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    yeah sorry to be clear on the run from what law exactly?

    im unaware of any pending legal cases / charges.

    obviously who knows what the future may hold but i believe the bahamian security is 100% passive at this point and they have agreed not to leave the country, and she's chilling in hong kong currently.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  6. #126
    Plutonium sonatine's Avatar
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    like the vultures are clearly circling but its remarkable that somehow no one can find a broken law to go ham on yet


    https://twitter.com/#!/x/status/1592448933577777164
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  7. #127
    Owner Dan Druff's Avatar
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    I think Caroline's admission to certain employees that she knew the funds were stolen from FTX is going to be the downfall of at least her and SBF.

    Had this just been mishandled by FTX itself as an "investing customer assets and losing it all" fashion, then there still would probably be some charges, but they could plead ignorance and say that banks do exactly that, so they were basically doing the same thing.

    Here SBF snuck in a backdoor in the system, which allowed him to swiftly transfer out 10 billion in assets, and his polyamorous, sometimes-girlfriend knowingly received the stolen assets and then traded with them for their sister company's gain.

    It's that extra step in the middle which will really get them, and apparently Caroline admitted it to enough people to where it's going to be hard to deny.

    I'd be shocked if any of them set foot on US soil voluntarily.

  8. #128
    Plutonium sonatine's Avatar
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    yeah but youre not showing me a law and how it was broken.

    its not clear that using client funds to cover loan recalls is a crime if youre running a fund in the bahamas.

    remember that ftx/alameda were not fdic insured or anything close to it, they arent beholden to the legal/regulatory constraints of us law.

    now for all i know, the bahamian prosecutors can say 'yes under our laws, crimes were committed' and that would get the ball rolling but again its real real real interesting that the clock is ticking and not a single authority with jurisdiction over those entities has done anything more than express concern.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    It won't be difficult for the U.S. to charge and convict SBF. Also, the Bahamas has an extradition treaty with the United States, so if the Bahamas isn't detaining him, I'd imagine he'll be leaving any minute now.

    https://www.yahoo.com/news/could-sam...171405966.html

    https://www.vanityfair.com/news/2022...-investigation

  10. #130
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  11. #131
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    Quote Originally Posted by sonatine View Post
    like the vultures are clearly circling but its remarkable that somehow no one can find a broken law to go ham on yet


    https://twitter.com/#!/x/status/1592448933577777164
    Yeah it is hilarious they can't find anything on him.....or any other Dem operative shoving multi millions into their coffers.

    How is that Hunter Biden prosecution coming along?

    You can lie cheat steal and break any law you want as long as you are on the right side.

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    John Mayer really needs to lose a lot of weight

    This severe drop off in quality of pussy has gotta be extremely demoralizing for the poor guy

  14. #134
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    Great podcast with Bitcoin Marty explaining all this in the most simple way possible.



    He mentions this could lead to a long term bear market for BTC and that the damage was tremendous. He said all alt coins are basically done. That is how this clown pulled this off. Used a coin they literally invented out of thin air as collateral to buy up distressed assets. Then Binance annnounced this shitcoin is worth nothing, we are liquidating our position....and then the house came crashing down because everyone followed their lead. MANY questions about who knew what......because a lot of this especially on the VC end just isn't adding up. The entire company and their parent company were run by a bunch of children who if they talked to them for 2 min, would have proven to not be somewhere you are going to park 400 mily for Sam to have nerd meth orgies in the Bahamas.

    The only issue this Sam guy has is that FTX was based out of Florida.....he doesn't have any politicians on the payroll there to protect him. I'm not sure how all that factors in with Feds and all, but safe to say if he was operating pout of say....California......probably wouldn't have much to worry about.
    Last edited by NaturalBornHustler; 11-15-2022 at 03:30 PM.

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    Marc Cohodes, a short seller, believes that Dan Friedberg is the mastermind behind the FTX Ponzi and that SBF was the useful idiot.

  16. #136
    Plutonium sonatine's Avatar
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    https://threadreaderapp.com/thread/1...873825794.html


    a first person account / analysis of the literal entire history of ftx.

    its the hows and who's and whys.

     
    Comments
      
      Sanlmar: Tremendous read.
      
      NaturalBornHustler: amazing
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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  18. #138
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Stake.com, the #1 crypto casino, is taking up to $2,000,000 bets per World Cup match. Eddie Craven is one of the owners and he is in Australia. I can't believe Uncle Sam hasn't got a hold of him. He is not hiding in shithole Costa Rica or Antigua.

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