FTX crypto currency exchange CEO Sam Bankman-Fried is a major donor to multiple progressive causes and politicians. This week as FTX starts to collapse, the financial system underneath the exchange looks more like a Ponzi scheme falling apart.
The CEO had been a major donor to regulators on Capitol Hill, and the tentacles of FTX extend to Ukraine where Sam Bankman-Fried was operating to support the Ukraine government with crypto currency collections and donations. The FTX corporation and CEO Sam Bankman-Fried is now under multiple investigations. Here’s the 90-second recap of the current dynamic. WATCH:
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(Via Daily Caller) Sam Bankman-Fried, prolific Democratic donor and ex-CEO of now-bankrupt cryptocurrency exchange FTX, funded the campaigns of members of Congress overseeing the Commodity Futures Trading Commission (CFTC), one of the key bodies tasked with regulating the crypto industry and the subject of Bankman-Fried’s aggressive lobbying.
Bankman-Fried’s FTX is currently under investigation by the CFTC and the Securities and Exchange Commission (SEC) after Bankman-Fried allegedly moved $10 billion in client assets from his crypto exchange to his trading firm Alameda Research, and a liquidity crisis at his exchange which prompted the company to file for bankruptcy. However, prior to the agency’s probe, Bankman-Fried aggressively courted the CFTC – and funded several key lawmakers charged with overseeing the agency, pouring cash into their campaign coffers. (read more)
(Via CoinDesk) The past week has seen a dizzying downward spiral for Sam Bankman-Fried’s huge crypto empire. Bankman-Fried’s FTX crypto exchange has paused withdrawals, and a tentative bailout from rival Binance appears to be kaput. That could put depositor funds at risk, and certainly spells a major setback for not only Bankman-Fried but for the cryptocurrency industry as a whole.
These downfalls aren’t rare in crypto, which is subject to extreme boom-bust cycles. But FTX and Bankman-Fried are unique in the stature they achieved before self-immolating. Over the past three years, FTX has come to be widely regarded as a reputable exchange, despite not submitting to U.S. regulation. Bankman-Fried has himself become globally influential, thanks to his thoughts on cryptocurrency regulation and his financial support for U.S. electoral candidates – not necessarily in that order.
These narratives about both FTX and Bankman-Fried are now clearly dead in the water, given recent evidence that everything was not as it seemed at the exchange, or at Bankman-Fried’s other firm, Alameda Research. (read more)
How long was this known before the election and if so why was it hidden?
Now we know where a lot of the US taxpayer funding to support the Ukraine war ended up. To shore up this ugly baby. 10% to the big guy. Was Hunter on their board?
It was hidden as it was the primary Democrat go fund me for the rigging and fraud.
Amazing how this was kept secret until after the election, when accusations were flying for months.
And SBF is 2nd largest donor behind Siri’s to Democrats?
Rumor is like Soros, SBF was laundering foreign monies into the elections.
SBF is a young, spoiled, privileged, who could never explain to people in the know where he got the funds to start his ponzi scheme. And those around him had no experience.
But he provided monies to the right people.
A CIA startup? I saw a tweet that indicated the company was somehow involved with the WEF too
A more interesting question is why was Konnech CEO Eugene Yu indicted shortly before the election and then had the indictment dropped two days after the election.
LOL, you know at least part of the answer.
HERE WE GO: Janet Yellen Calls For Crypto to be Regulated After Biden Mega-Donor
Collapses Multi-Billion Dollar Crypto Ponzi Scheme (thegatewaypundit.com)
“Treasury Secretary Janet Yellen called for crypto to be regulated after Sam Bankman-Fried, a 30-year-old Democrat darling, spent more than $40 million to ‘pay off’ DC elites to turn a blind eye to his Ponzi scheme through the crypto exchange he founded (FTX).”
Of course everything they all did is already illegal.
He paid a lot of that to lobby for the Digital Commodities Consumer Protection Act, which would grant the CFTC “jurisdiction to oversee the spot digital commodity market,”.
It was introduced by Stabenow, Boozman, Booker and Republican North Dakota Sen. John Thune, three of whom are beneficiaries of Bankman-Fried’s donations
So why would he fund more regulation then blow up his own fund after draining most of it out as kickbacks unless it was part of the intended outcome.
The way I read the situation was he ran an investment company and a crypto exchange. The investment company was losing money, so he hid the losses by “lending” money from the exchange to the investment firm. (implication of funny accounting on the exchange side). But, the money that was “lent” was customer account money that was supposed to be used to buy crypto in the exchange. So now the crypto investors have no assets, and everything is falling apart. I think he was hoping a payoff on the investment side, but after the FB AMZN bloodbath, that money wasn’t coming back.
Now, if the investment side was actually spending on political advertising instead of actual investments, we have many more layers of problems.
And why was Heir Apparent to Republican Senate Leader in bed with these thrives? (Rhetorical question)
I am sure he isn’t the only Republican’t to get his beak wet in this septic pond.
McConnell can’t be too far behind or Thune is covering for him. McTurtle doesn’t like sunlight.
Regulating this may not be a bad thing. Why would it be bad for Thune to want it regulated? This whole clusterflop makes the case for regulation. The wording of that article is fairly nebulous, you don’t know which three of the four took donations.
Bankman-Fried “donated” $37 million to democrats and $201,000 to republicans. This appeaers to be a massive slush fund from Ukraine.
https://www.thegatewaypundit.com/2022/11/go-janet-yellen-calls-crypto-regulated-biden-mega-donor-collapses-multi-billion-dollar-crypto-ponzi-scheme/
Regulations mean the Second Movers don’t get to use the same tricks as the First Movers. Extra helpings of Government will gum it all up.
In other words, it ensures that anyone else won’t be able to play the money laundering game that helped turn these 20-something’s into millionaires.
Thune is South Dakota Senator with his nose firmly up Turtles backside.
There is some sort of CBDC rollout scheduled for early December. It is all coordinated.
Bitcoin was always a threat to the Central Banks.
Let’s see whether the BRICs have an alternative gold and commodities backed currency hiding behind door no. 2.
If they do, then with half the world’s population and a very big chunk of the world’s gold, there will be an alternative.
Unless they are all working together . . .
But does FTX destroy the Central Banks before it destroys Bitcoin?
Russi and China both have pilot CBDCs currently and are furthest along in the roll outs planned for this year.
They are all in it together.
How about an audit of our gold reserves at Fort Knox!!!!!!
all the tea in China
Will they tell us that Goldfinger got all that, years ago?
I had to laugh/cry watching the 99 second video with the ‘everything they all did is already illegal’ because that’s true every time they try to exploit a mass murder or terrorist attack as a call for more unconstitutional gun control. Except in the case of crypto there isn’t any explicit language protecting a citizen’s right to keep and bear crypto.
another manufactured crisis?
No, I think the wheels just came off the bus and they managed to keep it quiet enough until after the “elections”.
Hmm…almost like another World Economic Forum apostle has served his purpose.
Why does that woman still have a job? Rhetorical…
Thank you Sundance!
I read about this earlier and thought –ponzi scheme. I didn’t think too much further than that.
Your take and explanation explains a lot more.
Will be interesting to watch the fall out.
Cat lady calls for Crytpto to be regualated. Can’t have alternative currencys out there to undermine the USD.
HERE WE GO: Janet Yellen Calls For Crypto to be Regulated After Biden Mega-Donor Collapses Multi-Billion Dollar Crypto Ponzi Scheme (thegatewaypundit.com)
The country is broke. They, the elites want to kill you before you find out and kill them. Forever wars, deadly viruses, forced dangerous vaccinations and boosters, civil unrest, deadly fentanyl, murders from illegals let in, guns and shootings on the streets in major cities, empty the prisons, processed foods, bankrupcy, suicide, ya that should do it.
Can you imagine all currency existing on Joe Biden’s computer?
“Mr. President, the Fed advises…no, Mr. President–don’t hit that button…No-No-NO! NOOOOOO!”
I don’t like calling that sonofabitch Mr. President even in a joke.
He would spend all the money on OnlyFans.
More like Backpage
very good description: “Cat Lady”!
The FIB/DOJ will rigorously investigate and find President Trump and MAGA terrorists responsible.
Then we’ll hunt them down in every terrorist loving state in the USSA.
We’ll torture them until they confess their crimes against democracy.
Then we’ll liberate Florida from the evil dictator and put him on show trial.
I like the way you think!
If it ends with Lamp Post Ornaments,sign me up!
Is there any crypt o laws to prosecute this guy with? Fake money doesn’t require laws.
Once upon a time, there was a document that gave the sole right to produce our currency to the federal government whereas before states and others had been issuing their own currency. Crypto currency is exactly what it says it is. It is hidden, has nothing backing it up, and is not a store of value. That’s why the (not)Federal Reserve wants a monopoly on it. It’s the ultimate Ponzi.
So you have veritable children running crypto companies and loaning digital billions to each other based on “reputation”and political goals because no one ever thought of this before! It’s new, improved. Brilliant! And use offshore funding sources (US funding in Ukraine?) and base yourself offshore just in case. And don’t forget to bribe the party in power. I don’t see what could go wrong.
Maple Finance Launches First DeFi Syndicated Loan for Alameda Research
Unlike “traditional DeFi,” which relies on collateral that can be slashed in the event of underpayment, Maple allows users to issue uncollateralized or under collateralized loans to known entities based on reputation.
https://www.coindesk.com/business/2021/11/18/maple-finance-launches-first-defi-syndicated-loan-for-alameda-research/
All that BLM money is not gonna launder itself!
That’s what Ukraine said!
Hedge fund admits half its capital stuck on FTX exchangeGalois warns investors it could take ‘a few years’ to recover assets
https://archive.ph/Q26mN#selection-1417.0-1423.68
The crypto business has parallels to the birth and growth of the internet.
The blockchain technology writ large has real world applications. Some of these projects will be consumed by larger firms and their technology will form the basis of the emerging system. Think RealNetworks streaming technology back when being able to watch video on a computer was a pipe dream.
That said, like the late 90’s internet boom and bust, picking the small # of winners in a sea of losers is a crapshoot. No, more like picking winning Lotto #s.
“The crypto business has parallels to the birth and growth of the internet.” I do not think so.
Blockchain may have some real world applications. Crypto has zero intrinsic value, it is a net drain of real assets. Only a tyrannical government interested in complete control of currency would find a CBDC of value, or a limited fake currency with hidden ownership of value for laundering money. (As happened here) Crypto exists only by the temporairy grace of the Feds, when they want it, they will take it.
Does anybody know what this guy Bankmans background is?
He seems awfully young to have gotten this much control over that much assets without a mentor who would have a recognizable and searchable name (ie: wall street).
Skip to 9:34 in this video…interesting background for sure
Everybody is talking about how Yellen is pushing for regulations. Lol SBF was actually pushing for regulations himself. That’s precisely what pissed CZ off and got all of this rolling. He considered SBF a traitor to the crypto industry.
create the problem for the regulations they have already written.
Hoe many times has this been the playbook?
This thing glows.
And you’re right: create the problem for the regulations they have already written.
That’s a time-tested Perma-Blob strategy, usually involving an agency, “oppositional” lawyers and a crooked judge, all arriving at the pre-scripted outcome.
That way, politicians can pass a new “law” without their fingerprints on it.
… glows like a flourescent turd.
Exactly. Ponzi scheme collapse orchestrated just like a FIB induced mass shooting 🤔
Buying off the left (campaign contributions) is the universal get out of jail free card. This will all go away and this asshole will be ultimately be sentenced to a slap on the wrist or be granted a pardon after the smoke clears.
Nah, this is bigger than Madoff. He’s going to jail. I predict he’ll go on the run first then go to jail.
I’m guessing he’ll be Epsteined – they don’t want him talking.
There is a chance this darling of the current corrupt powers that be, got away with 6 billion or so dollars. If he did this on his own, he will be dead. If he did it to perpetually fund the corrupt deep state, we will likely never know his fate, and whatever story we hear will be just that.
Maybe … if they hadn’t then claimed that they were hacked and the remaining money was stolen. All the funds are gone, ALL of them. The hack is a cover so no one will ever know how much was taken from customer accounts and given to the commiecrats.
Excellent comment.
I think some people outside of any government
may want to talk with this guy. Wouldn’t that be conveiniant.
It’s a real mystery how company run by such a seasoned CEO could go bust
She is 28 and was made CEO 5 years ago
Caroline Ellison
Still glowing.
Even brighter
That level of professorial expertise explains AOC’s decree in economics.
She doesn’t have a degree in economics. She has a degree in international relations and economics, a much more foofy degree than straight economics.
Ugh. Giggle. Ugly, dweeb-y, shlumpy, and giggle.
Children In Authority
Seems obvious the kids are just the front.
Much like Dorsey and co were just the front for the real funders of twitter.
She looks like a COS play actor and twitter influencer. Enjoy prison bitch.
https://www.efinancialcareers.com/news/2022/11/caroline-ellison-alameda-research-ftx-sam-bankman-fried
https://fortune.com/2022/11/11/sam-bankman-fried-crypto-empire-ftx-alameda-run-gang-kids-bahamas-who-all-dated-each-other/
You probably should look into the Dad…
https://law.stanford.edu/directory/joseph-bankman/
And the mother, and his brother and his aunt.
All involved in varying vote rigging, WEF, the pandemic grift and lobbying for payouts.
https://www.roadtoroota.com/public/592.cfm
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Hmmm. Hopefully an international indictment — with the Security Council of the UN leading the charge — due to the connection to Ukraine . . .
I assume that was a joke?
debra…are you jokester????
So, we don’t know what we don’t know. How many people even heard of Sammy before today?
How much exposure do the big banks have to FTX, through derivatives or clients, or something else?
Does this or doesn’t this cascade into a financial system failure and liquidity crisis that is going to end up with a bank bail in – where you cannot withdraw more than a small amount each day, if that?
Is that the plan? Too big to fail banks go under, the banks freeze withdrawals, and Yellen and CBDC come “riding to the rescue ” so economic life can begin again? How wonderful of them to rescue us from the crisis they created. Just like the “pandemic. ”
Create the problem. Cause the reaction. Serve up the solution.
How is everyone fixed for emergency cash?
How did Ukraine allegedly give money to FTX?
Gunther Eagleman™
@GuntherEagleman
“Joe Biden sent our money to Ukraine to fund the FTX Ponzi scheme which in return funded the Democrat Party.
“Only in America”
When theres no oversight attached, well…………………
“No controlling legal authority” remember that? The Democrats always find those lawless areas like the Ukraine to do their dirty work/laundry our tax money!
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And, perhaps John Thune . . ., no?
Despise this man.
Corzine stole billions and wasn’t punished because he’s a Democrat donor/politician. This guy will get a pass.
Couch cushions.
Look under the couch cushions.
https://www.zerohedge.com/markets/ftx-held-just-900mm-liquid-assets-vs-9bn-liabilities-video-emerges-confirming-alameda-knew
If you are interested in how El Salvador uses bitcoin, one year after adopting it, this is the article for you:
https://bitcoinmagazine.com/el-salvador-bitcoin-news/revisiting-el-salvador-bitcoin-year-later
42 MILLION DOLLARS to Candidate Kelley in Arizona!
From US Treasury to Ukraine to Ftx to Kelley.
Reading this makes me almost – almost – want more government regulation. Then I dope-slap myself back to reality.
Just another case of the crooked actions of the Democrat party. This story will be under reported by the media & only be followed by the conservative media. The average voter will never be aware of their crooked dealings. The spineless GOP ‘leadership’ will do nothing to see there are any repercussions. Business as usual.
Don’t forget that what is more important is that PDJT leave politics. #redtrickle
https://bmpro.substack.com/p/counterparty-risk-happens-fast
Just a coincidence that some of the sub companies were named Impossible Finance, Psyoptions, and Polygon ( think gamed out Cyber Polygon out of WEF)?
There’s always a snark at the fools being taken advantage of in the mix somewhere.
Narcissistic psychopath tell.
My favorite name of that type was the Eifuku hedge fund that collpased in 2003.
Did you say WEF?
Not in a great mood tonight. So his empire is collapsing, Good, Once he’s broke hang him!
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Excellent thread. Connects a lot of the dots.
It leaves out the direct MIT Epstein connection though. Did Gary Gensler have any Caribbean vacations too?
Lots of references to a “sex cult” in the FTX tweetdom too, but no direct evidence or links.
This SBF dude looks like a creep and there he is sitting next to two other creeps. The world is a Ponzi scheme and its about to colapse.
I guess this will be the end of Anthony Scaramucci. He was probably behind the $7 million bet that Trump will lose.
Those guys rarely risk their own money. They tend to front up for a slice of the return using other people’s capital.
There is one narrow path that leads to salvation. A broad road, infinitely broad, that leads to destruction.
At some point, you just realize America is a wicked nation filled with wicked, wicked, godless lost souls that simply choose to do whatever their current impulse might lead them to do.
There is no reconciling with such as these. They are not compatible citizens for the American Republic. If they prevail, America is over. And *if* they prevail, then good riddance. At least then the pretense of “Democracy” and the American Republic with all of its fundamentally guaranteed rights and freedoms will be over.
I’ll take honesty (at a minimum) over this charade any day. Perhaps we will even get our country back. But this … this leftist dishonest thievery, and violence – no more.
Not all godless souls are wicked, you know.
All wicked souls are godless.
He stole from investors, funneled money to his power brokers, then ran the company in the ground.
Typical Leftist puke.
Oh, THAT’S where all that money that won’t be audited went . . .
This.
SBF: I don’t care about money.
Investors: But he’ll care about my money!
That’s alright Creepy Joe will congratulate the Alameda CEO for not dating seriously until she’s 30.
Slime, just complete slime.
Maybe MIT’s endowment can help cover some of retail’s losses, as this scam was largely run by two of its professors and one of its graduates. We can throw in the Stanford endowment for good measure.
That would be two hedge funds (with schools attached) chipping in to do social justice, right?
That sounds a great idea.
If the repubs had some balls and were honest they should start the pressure now and run with it.
Reparations for group responsibility are all the rage. Its only fair.
Class action lawsuit, everybody and anybody remotely involved as defendants. Discovery will be quite illuminating.
Where all international criminals go.
https://www.thegatewaypundit.com/2022/11/breaking-exclusive-tens-billions-transferred-ukraine-using-ftx-crypto-currency-laundered-back-democrats-us/
Let me guess- this is all over the mainstream media, right?
https://radiopatriot.net/2022/11/11/brian-cates-says-this-is-an-interesting-thread/
This article mentions Goldman Sachs….
The FBI took President Trumps passport when they raided Mara Largo because he’s such a crook and flight risk (idiots) but this kid is out of the country…who really knows where.
Sickening.
The good news is they’ll get theirs. Millions of us will see to it.
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“The good news is they’ll get theirs. Millions of us will see to it.”
Not holding my breath.
Someone may have a ‘fix’ for this oop$ie. corrupt cop
However,
others would suggest to cop out,
from the c o p (because carbon is good for plant growth, which is good for oxygen in the environment, so being taxed to reduce it would be harmful in 2 way$.)
Love thy neighbors
and they want to trade Carbon too
The other corruptocrat cash cow besides proxy wars and NGOs.
It all seems to me like that incredible, beautiful fabric made of invisible threads when those con artists had convinced the Emperor to let them revamp his wardrobe.
Guess nobody remembers the penny stock days….
Of course, the Democrats are sending billions to themselves. They steal elections, why wouldn’t they steal money?
Tens of Billions Were Transferred to Ukraine and then Using FTX Crypto Currency It Was Laundered Back to Democrats in US
Now the money is gone and FTX is bankrupt
“The now bankrupt FTX launched 13 days after Biden announced campaign
Impeccable timing for the rise of
@FTX_Official, just in time to be the 2nd largest donor to Joe Biden”
J//G0? ???«TYR»
@JagoeCapital
Did you know: Alameda CEO @carolinecapital
‘s Dad, Glenn Ellison is the Department Head of Economics at @MIT
And…
Prior to getting appointed to the SEC, @GaryGensler
was a Professor for the Practice of Global Economics & Management at @MIT
…
So essentially:
Lucky for the Democrats that they own the DOJ!
you got it a babe !!!!!
Yeah, Jim Cramer wouldn’t possibly promote a crime, right Lizzie? Right Sunny? Along with every other media outlet on the planet. YOU ALL make it so easy for them to steal people blind.
I hope you sleep well at night.
Lizzie’s Judgement Day in 18 Nov 2022.
Still waiting for yours.
In the words of the immortal South Park: “Annnd…it’s gone.”
I suppose Biden will see to it the printing presses are fired up he’s bailed out… too important of a donor
Tens of Billions of US Dollars Were Transferred to Ukraine and then Using FTX Crypto Currency the Funds Were Laundered Back to Democrats in US
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.
https://www.thegatewaypundit.com/2022/11/breaking-exclusive-tens-billions-transferred-ukraine-using-ftx-crypto-currency-laundered-back-democrats-us/
All the elites connected to the big guy will be made whole, if they weren’t out weeks ahead of time when given the inside signal to jump ship