[Updated] FTX

[JayJuanGee]

In any case, this is one of the unwelcome occurrences of KYC. It is a collection of customer data waiting to be stolen by hackers.

Are you sure that they are collecting this advance KYC data (including the proof of address) for some other purposes and will not return the funds to the individuals?

So i should not be worried if i am unable to do the KYC    
Though i have already submitted my KYC data again but they have rejected it somehow. Once they rejected my real documents, i started to feel all this process a shady one.

Yes, these are various ways that businesses "legitimately" are able to get out of paying people who deserve to receive their payments ... Sure there may well be sometimes that the payment needs to be refused based on lack of compliance, yet you are right there is something scandalous about those kinds of practices happening. and similar when insurance companies figure out ways to not pay claims based on technicalities.

[virasog]

They had recently used a collateral fund of BUSDC if I can remember correctly. There was news that more than $3 billion of their BUSDC has remained without any collateral which was supposed to be backed by USDC. This isn't fair if true of course. It's alarming but it's not affecting because it's Binance.

Before the FTX crash, nothing was affecting too as everyone knew that SAM would take his exchange to the level up from Binance CZ. Also everyone thought that FTX would become the number 2 exchange after binance and people were blindly trusting FTX.

Same goes for Binance, as people close their eyes on everything as they trust Binance blindly. It is only a matter of time when they all will be shocked to see their beloved exchange ditching them.

[JayJuanGee]

They had recently used a collateral fund of BUSDC if I can remember correctly. There was news that more than $3 billion of their BUSDC has remained without any collateral which was supposed to be backed by USDC. This isn't fair if true of course. It's alarming but it's not affecting because it's Binance.

Before the FTX crash, nothing was affecting too as everyone knew that SAM would take his exchange to the level up from Binance CZ. Also everyone thought that FTX would become the number 2 exchange after binance and people were blindly trusting FTX.

Same goes for Binance, as people close their eyes on everything as they trust Binance blindly. It is only a matter of time when they all will be shocked to see their beloved exchange ditching them.

Binance and FTX are not even close to the same, so hope you do not get too distracted by your US Gov talking points.

[bbc.reporter]

@JayJuanGee. I was also tricked that FTX would be the Binance killer and Sam would be the Bill Gates or the Jeff Bezos of the cryptospace. I am a clown for getting drawn into this hype. However, with everything being very clear today, Sam appears to be like this character created by an exclusive group of politicians to serve their needs on moneylaundering and pump and dump schemes in a not very regulated industry.

[bbc.reporter]

News update.

James Jani made a video that summarizes the story behind FTX and it also speculates what might happen to CZ and Binance for being the trigger of the collapse of FTX and Alameda Research which might have also been caused by Sam himself for using his political connections to lobby against his competitors. However, FTX was also not in a very good financial condition. It would have fallen later if CZ did not dump Binance's holdings of FTT and it would have left them with tokens of no market value.

https://m.youtube.com/watch?v=w3EYKuFGJ5c

[BABY SHOES]

News update.

James Jani made a video that summarizes the story behind FTX and it also speculates what might happen to CZ and Binance for being the trigger of the collapse of FTX and Alameda Research which might have also been caused by Sam himself for using his political connections to lobby against his competitors. However, FTX was also not in a very good financial condition. It would have fallen later if CZ did not dump Binance's holdings of FTT and it would have left them with tokens of no market value.

https://m.youtube.com/watch?v=w3EYKuFGJ5c

Well this was posted by @OmegaStarScream a few days ago on Youtube - James Jani.

I knew there would be more speculation about SBF because behind them are some politicians who support them for the sake of other things, money was flowing in the beginning but once it collapsed in the last year and that's how the more ruthless politics play.

Today's news about SBF:  Sam Bankman-Fried appeal against bail revocation ‘meritless’: Prosecutors

Speaking of Binance I found one tweet about "Binance slow train wreck"
Will Binance suffer the same fate?

[JayJuanGee]

News update.

James Jani made a video that summarizes the story behind FTX and it also speculates what might happen to CZ and Binance for being the trigger of the collapse of FTX and Alameda Research which might have also been caused by Sam himself for using his political connections to lobby against his competitors. However, FTX was also not in a very good financial condition. It would have fallen later if CZ did not dump Binance's holdings of FTT and it would have left them with tokens of no market value.

https://m.youtube.com/watch?v=w3EYKuFGJ5c

Well this was posted by @OmegaStarScream a few days ago on Youtube - James Jani.

I knew there would be more speculation about SBF because behind them are some politicians who support them for the sake of other things, money was flowing in the beginning but once it collapsed in the last year and that's how the more ruthless politics play.

Today's news about SBF:  Sam Bankman-Fried appeal against bail revocation ‘meritless’: Prosecutors

Speaking of Binance I found one tweet about "Binance slow train wreck"
Will Binance suffer the same fate?

I am starting to question the extent to which any of us should be tolerating these kinds of posts comparing Binance to FTX, and maybe they deserve their own thread - because not ONLY are they likely bullshit government sponsored kinds of claims (even if the people who are making such claims do not realize that they are engaged in bullshit FUD spreading), but they are also off topic for this particular thread.. so maybe there is a "Binance is a slow train wreck thread?"  

Even though mostly I don't believe those bullshit talking points which seem to be similar to the ones made about Tether (USDT) since about 2016 or so, I would still watch and even likely participate in such a "Binance is a slow train wreck thread."

Probably, a thread like this one, should be attempting to focus on what the fuck is happening with FTX and the various shenanigans therein (and there are a lot of them, so why get so easily distracted, there is not a shortage of FTX materials and connections and threads of evidence that likely could be discussed and unravelled), rather than getting distracted into supposed Binance comparisons that may or may not even exist in reality.

[bbc.reporter]

News update.

FTX executive Ryan Salami has pleaded guilty and has made a deal to become the next whistleblower against Sam. My speculation only hehehe.

In any case, according to this documentation, he owes the American government $1.5 billion, however, the government has accepted these substitute assets worth $6 million as full payment. This is head shaking. We can only speculate on what other agreements were made in this settlement.

Substitute assets that were mentioned are 2 houses, equity interest in East Rood Farm corporation and a 2021 porsche 911 hehehehe.

Source https://www.docdroid.net/j71g1oq/forfeit-salami-pdf

[Marvell1]

News update.

FTX executive Ryan Salami has pleaded guilty and has made a deal to become the next whistleblower against Sam. My speculation only hehehe.

In any case, according to this documentation, he owes the American government $1.5 billion, however, the government has accepted these substitute assets worth $6 million as full payment. This is head shaking. We can only speculate on what other agreements were made in this settlement.

Substitute assets that were mentioned are 2 houses, equity interest in East Rood Farm corporation and a 2021 porsche 911 hehehehe.

Source https://www.docdroid.net/j71g1oq/forfeit-salami-pdf

Ryan Salami's guilty plea means that to date, we have had four FTX executives plead guilty. Gary Wang, Nishad Singh, Caroline Ellison have all pleaded guilty and agreed to cooperate with the investigation before, and this time Ryan Salami. According to a news report, SBF and four accomplices will appear in court for fraud to be held in October. Previously, the SBF had denied the charges that the court had ruled him. But with his accomplices pleading guilty one by one, I think he's starting to panic.

[bbc.reporter]

@Marvell1. We cannot be quite certain in what mental condition Sam is presently right now, however, we can be very sure prison is not a very good place for him.

In any case, does anyone in this thread know Martin Shkreli? He was a hedgefund manager who commited securities fraud and who is also quite known and admired in the cryptospace. He has recently been doing twitter spaces where he talks about updates on Sam in prison.

The information comes from his source, a person he also met in prison.

Here is one of the spaces.

https://twitter.com/wagieeacc/status/1699971326776123594?s=20

[Marvell1]

@bbc.reporter, I don't know about this guy but I just discovered one more interesting detail. In addition to the four senior leaders of FTX who have pleaded guilty, we also have a very rarely mentioned character, Sam Trabucco. This is the official CEO of Alameda, and Caroline Ellison was only CEO of Alameda for a year before FTX went bankrupt. So far, Sam Trabucco has not been arrested, and the question is whether he knew something, or if there was a larger force backing him.

Another piece of information I just found is that the SBF trial will take place in March 2024 instead of October 2023 as expected.

[dragonvslinux]

There is chatter on Twitter about FTX liquidating assets next week, does anyone have more info on this? In total it's $3.4b, $268m of which is in Bitcoin (7.8%).

The proposed plan is to sell assets worth up to $200M per week.

This would mean liquidating assets for the next 17 weeks if kept at the same pace (and info is correct).  For Bitcoin, this would only mean around $16m per week which doesn't sound too bad.

This could be the moment where certain altcoins get crushed even harder against Bitcoin, and it's higher liquidity will be a lot more resilient to selling pressure.

Also another guess would be taking the Bitcoin to OTC and potentially selling it there a lot quicker while the rest of the market suffers. for longer.

[bbc.reporter]

@bbc.reporter, I don't know about this guy but I just discovered one more interesting detail. In addition to the four senior leaders of FTX who have pleaded guilty, we also have a very rarely mentioned character, Sam Trabucco. This is the official CEO of Alameda, and Caroline Ellison was only CEO of Alameda for a year before FTX went bankrupt. So far, Sam Trabucco has not been arrested, and the question is whether he knew something, or if there was a larger force backing him.

Another piece of information I just found is that the SBF trial will take place in March 2024 instead of October 2023 as expected.

That is the other Sam, the Sam who retired before everything went to shit with Alameda and when they took billions in loans and used FTX's illiquid token FTT as collateral. It might also be possible that other Sam is a secret agent working for the government. Once his work was done and knew what would happen to FTX, he resigned. Why is the SEC or another government agency not asking questions about him?

[JayJuanGee]

@bbc.reporter, I don't know about this guy but I just discovered one more interesting detail. In addition to the four senior leaders of FTX who have pleaded guilty, we also have a very rarely mentioned character, Sam Trabucco. This is the official CEO of Alameda, and Caroline Ellison was only CEO of Alameda for a year before FTX went bankrupt. So far, Sam Trabucco has not been arrested, and the question is whether he knew something, or if there was a larger force backing him.

Another piece of information I just found is that the SBF trial will take place in March 2024 instead of October 2023 as expected.

That is the other Sam, the Sam who retired before everything went to shit with Alameda and when they took billions in loans and used FTX's illiquid token FTT as collateral. It might also be possible that other Sam is a secret agent working for the government. Once his work was done and knew what would happen to FTX, he resigned. Why is the SEC or another government agency not asking questions about him?

After reading these posts, I had to look up some of the Sam Trabucco information, so yeah he was at Alameda Research from about March 2019 until August 2022, and so he was co-CEO for only about 10 months.

https://en.wikipedia.org/wiki/Sam_Trabucco

I guess it is not really clear where he is, but I suppose if he is on his $2.5 million yacht.. then people might have some kind of ideas where the yacht is..

Bought a Yacht in 2022 (September 2023):
https://cointelegraph.com/news/ftx-yacht-former-alameda-ceo-sam-trabucco

Might be in South America area (March 2023)
https://bitkan.com/learn/where-is-sam-trabucco-now-who-is-sam-trabucco-12918

[bbc.reporter]

@JayJuanGee. His official location is he might be on his yacht sailing international waters where he cannot be under any law of any jurisdiction and he might only secretly be docking on land through another boat if wants rest and recreation hehehhe.

Also, if you look more deeply on the history about Sam, other Sam, FTX and Alameda, where did they come from? Their story is nothing similar to CZ or Jesse Powell where you knew they were in crypto for years before they became successful. On Sam no one knew who they were or Caroline or Gary Wang. They suddenly became crypto celebrities.

[JayJuanGee]

@JayJuanGee. His official location is he might be on his yacht sailing international waters where he cannot be under any law of any jurisdiction and he might only secretly be docking on land through another boat if wants rest and recreation hehehhe.

Also, if you look more deeply on the history about Sam, other Sam, FTX and Alameda, where did they come from? Their story is nothing similar to CZ or Jesse Powell where you knew they were in crypto for years before they became successful. On Sam no one knew who they were or Caroline or Gary Wang. They suddenly became crypto celebrities.

We are on the same page regarding the various bullshit backstories of the overnight child wonders of FTX. It surely does not add up, and quite a few times, I have posted about my own various skepticisms - including when there are attempts to equate CZ with those childish FTX twats - including that even some of the credible bitcoiners are being divided into the baloney ideas of CZ being the problem (or a problem that is even in the same ballpark as those snot-nosed vegan supposed effective altruism FTX PsyOp twats)...

Even various aspects of the official story(ies) are still not adding up, even though some of these ideas about the seemingly fake backstories are coming up from time to time and they have to either be quashed or ignored or pushed under the rug when possible.

[bbc.reporter]

@JayJuanGee. There is another that does not add up. Sam is almost obese, however, the cryptonews media declare that he is vegan hehehehe.

In any case, news update on Sam Tabasco. There is a court filing that exhibits a trading account in FTX might have special powers heheheheee. There is a user called trabby under Alameda Research's main account which appears this account cannot be liquidated. It is not certain if this username belongs to Sam Tabasco, however.

https://www.docdroid.net/ZIMK5tP/sdny-1-22-cr-00673-lak-272-0-pdf#page=15

[BigBos]

I read something quite interesting about FTX and Sam that made the latest headlines.

The title is quite explicit in that Sam feels that he is the one who is ostensibly innocent in the current FTX collapse.

Source

The same article also contained Sam's words that "And the truth is that I did what I thought was right."
Honestly, it is a very high confidence from SBF because in this case it is as if he is someone who does not feel guilty for what he has done so far and confidently says that all actions that have proven to make many people suffer are not his fault.
On the other hand, psychologically it seems that in this case SBF is a little damaged because with his ambition and goals he will do whatever he thinks is the truth without caring about how others feel.

[JayJuanGee]

I read something quite interesting about FTX and Sam that made the latest headlines.

The title is quite explicit in that Sam feels that he is the one who is ostensibly innocent in the current FTX collapse.

Source

The same article also contained Sam's words that "And the truth is that I did what I thought was right."
Honestly, it is a very high confidence from SBF because in this case it is as if he is someone who does not feel guilty for what he has done so far and confidently says that all actions that have proven to make many people suffer are not his fault.
On the other hand, psychologically it seems that in this case SBF is a little damaged because with his ambition and goals he will do whatever he thinks is the truth without caring about how others feel.

We are not at the punishment stage yet and sure Sam yet been found guilty, so he has rights to defend himself, and maybe there is more tolerance for not feeling guilty or showing remorse before being convicted (presuming that he is going to end up getting convicted of some of the allegations), yet I get the sense that mentality (if his claims of innocence and sweetness does not simmer down a bit), that way of thinking and speaking out likely will end up getting him worse punishment, because if he does not have any remorse, then it is less likely anyone whether judge or jury is going to feel that he deserves a break... but yeah, hey, maybe I am jumping ahead of myself and he has rights to proclaim himself as innocent until some point that he decides that he has lost and either needs to enter a settlement or if he gets a judgement against himself.

I wonder if his parents feel remorse about their involvement?  or alternatively about their having had raised such a psycho kid?  I hear that they are similar kinds of personalities and philosophies... and maybe we are hearing exaggerations of how Sam is similar to his parents because we don't really know his parents too much even there are some discussions of them.

Mom and Dad are still staying out of jail, and that might be part of the important story. which seems to not be too good of a reflection upon our justice system.

[BigBos]

We are not at the punishment stage yet and sure Sam yet been found guilty, so he has rights to defend himself, and maybe there is more tolerance for not feeling guilty or showing remorse before being convicted (presuming that he is going to end up getting convicted of some of the allegations), yet I get the sense that mentality (if his claims of innocence and sweetness does not simmer down a bit), that way of thinking and speaking out likely will end up getting him worse punishment, because if he does not have any remorse, then it is less likely anyone whether judge or jury is going to feel that he deserves a break... but yeah, hey, maybe I am jumping ahead of myself and he has rights to proclaim himself as innocent until some point that he decides that he has lost and either needs to enter a settlement or if he gets a judgement against himself.

I wonder if his parents feel remorse about their involvement?  or alternatively about their having had raised such a psycho kid?  I hear that they are similar kinds of personalities and philosophies... and maybe we are hearing exaggerations of how Sam is similar to his parents because we don't really know his parents too much even there are some discussions of them.

Mom and Dad are still staying out of jail, and that might be part of the important story. which seems to not be too good of a reflection upon our justice system.

If there is evidence that parents are involved and know about SBF activities but still support it, then there is no reason not to go to prison. Moreover, with large amounts, it will likely be easier to prosecute legally with the evidence attached. SBF continues to defend actions that no one can justify. Once wrong is always wrong and he must follow the law as proof of responsibility. So in my opinion this is just SBF's awareness and responsibility, he has to make peace with the fact that his position is on the wrong track. Psychology cannot be a reference, because from the start SBF did this very consciously without any pressure or threats from anyone. How is it possible that someone who is psychologically disturbed could easily play a huge role in creating losses for millions of people.

The fruit doesn't fall far from the tree, lol
In essence, a person's behavior and actions, or in this case SBF, start from the smallest things that are influenced by the surrounding environment.