[Updated] FTX

[Fauderz]

https://www.talkimg.com/images/2023/10/16/RcOUG.png
the FTX case has widened again and has led to several well-known celebrities and athletes now being questioned and charged for allegedly supporting FTX.
In some of the articles I've read there are at least a few names such as Naomi Osaka, former baseball superstar David Ortiz, and Kevin O'Leary currently being investigated for their involvement with Sam and FTX in addition to Tom Brady and Steph Curry are also now starting to be investigated for receiving money from Sam (which came from stolen customer money) for their endorsement deals in the form of FTX paltform advertisements.
Tom Brady reportedly received $55 million for just 20 hours of work advertising FTX for 3 years and $35 million for Steph Curry who did the same for 3 years.

https://fortune.com/crypto/2023/10/02/sam-bankman-fried-tom-brady-gisele-bundchen-michael-lewis-60-minutes/

https://www.cbsnews.com/boston/news/sam-bankman-fried-tom-brady-ftx-60-minutes-michael-lewis/

[1714290440]

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[1714290440]

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[bbc.reporter]

@Fauderz. These sports celebrities are also victims by Sam Bankman Fried and no one is implying that they were supporting the scam. They supported FTX the cryptocoin exchange. They did not know Sam was scamming everyone since since 2019. The year is according to some speculations on social media.

I reckon Tom Brady, Steph Curry and the others should return the money and have their own lawsuit against Sam for damages caused. It might have caused the divorce of Tom Brady's marriage hehe.

[JayJuanGee]

the FTX case has widened again and has led to several well-known celebrities and athletes now being questioned and charged for allegedly supporting FTX.
In some of the articles I've read there are at least a few names such as Naomi Osaka, former baseball superstar David Ortiz, and Kevin O'Leary currently being investigated for their involvement with Sam and FTX in addition to Tom Brady and Steph Curry are also now starting to be investigated for receiving money from Sam (which came from stolen customer money) for their endorsement deals in the form of FTX paltform advertisements.
Tom Brady reportedly received $55 million for just 20 hours of work advertising FTX for 3 years and $35 million for Steph Curry who did the same for 3 years.

https://fortune.com/crypto/2023/10/02/sam-bankman-fried-tom-brady-gisele-bundchen-michael-lewis-60-minutes/

https://www.cbsnews.com/boston/news/sam-bankman-fried-tom-brady-ftx-60-minutes-michael-lewis/

Cited for viewability of image

[Rikafip]

the FTX case has widened again and has led to several well-known celebrities and athletes now being questioned and charged for allegedly supporting FTX.

I have to say I am glad that I don't see Larry David's name being mentioned even though he made FTX SuperBowl commercial (which I think it was hilarious lol). For those who missed it, here is the link https://www.youtube.com/watch?v=hWMnbJJpeZc


In other FTX related news, Cointelegraph reports that FTX debtors could get $9 billion by the end of Q2 2024. The big question is what's the percentage that each debtor will receive though and another interesting thing is that those who withdrew more than $250k within 9 days of FTX collapse will have their claim reduced by 15%.

The customers of bankrupt crypto exchanges FTX and FTX.US could see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors.
On Oct. 17, FTX debtors said they reached a “major milestone” in their Chapter 11 case after “extensive discussions” with the unsecured creditors’ committee, a committee of non-United States customers, and class action plaintiffs regarding customer property disputes.
Part of the amended plan consists of the “shortfall claim,” in which FTX debtors estimate that customers of FTX.com and FTX.US would collectively receive 90% of assets available for distribution.

The shortfall claim is estimated to be approximately $8.9 billion for FTX.com and $166 million for FTX.US. If approved by the bankruptcy court, FTX expects these funds to be disbursed by the end of the second quarter of 2024.

[bbc.reporter]

@Rikafip. Will the debtors recieve all of the $9 billion in stablecoins? This is my only wish for 2024 and this will certainly be a pump on the market when they want to speculate on bitcoin and other cryptocoins affer the halving hehehehe.

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

[Rikafip]

@Rikafip. Will the debtors recieve all of the $9 billion in stablecoins? This is my only wish for 2024 and this will certainly be a pump on the market when they want to speculate on bitcoin and other cryptocoins affer the halving hehehehe.

I have no idea in which currency they plan to send these money to debtors. Does anyone know what's the practice in similar cases?

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

It would probably be best for him not to testify at all as I don't see how he can improve his position considering everything that has happened (if anything I think he might make it even worse) It would be very interestingness to hear him though and I have no doubts that he will try to put the blame on CZ/Binance for FTX downfall.

[bbc.reporter]

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

It would probably be best for him not to testify at all as I don't see how he can improve his position considering everything that has happened (if anything I think he might make it even worse) It would be very interestingness to hear him though and I have no doubts that he will try to put the blame on CZ/Binance for FTX downfall.

On the hearing to be very interesting, I very much agree. Why did they not make this a public trial where we can watch it on video similar to Johnny Depp vs. Amber Heard hehehehe.

Also, I have noticed that there many articles from mainstream media that appear to report any type of fud they can create for clickbait. They want the people outside of the cryptospace think that FTX represents crypto and make it imply that crypto is a rotten business.



Why the SBF Trial Reveals the Dark Side of Crypto: Unveiling the Rotten Business

Source https://vigourtimes.com/why-the-sbf-trial-reveals-the-dark-side-of-crypto-unveiling-the-rotten-business/

The SBF trial is a reminder that crypto is a rotten business

Source https://www.businesstimes.com.sg/opinion-features/sbf-trial-reminder-crypto-rotten-business

The SBF trial is a reminder that crypto is a rotten business

Source https://ustoday.news/the-sbf-trial-is-a-reminder-that-crypto-is-a-rotten-business/



The crypto is a rotten business storyline, paid for by George Soros to cause a bitcoin dump then he will buy heheheehe.

[Rikafip]

On the hearing to be very interesting, I very much agree. Why did they not make this a public trial where we can watch it on video similar to Johnny Depp vs. Amber Heard hehehehe.

You know, I was thinking about the same thing when SBF trial started. Just imagine all of that meme material that we would get...especially when his ex-girlfriend appeared.  

Also, I have noticed that there many articles from mainstream media that appear to report any type of fud they can create for clickbait. They want the people outside of the cryptospace think that FTX represents crypto and make it imply that crypto is a rotten business.

That was expected to happen, but just look at alll that media changing tune when bitcoin reaches new all time high. Then we gonna see titles like "if you invested $500 worth of bitcoin in 2010, today you would be a millionaire.

[JayJuanGee]

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

It would probably be best for him not to testify at all as I don't see how he can improve his position considering everything that has happened (if anything I think he might make it even worse) It would be very interestingness to hear him though and I have no doubts that he will try to put the blame on CZ/Binance for FTX downfall.

On the hearing to be very interesting, I very much agree. Why did they not make this a public trial where we can watch it on video similar to Johnny Depp vs. Amber Heard hehehehe.

Also, I have noticed that there many articles from mainstream media that appear to report any type of fud they can create for clickbait. They want the people outside of the cryptospace think that FTX represents crypto and make it imply that crypto is a rotten business.

Why the SBF Trial Reveals the Dark Side of Crypto: Unveiling the Rotten Business

Source https://vigourtimes.com/why-the-sbf-trial-reveals-the-dark-side-of-crypto-unveiling-the-rotten-business/

The SBF trial is a reminder that crypto is a rotten business

Source https://www.businesstimes.com.sg/opinion-features/sbf-trial-reminder-crypto-rotten-business

The SBF trial is a reminder that crypto is a rotten business

Source https://ustoday.news/the-sbf-trial-is-a-reminder-that-crypto-is-a-rotten-business/

The crypto is a rotten business storyline, paid for by George Soros to cause a bitcoin dump then he will buy heheheehe.

Crypto is a rotten business... especially when you say the word crypto, I don't understand what the fuck you are talking about...  Crypto is an amorphous concept... but yeah, maybe it might be an o.k. term when talking amorphously about things, and not really being clear..  

I have some folks try to say that there is good altcoins and there are bad ones and trying to distinguish from that direction, but it seems that the way to distinguish is to start from the understanding of bitcoin and then perhaps to suggest that there are a variety of affinity products and various kinds of shitcoins, so yeah some are worse than others, but you still should be trying to start with bitcoin rather than repeat to use their dumb, vague and misleading language. .which generally they may well be correct when they say crypto is rotten, because they are mostly failing/refusing to be specific (and perhaps purposefully so).  

So yeah they are also mixing up crypto and bitcoin and not really talking about matters in very clear ways.. but who would really expect mainstreamers to know what is bitcoin or even to attempt to talk about these kinds of matters in clear ways, and then many of them might even be intentionally working on exacerbating the confusion, so if they are talking in vagaries, then yeah many people are going to end up getting all kinds of confusing messages... and likely ongoingly we are going to see that generally the information tends to be bad, but every once in a while there will be some folks who are clarifying matters in ways that help to make it more clear, and sure many of us here might be able to do better jobs of explaining, but some of us might not really help in terms of putting matters into a kind of proper, better and less misleading context.

[bbc.reporter]

@Rikafip. If CZ did not trigger the collapse of FTX and only waited for the market to become more bullish, I reckon FTX would be out of insolvency now after this present pump on bitcoin and altcoins hehehehe.

[JayJuanGee]

@Rikafip. If CZ did not trigger the collapse of FTX and only waited for the market to become more bullish, I reckon FTX would be out of insolvency now after this present pump on bitcoin and altcoins hehehehe.

It's hard to know isn't it.  They were such degenerate gamblers that it seems sooner or later their goose was going to get cooked.

And surely CZ did not trigger their collapse in as much of a way as that overly-simplified narrative is frequently spun with way more emphasis than it deserves.  But, hey whatever, believe what you like.

[Rikafip]

@Rikafip. If CZ did not trigger the collapse of FTX and only waited for the market to become more bullish, I reckon FTX would be out of insolvency now after this present pump on bitcoin and altcoins hehehehe.

I have to agree with JayJuanGee - the way things were ran there it was just a matter of time before shit hit the fan. I say it was better that it happened sooner than later as if this thing ran for a couple of years more, way more people would end up getting rekted as they kept expanding.

I feel sorry for all people that lost money there (and few of my close friends are among them as well) but in the end it was blessing in disguise that it happened last year.

[UchihaSarada]

It's hard to know isn't it.  They were such degenerate gamblers that it seems sooner or later their goose was going to get cooked.

And surely CZ did not trigger their collapse in as much of a way as that overly-simplified narrative is frequently spun with way more emphasis than it deserves.  But, hey whatever, believe what you like.

The famous degen and one of biggest scammers in history, Sam Bankman-Fried, made extremely stupid mistake like majority of cryptocurrency degens.

SBF was super greed with altcoins and his money gone with altcoins, his Tier 1 exchange FTX gone with his degen gamble in altcoins but victims are more painful because many of them even lost their savings or before this fiasco, they did not enjoy their life with lucrative things like SBF.

If SBF had gambled with Bitcoin, maybe he, FTX and Alameda Research would have gotten better results.

[Rikafip]

Great news everyone, FTX is considering proposals from three bidders to restart the exchange! 

I have no doubt that people will forget about everything that has happened in the past and will use FTX once again in the same way they were before, meaning using CEX to store their crypto.

FTX Trading Ltd. is considering proposals from three bidders to restart trading on what had been one of the world’s biggest crypto exchanges before the company sank into bankruptcy amid fraud allegations.
The company will make a decision about how to proceed by mid-December, the company’s investment banker, Kevin M. Cofsky of Perella Weinberg Partners, said Tuesday during a court hearing in Wilmington, Delaware. FTX is negotiating details of potentially binding offers with investors, Cofsky said.

Options include selling the entire exchange, including a valuable list of more than 9 million customers, or bringing in a partner to help restart the exchange, Cofsky told US Bankruptcy Judge John Dorsey. FTX is also mulling a reboot of the trading platform on its own, he said.

[bbc.reporter]

@Rikafip. If CZ did not trigger the collapse of FTX and only waited for the market to become more bullish, I reckon FTX would be out of insolvency now after this present pump on bitcoin and altcoins hehehehe.

I have to agree with JayJuanGee - the way things were ran there it was just a matter of time before shit hit the fan. I say it was better that it happened sooner than later as if this thing ran for a couple of years more, way more people would end up getting rekted as they kept expanding.

I feel sorry for all people that lost money there (and few of my close friends are among them as well) but in the end it was blessing in disguise that it happened last year.

I also agree. FTX's collapse was coming sooner or later and if CZ did not trigger it, certainly another triggering event would have certainly occurred later. I never implied that FTX had a healthy balance sheet. It was only making a comment on how it would be funny that this pump on the cryptospace would have removed FTX out of insolvency hehehehe.

[Numenor]

From my understanding all coins will be liquidated and debtors will be paid in USD for the USD equivalent of their balance at the time of the ftx bankruptcy filing.

@Rikafip. Will the debtors recieve all of the $9 billion in stablecoins? This is my only wish for 2024 and this will certainly be a pump on the market when they want to speculate on bitcoin and other cryptocoins affer the halving hehehehe.

I have no idea in which currency they plan to send these money to debtors. Does anyone know what's the practice in similar cases?

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

It would probably be best for him not to testify at all as I don't see how he can improve his position considering everything that has happened (if anything I think he might make it even worse) It would be very interestingness to hear him though and I have no doubts that he will try to put the blame on CZ/Binance for FTX downfall.

[JayJuanGee]

From my understanding all coins will be liquidated and debtors will be paid in USD for the USD equivalent of their balance at the time of the ftx bankruptcy filing.

@Rikafip. Will the debtors recieve all of the $9 billion in stablecoins? This is my only wish for 2024 and this will certainly be a pump on the market when they want to speculate on bitcoin and other cryptocoins affer the halving hehehehe.

I have no idea in which currency they plan to send these money to debtors. Does anyone know what's the practice in similar cases?

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

It would probably be best for him not to testify at all as I don't see how he can improve his position considering everything that has happened (if anything I think he might make it even worse) It would be very interestingness to hear him though and I have no doubts that he will try to put the blame on CZ/Binance for FTX downfall.

You may well be correct Numenor... but what are your sources of information besides just suspecting that is how this valuation of reimbursements matter is going to be handled.

[bbc.reporter]

News update.

Sam Bankrupt-Fraud might have gotten his new supply of Adderall because it appears that he has agreed to be on the witness stand and testify. There should be prediction market for this hehehe.

In any case, will he mention CZ and blame him for FTX's collapse? Will he tell everyone something new and cause a plot twist on the trial? Will he act strangely so he can plead insanity later and have his criminal sentence reduced?

This is very thrilling heheehehhe.



FTX founder Sam Bankman-Fried has decided to testify in his criminal trial, a direct appeal to jurors in his bid to prove he did not commit fraud or conspire to commit fraud at his once-giant cryptocurrency exchange, his defense attorneys said during a Wednesday teleconference.

Bankman-Fried will begin testifying as soon as Thursday, his team said.

Read in full https://www.coindesk.com/policy/2023/10/25/sam-bankman-fried-will-take-the-stand-in-his-own-defense/

[Numenor]

From my understanding all coins will be liquidated and debtors will be paid in USD for the USD equivalent of their balance at the time of the ftx bankruptcy filing.

@Rikafip. Will the debtors recieve all of the $9 billion in stablecoins? This is my only wish for 2024 and this will certainly be a pump on the market when they want to speculate on bitcoin and other cryptocoins affer the halving hehehehe.

I have no idea in which currency they plan to send these money to debtors. Does anyone know what's the practice in similar cases?

In any case, does anyone have a news update on when we will hear Sam Bankrupt-Fraud speak on the stand? I am waiting for a twist on this trial where Sam becomes something similar to a witness and blames the collapse of FTX on CZ.

It would probably be best for him not to testify at all as I don't see how he can improve his position considering everything that has happened (if anything I think he might make it even worse) It would be very interestingness to hear him though and I have no doubts that he will try to put the blame on CZ/Binance for FTX downfall.

You may well be correct Numenor... but what are your sources of information besides just suspecting that is how this valuation of reimbursements matter is going to be handled.

There are some websites talking about that.

"Opportunity Cost: The Biggest Loss No One's Talking About
According to court filings, 'Petition Date Value' is defined as the "value of any Claim set forth in U.S. Dollars as of the Petition Date," with the petition date being Nov. 11, 2022.

That means you'd be eligible for a dollar amount, not your lost cryptocurrency, based on prices from last November.

Let's consider bitcoin, the largest cryptocurrency by market capitalization, as a proxy for the broader cryptocurrency markets. On Nov. 11 of last year, the petition date, bitcoin was trading around $17,000. On Friday, it crossed $30,000."

ref: https://www.investopedia.com/why-ftx-plan-to-refund-90-percent-of-recovered-assets-doesnt-add-up-to-90-percent-of-what-customers-lost-8362556

[Rikafip]

Bankman-Fried will begin testifying as soon as Thursday, his team said.

Looking forward to it! 

Let's consider bitcoin, the largest cryptocurrency by market capitalization, as a proxy for the broader cryptocurrency markets. On Nov. 11 of last year, the petition date, bitcoin was trading around $17,000. On Friday, it crossed $30,000."

And chances are that bitcoin will be higher than it is now by the time FTX actually starts sending the money to their debtors, meaning even bigger loss.

I talked with few friends who have money stuck in FTX and they all pretty much say that is the least of their concern and at this point they would be happy if they get 100% of the money out even if it was only in the dollar value as they already accepted that they lost everything they had there.