[Updated] FTX

[Rikafip]

He most likely won't get full sentence but enough to sit rest of his years in jail.

Since he is only ~30 years old, I seriously doubt that he will die in jail.

SBF was a main character behind this and he is taking most ofl the blame on this.

I really doubt that he was capable of doing almost everything by himself and I would like if they look a bit more into his parents as there's no way he did some of the things without their help.

[bbc.reporter]

@Rikafip. Yes we can be quite certain he was not alone on this. It might also not only be with the help of his parents. It would not be shocking if it was with the help of the influencial people his parents are connected to.

This is a documentary on FTX created by James Jani. There are things mentioned in this that we might never find the answers like the moneylaundering activities by politicians and other questionable people.

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

[JayJuanGee]

@Rikafip. Yes we can be quite certain he was not alone on this. It might also not only be with the help of his parents. It would not be shocking if it was with the help of the influencial people his parents are connected to.

This is a documentary on FTX created by James Jani. There are things mentioned in this that we might never find the answers like the moneylaundering activities by politicians and other questionable people.
https://m.youtube.com/watch?v=w3EYKuFGJ5c

I am pretty sure that I commented on that video previously, and surely it makes quite a few good points, but it also has a lot of bullshit and subliminal messages trying to suggest that Binance is the same and blah blah blah.. rather than looking at the parents and likely the connections from that angle, including the 100s of fraud companies that were set up to obfuscate several of the aspects of what they were doing and creating abilities to obfuscate the moving of money around (or to trace the money).

[bbc.reporter]

@JayJuanGee. Binance is the natural next target heheheh. However, this case on CZ and Binance might be something similar to Tether, Bitfinex and iFinex. There were many rumors and fud, however, there was nothing, they were not true or their team members are experts in escaping and supported by powerful backers. I was also one of the people who thought that a takedown on Tether was possible. It appears that I have made a mistake.

In any case, I speculate that CZ and Justin Sun are secretly backed by China also. This might be why they will never be taken down.

[JayJuanGee]

@JayJuanGee. Binance is the natural next target heheheh. However, this case on CZ and Binance might be something similar to Tether, Bitfinex and iFinex. There were many rumors and fud, however, there was nothing, they were not true or their team members are experts in escaping and supported by powerful backers. I was also one of the people who thought that a takedown on Tether was possible. It appears that I have made a mistake.

In any case, I speculate that CZ and Justin Sun are secretly backed by China also. This might be why they will never be taken down.

I am questioning whether I should respond further regarding your seemingly loonie ideas, because in some sense I don't mind some of the original theories, but I get irritated by some of the xenophobic comparisons that try to act like CZ, Binance and/or tether are the same or similar to FTX and SBF.. it is just ridiculous to be playing into those convenient, yet inaccurate hit-piece type narratives.  Sam went down in spite of being a darling and he was engaging in shady shit that is way worse than anyone else.. he was a slimeball from the start, and probably we don't really know some of the guilt of some of the folks helping him out, and that wasn't CZ, Binance and/or Tether, even if they had some business relationships with SBF and FTX, and Alameda, but CZ, Binance and/or Tether have been largely running legitimate operations.. even though they have had been somewhat elusive in terms of exactly figuring out where they are at and how they might be supported (Chinese maybe and/or other governments allow them to have operations in their jurisdictions).. but whatever, this thread is not about CZ, Binance and/or Tether... I probably said more than I wanted to say.. and I largely just repeated myself when I saw that video.. I was like, I already saw this video.. and made that comment about the CZ, Binance and/or Tether hit piece angle of it.

[Rikafip]

but I get irritated by some of the xenophobic comparisons that try to act like CZ, Binance and/or tether are the same or similar to FTX and SBF.. it is just ridiculous to be playing into those convenient, yet inaccurate hit-piece type narratives.

While its true that CZ is definitely more capable than SBF which he proved in these 6-7 years since he launched Binance, we still have no idea what kind of shady things are happening behind the scene so imho its still better if people think that all those centralized exchanges and people behind it are the same, than thinking that what happened to FTX can't happen to Binance, that they are too big to fail and that their money there is #SAFU.


In the other news, names of those who might relaunch FTX started leaking out. According to WSJ, one of them is former NYSE president Tom Farley

A company run by former New York Stock Exchange President Tom Farley is among three suitors vying to buy the remnants of FTX, as the auction for the collapsed cryptocurrency exchange founded by Sam Bankman-Fried reaches its final stages.

Bullish, the crypto exchange run by Farley, fintech startup Figure Technologies and crypto venture-capital firm Proof Group are competing to buy FTX, according to people familiar with the matter. The winner could restart the exchange after its planned exit from bankruptcy next year.

A banker advising FTX on the process said at a hearing last month that the company received interest from over 70 parties and narrowed it to three, without naming them. A winner could be picked in December.

[JayJuanGee]

but I get irritated by some of the xenophobic comparisons that try to act like CZ, Binance and/or tether are the same or similar to FTX and SBF.. it is just ridiculous to be playing into those convenient, yet inaccurate hit-piece type narratives.

While its true that CZ is definitely more capable than SBF which he proved in these 6-7 years since he launched Binance, we still have no idea what kind of shady things are happening behind the scene so imho its still better if people think that all those centralized exchanges and people behind it are the same,

That is fucking dumb, and it is part of my point.  People are not the same, and the ongoing hit pieces on Binance/CZ and trying to equate them, and even bullshittedly proclaiming that CZ caused FTX to collapse are the kinds of pieces of misinformation and false equating that the powers that be want people to draw in terms of they do not like Binance/CZ becuase they are outside of he system and the powers that be want to control everything including bitcoin  Having people like CZ and Binance are likely better for the bitcoin ecosystem rather than guys like SBF and FTX who had been trying to curry favors with regulators while committing BIG time fraud (including not having hardly any of the BTC that they claimed to have).

I have no problem with being skeptical of people and not having heros and looking at situations for what they are and even including minimizing how much money that each of us keeps on exchanges, but exchanges (including somewhat centralized) exchanges remain a transition that bitcoin likely needs to go through, and some folks suggest that the solution is decentralized exchanges (and then wanting to pump their various shitcoins that supposedly provide those services), but even the concept and putting into actual practice of decentralized exchanges is way easier said than done..

than thinking that what happened to FTX can't happen to Binance, that they are too big to fail and that their money there is #SAFU.

Sure negative things can happen with Binance, but they are still not even close into the same category as FTX/SBF, and I am not even making any claims that there might not be issues with Binance and/or CZ.. yet I will admit that it is irritating as fuck to be ongoingly witnessing these false equivalencies.. and similar ongoing hit pieces on USDT ever since they went into existence in 2014, and USDT has been quite a powerful force that has actually helped bitcoin's liquidity a lot, but the powers that be really hate USDT. even though they are likely way more backed than any other dollar-pegged system.. including in 2016 or so when the USGovt or some other shady banking institutes pretty much robbed USDT of around $800 million of their accounts, and then at the same time the New York AG, thereafter tried to go after USDT for their not having backing that they claimed to have had (even though yeah they had pretty much gotten robbed, and you never know if NYAG or even other government institutions were giving winks and nods to the robbers so that they could make up bullshit and file charges against USDT)... ..

Anyhow my main point is false equivalencies and also that many of us get caught up into similar matters which I believe facilitates the opposite of critical thinking when you just jump on board to some nonesensical false claims and attempts at equivalencies that have ONLY slivers of truth in them, at best.. Yeah.. CZ done some shady things.. but so what it is not even supposed to be part of this thread's topic, even though I doubt that I am going to dissuade some of you guys from continuing to want to play into these kinds of hit pieces... and even believing that you are on the right side of history in doing it.

In the other news, names of those who might relaunch FTX started leaking out. According to WSJ, one of them is former NYSE president Tom Farley

A company run by former New York Stock Exchange President Tom Farley is among three suitors vying to buy the remnants of FTX, as the auction for the collapsed cryptocurrency exchange founded by Sam Bankman-Fried reaches its final stages.

Bullish, the crypto exchange run by Farley, fintech startup Figure Technologies and crypto venture-capital firm Proof Group are competing to buy FTX, according to people familiar with the matter. The winner could restart the exchange after its planned exit from bankruptcy next year.

A banker advising FTX on the process said at a hearing last month that the company received interest from over 70 parties and narrowed it to three, without naming them. A winner could be picked in December.

It is starting to seem more and more likely that they really are going to go through with some kind of a relaunch, so it would end up being somewhat of a curious thing that might even include questions of whether rebranding would happen.. which may or may not be necessary.. I suppose during the relaunch and then the transition into operating, the new name and formerly known as FTX could be part of a relaunch... Never a dull moment.

[Rikafip]

That is fucking dumb, and it is part of my point.

I know and I agree, but what I wanted to say is that those two positions (every cex is an exit scam waiting to happen scam vs Coinbase/Binance are too big to fail) are by far the most popular and the former one is less bad.

I have a close friend who has money stuck in Celsius and FTX (and is one of the reasons I follow those two topics closely) yet he still thinks that Binance is too big to fail and is holding there large amount of crypto, and he thought the same about FTX when those stories about them having issues first start appearing. That's why I would like if people are more cautious, even if it means that they think every CEX is an exit scam waiting to happen as that will make them realize that those are not places where you are supposed to hold your crypto for longer period of time.

[JayJuanGee]

That is fucking dumb, and it is part of my point.

I know and I agree, but what I wanted to say is that those two positions (every cex is an exit scam waiting to happen scam vs Coinbase/Binance are too big to fail) are by far the most popular and the former one is less bad.

I have a close friend who has money stuck in Celsius and FTX (and is one of the reasons I follow those two topics closely) yet he still thinks that Binance is too big to fail and is holding there large amount of crypto, and he thought the same about FTX when those stories about them having issues first start appearing. That's why I would like if people are more cautious, even if it means that they think every CEX is an exit scam waiting to happen as that will make them realize that those are not places where you are supposed to hold your crypto for longer period of time.

Of course, people are going to vary in their levels of taking risk on exchanges, and their misunderstandings of the value of self-custody,  yet I think that each of us have made our points, and I surely understand that a lot of people are going to get burned through various aspects of NOT realizing the level of risk from NOT taking self-custody, including that governments are increasingly trying to mislead people into believing that there is something wrong, inferior and/or shady with self-custody, so surely many of us longer term bitcoiners realize that a lot of power comes from trying to have most of our bitcoin in our own custody rather than keeping coins with third parties, so yes there are a variety of ways that third party custodial solutions are trying infiltrate some of the value and power of bitcoin, which remains our abilities to transact without third parties - and even we have to be careful with some of the wallets that we use...

but that still is getting into some differing opinions and even topics than merely the earlier assertions that were equating FTX/SBF and Binance/CZ.. which I stand by my earlier comments about that, even though surely I agree and understand that you are raising legitimate concerns regarding some of the dangers of various kinds of third party custodians... we are not really disagreeing about the overall ideas regarding the problematic nature of third party custodians, even though I frequently frame the matters differently from you, and surely very beginner bitcoiners might not even know how to self-custody, and maybe it does not matter very much until they get into the thousands of dollars of bitcoin rather than smaller amounts that might not even rise to the level of $1k... even though I know that it all adds up, and if $1k equals a half a year's salary for some people, then some of them might want to make sure that they remove their coins earlier than those who might have 80%-90% or more of their coins off of exchanges.

[bbc.reporter]

@JayJuanGee. Binance is the natural next target heheheh. However, this case on CZ and Binance might be something similar to Tether, Bitfinex and iFinex. There were many rumors and fud, however, there was nothing, they were not true or their team members are experts in escaping and supported by powerful backers. I was also one of the people who thought that a takedown on Tether was possible. It appears that I have made a mistake.

In any case, I speculate that CZ and Justin Sun are secretly backed by China also. This might be why they will never be taken down.

I am questioning whether I should respond further regarding your seemingly loonie ideas, because in some sense I don't mind some of the original theories, but I get irritated by some of the xenophobic comparisons that try to act like CZ, Binance and/or tether are the same or similar to FTX and SBF.. it is just ridiculous to be playing into those convenient, yet inaccurate hit-piece type narratives.  Sam went down in spite of being a darling and he was engaging in shady shit that is way worse than anyone else.. he was a slimeball from the start, and probably we don't really know some of the guilt of some of the folks helping him out, and that wasn't CZ, Binance and/or Tether, even if they had some business relationships with SBF and FTX, and Alameda, but CZ, Binance and/or Tether have been largely running legitimate operations.. even though they have had been somewhat elusive in terms of exactly figuring out where they are at and how they might be supported (Chinese maybe and/or other governments allow them to have operations in their jurisdictions).. but whatever, this thread is not about CZ, Binance and/or Tether... I probably said more than I wanted to say.. and I largely just repeated myself when I saw that video.. I was like, I already saw this video.. and made that comment about the CZ, Binance and/or Tether hit piece angle of it.

Agreed on the wrong comparisons on CZ and Sam. This is why I was speculating if the fud on Binance is similar to the fud on Tether, Bitfinex and iFinex. There were much speculations on insolvency and printing stablecoins without backing to pump the market, however, there was nothing. All of the speculations of their bankruptcy were also not true.

Also, it is headshaking that there are people in the forum who want to witness the imprisonment of CZ and the takedown of Binance hehehe.

[BigBos]

Now that SBF has been found guilty and prosecuted for around 110 years it seems that the case against SBF is officially over but not FTX who is now starting to come back wanting a new situation with new ownership.
Currently some news is starting to be heard where the current CEO Jhon Ray has recovered $7 billion of the $8.7 billion that was lost previously and now as a form of their desire to return FTX to being one of the most trusted exchanges today they want to do a crypto sale plan worth $100 million per week as the first step of money they want to take.

https://www.forbes.com/sites/stevenehrlich/2023/11/15/bankrupt-ftx-wants-to-sell-100-million-of-crypto-per-week-will-the-sec-stop-it/?sh=78d866923e90

will this work again, or will this create a new drama with the SEC that they don't expect something like this in America just like what happened to Binance before? I think if this is really happening then we should be prepared for the new drama.

[Rikafip]

Also, it is headshaking that there are people in the forum who want to witness the imprisonment of CZ and the takedown of Binance hehehe.

Its no surprising at all that there are people (especially bitcoin maximalists) who would like to see Binance and CZ crash and burn as he pushed for Bitcoin rollback back in 2019 after someone stole 7k bitcoins from his exchange, or when he said that its better for average person to hold their crypto on centralzied exchanges and not in their own wallets. Add on that the fact that he is behind a completely centralized blockchain that goes against everything that Bitcoin stands for and you get loads of people who would like to see him fail.

As I said before, the main reason why I wouldn't like to see it happening is because people wouldn't learn anything from the Binance fall and would still trust someone else to take care of their money and all that would cause is setting crypto market few years back.  

[JayJuanGee]

Now that SBF has been found guilty and prosecuted for around 110 years it seems that the case against SBF is officially over but not FTX who is now starting to come back wanting a new situation with new ownership.

I would not characterize the case against SBF as being over, even though a certain level of drama in regards to SBF has had some resolution in which we may well be going through a bit of a quite period, and surely Sam is not in as great of a bargaining position as he might have been earlier on.. Notheless, there could be an appeal, and yeah there is the sentencing in March 2024, and also there are other potential campaign law related charges that are pending against him and surely questionable how those other charges might proceed or if they might end up not getting pursued..

Currently some news is starting to be heard where the current CEO Jhon Ray has recovered $7 billion of the $8.7 billion that was lost previously and now as a form of their desire to return FTX to being one of the most trusted exchanges today they want to do a crypto sale plan worth $100 million per week as the first step of money they want to take.

https://www.forbes.com/sites/stevenehrlich/2023/11/15/bankrupt-ftx-wants-to-sell-100-million-of-crypto-per-week-will-the-sec-stop-it/?sh=78d866923e90

Seems a bit crazy but the fact that the proposals to reopen are still alive, there seems to be decent chances that they are going to continue to pursue such an angle.  Anyone loves the potential to make money, so some BIG players might be willing to bid for the job with an expectation that they would be able to "pull it off."  Personally, I am not willing to get involved.. but you never know about people who had already been involved, or who might end up being captured customers to some extent, and surely there are always the potential for newbies to fleece.   I remember proposals of trying to figure out ways to revive MTGOX, and I remember being in favor of those kinds of proposals, but it never really did get any kind of a serious run.. Surely FTX has a lot of negative name recognition.. but there still could be ways to make some kind of transition to FTX work without screwing too many people. and sure it might also be another attempt to attack bitcoin, who knows? but if reopening allows prior customers to recover their value in bitcoin rather than in dollars, then those kinds of remedies seem preferable to me.. I hate people getting fleeced out of their bitcoin and then getting a dollars settlement, which is seeming to be one of the things currently being batted around in regards to how they might be making claims of recuperation because they are not planning to pay customers back in bitcoin, but instead dollar value. .which is a bunch of bullshit since bitcoin is getting close to doubling in value since the November 2022 FTX bancrupcy filing.

will this work again, or will this create a new drama with the SEC that they don't expect something like this in America just like what happened to Binance before?

FTX is not like Binance... so you are not going to get me, personally, to agree to any of those kinds of distracting and misleading framings.

I think if this is really happening then we should be prepared for the new drama.

I think the goal would be to try to open it in a way that would be lacking in drama.. so in that regard, is there any such thing as FTX without drama.. that might be part of the question regarding whether a re-opening would end up being dramatic rather than just something that might end up happening.

Also, it is headshaking that there are people in the forum who want to witness the imprisonment of CZ and the takedown of Binance hehehe.

Its no surprising at all that there are people (especially bitcoin maximalists) who would like to see Binance and CZ crash and burn as he pushed for Bitcoin rollback back in 2019 after someone stole 7k bitcoins from his exchange, or when he said that its better for average person to hold their crypto on centralzied exchanges and not in their own wallets.

We are going to continue to pursue these Binance and CZ comparisons in this thread?  Oh gawd.. 

Of course, there are some examples of CZ taking some stances that are in tension with bitcoin, but overall CZ seems to understand a lot of the concepts of bitcoin and generally represent the concepts of bitcoin pretty well, but surely, I would imagine some of the more recent intensification of lawsuits and pursuit of his exchange and even him personally in the last year might end up causing him to potentially have more conflicts in terms of his own figuring out ways to preserve himself and/or his exchange.. which surely is part of the difficulty in being a controversial quasi-public person.. who is under attack for quite a bit of time, and even trying to get bitcoiners to go against him seems like an attack on bitcoin more than CZ should be considered an attack on bitcoin.

I don't really buy the CZ is not a real bitcoiner kinds of claims and framings of matters, even if you can point out to some examples of such.

Add on that the fact that he is behind a completely centralized blockchain that goes against everything that Bitcoin stands for and you get loads of people who would like to see him fail.

which blockchain is he behind that is supposedly completely against bitcoin?  Are you talking about BNB? or Tether? Or something else?

As I said before, the main reason why I wouldn't like to see it happening is because people wouldn't learn anything from the Binance fall and would still trust someone else to take care of their money and all that would cause is setting crypto market few years back.  

Fuck crypto, whatever you mean by that.

I would not want binance to go down because I think that they are pretty much a good actor, and sure there are quite a few tensions between some mainstream financial institutional players and some of the transitioning into bitcoin matters, and one of the things that they would love to take down is Binance... .. and so yeah, Binance seems to be holding a lot less value in recent times, but they are still operating in a variety of ways.. so yeah, lot of peeps have been wishing for their downfall, and the supposed tweet from CZ saying that binance was selling their FTT seemed to be the thing that triggered a lot of people into hating CZ even more because CZ said something against the out-of-shape regulator dick-sucking supposed effective altruism vegan... poor widdo sam.. CZ caused it all... blah blah blah.

[Rikafip]

I don't really buy the CZ is not a real bitcoiner kinds of claims and framings of matters, even if you can point out to some examples of such.

[/quote]
Well, those examples I shared are the things I don't expect to hear from a bitcoiner.

which blockchain is he behind that is supposedly completely against bitcoin?  Are you talking about BNB? or Tether? Or something else?

BNB Smart Chain, which is a diametrically opposite to Bitcoin.

so yeah, lot of peeps have been wishing for their downfall, and the supposed tweet from CZ saying that binance was selling their FTT seemed to be the thing that triggered a lot of people into hating CZ even more because CZ said something against the out-of-shape regulator dick-sucking supposed effective altruism vegan... poor widdo sam.. CZ caused it all... blah blah blah.

As a matter of fact I think that's one of the positive things that he did, speeding up the FTX demise as the longer FTX with Sam at helm went on, more people would end up getting rekted.

Anyway, this is my last CZ/Binance related post here as I don't wanna go into offtopic anymore.

[JayJuanGee]

I don't really buy the CZ is not a real bitcoiner kinds of claims and framings of matters, even if you can point out to some examples of such.

Well, those examples I shared are the things I don't expect to hear from a bitcoiner.

Well I knew about those examples, and it did not seem that you mischaracterized any of them, but surely from time to time there has been discussion of those kinds of behaviors out of CZ depending on the topic, so I doubt that there is any kind of shying away from the topics and/or past behaviors to the extent that they might be relevant to some potential issue about CZ's motives..

I am not sure how many exchanges he was at prior to launching Binance, but surely when a person is running an exchange and trying to be open to shitcoins as well as bitcoin, he is going to end up in various contradictory positions over the years including maybe going through changes that might end up causing him to be self-conflicted or maybe no longer a very good bitcoin steward, but I doubt that those kinds of examples would be strong enough to convince me.. and some of the facts that I find to be more compelling regards how so much western propaganda exists against him in terms of wanting to diminish his status, which likely contributes towards my sympathy with him and also my tending to be ongoing sympathy towards tether too..   

I also hardly consider myself to be defending CZ or trying to analyze his particulars, yet as I repeatedly stated, my concerns likely more revolve around his being brought up in this thread and unduly compared to SBF and FTX.. which as I already stated is both a bunch of bullshit and off topic.

which blockchain is he behind that is supposedly completely against bitcoin?  Are you talking about BNB? or Tether? Or something else?

BNB Smart Chain, which is a diametrically opposite to Bitcoin.

Oh?  There are a bunch of shitcoins and shitcoin projects, yet I am not sure exactly what you describe.  My understanding is that BNB started as a project on Binance, maybe around 2018 and then it started to be a kind of ethereum competitor to be able to pump out shitcoins and support various shitcoins, so it is similar to ethereum and/or an ethereum competitor.. and sure there are also aspects of ethereum that are competing and maybe antithetical to bitcoin, yet maybe other than that I don't really feel it is worth my time to waste studying the extent to which he is involved in various shitcoin projects and some of his values might be less than a true bitcoiner.. which I personally don't completely have any ideas the extent to which I might side with someone or not based on his true bitcoinerness .. it is kind of like some of the controversy around Erik Voorhees... and sure each person is different and more complicated when they are involved in various businesses that promote shitcoins.. but still for the reasons that I already stated, my further finding out about CZ's various shitcoinery does not cause me to consider that it is even close to fair to be comparing CZ with SBF and/or FTX.

so yeah, lot of peeps have been wishing for their downfall, and the supposed tweet from CZ saying that binance was selling their FTT seemed to be the thing that triggered a lot of people into hating CZ even more because CZ said something against the out-of-shape regulator dick-sucking supposed effective altruism vegan... poor widdo sam.. CZ caused it all... blah blah blah.

As a matter of fact I think that's one of the positive things that he did, speeding up the FTX demise as the longer FTX with Sam at helm went on, more people would end up getting rekted.

Anyway, this is my last CZ/Binance related post here as I don't wanna go into offtopic anymore.

I think that you already said that previously.. so I am not going to necessarily hold my breath.

[Plaguedeath]

Now look, CZ is officially stepped down as a Binance CEO in the last month SBF accused Binance for triggering FTX's downfall.

Last week FTX sued Bybit for "misappropriated funds", would SBF able to drag Bybit in a trouble?

It seems like SBF isn't happy when he see other centralized exchanges are working without any problem, so he want to destroy other person/CEX's reputation too.

[JayJuanGee]

Now look, CZ is officially stepped down as a Binance CEO in the last month SBF accused Binance for triggering FTX's downfall.

Last week FTX sued Bybit for "misappropriated funds", would SBF able to drag Bybit in a trouble?

It seems like SBF isn't happy when he see other centralized exchanges are working without any problem, so he want to destroy other person/CEX's reputation too.

SBF is going to jail.  He has little to no power, and so his star is falling quite quickly... He's not pulling too many strings, even though he is likely having another trial in regards to campaign financial issues which he may have some potential negotiating... . but maybe he might want to consider if there might be ways that he might want to attempt to reduce his sentence.. but then would that be problematic for him in regards to who might be drug down in terms of their involvement (considering his mom, dad, other family members or even some politicians or government officials involved with what was happening), but would any of those things come out and how much benefits would their be to go down those paths.

Regarding current FTX estate issues, the estate is likely acting in all kinds of regard to attempt to recuperate funds and perhaps try to bring value back to the various stake holders - which both involves figuring out relationships and perhaps going after certain funds if the clawbacks are showing other kinds of previously unknown shenanigans.. which may well relate to what's being found out about the Bybit situation... but then some of the possible reopening efforts might create efforts to discontinue some of the recuperations and just to let the exchange operate in a way that may well "make whole" the various customers through issuing them tokens.. if they are able to try to do something like Bitfinex was able to accomplish in 2016/2017.. if something like that might be part of the goals and/or paths forward... though maybe they could not get approval for something like what Bitfinex was able to do when there was a bit less oversight over that situation as compared to the oversight that might be happening with the FTX situation since it is in bancruptcy proceedings.

[CRAIC]

What will happen to the FTX-token?

[bbc.reporter]

What will happen to the FTX-token?

If the rumors that FTX will return are true, it might have some value if the exchange recognizes FTT and if they give the holders the same discounts and other advantages for using the exchange. There is also the automatic buy back and burn mechanism that was being done on the token to increase the value.

In any case, has everyone heard the latest news update on Sam? He appears to have adjusted to life in prison. He presently uses mackarel as his currency hehehehee.



Bankrupt crypto exchange FTX founder Sam Bankman-Fried is adjusting to life behind bars where mackerel has replaced cigarettes as currency, the Wall Street Journal (WSJ) reported on Thursday.
With smoking now banned, the age-old practice of paying for certain goods and services with cigarettes in prisons has given way to trading preserved fish. Bankman-Fried traded some pouches of "macks" for a haircut, the WSJ reported, citing people familiar with the matter.

Source https://www.coindesk.com/business/2023/11/24/sam-bankman-fried-used-mackerel-to-pay-for-a-haircut-in-brooklyn-detention-center-wsj/

[bbc.reporter]

News update.

It appears that there is that there is a cover up. The department of justice has dropped the cases against Sam Bankman Fried on political campaign financing violations. It was also mentioned that they have dropped the Chinese bribery case.

I reckon that what the community should begin speculating on is to ask who received and accepted the funds than came from Sam Bankman Fried.



The Department of Justice announced Friday that they will not pursue a second trial against Sam Bankman-Fried.

The disgraced founder of FTX was found guilty in November of 7 charges related to fraud and conspiracy.

However, charges related to violating campaign finance laws were dropped in July. A few of these included conspiracy to make unlawful campaign contributions and conspiracy to bribe foreign officials.

Keep in mind that SBF was one of the top Democrat donors. He used money stolen from FTX customers to donate $100 million during the 2022 midterms, and gave tens of millions to dark money groups

Source https://wltreport.com/2023/12/30/biden-doj-gives-top-democrat-donor-sam-bankman/