SAM THE FOUNDER OF FTX

[Famous Grouse]

So Sam the founder of FTX has asymmetric information on tether and is trying to use it to profit which will in exchange affect the crypto community, thereby labeling himself Crypto’s greatest villain? 🤔

[tuertezii]

So Sam the founder of FTX has asymmetric information on tether and is trying to use it to profit which will in exchange affect the crypto community, thereby labeling himself Crypto’s greatest villain? 🤔

Losing is a villain. If you win, your reputation may be better, but who can keep winning? How many people are ruined behind the downfall of FTX. This is not a situation caused by a single person.

[zasad@]

After such a scandal, a lot of court cases and accusations of fraud will blow.
https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/
"In his message to staff this week, Bankman-Fried said the firm saw a “giant withdrawal surge” as users rushed to withdraw $6 billion in crypto tokens from FTX in just 72 hours. Daily withdrawals normally totaled tens of millions of dollars, Bankman-Fried told his employees."

[DeathAngel]

Losing is a villain. If you win, your reputation may be better, but who can keep winning? How many people are ruined behind the downfall of FTX. This is not a situation caused by a single person.

It’s impossible for him to come out of this looking like anything other than a fraudster. To be honest, he is going to have to employ a very good legal team to stay out of jail.

The guy has ruined lives.

[wheelz1200]

Losing is a villain. If you win, your reputation may be better, but who can keep winning? How many people are ruined behind the downfall of FTX. This is not a situation caused by a single person.

It’s impossible for him to come out of this looking like anything other than a fraudster. To be honest, he is going to have to employ a very good legal team to stay out of jail.

The guy has ruined lives.

I'm sure he has enough money but what I'm not sure of is all the money you could throw at lawyers will save him from jail time.  No way he gets away with destroying some people's lives like he did.  Even if it was just ignorance that doesn't absolve him of losing what he did for people.  Dude is gonna do time.

[cryptomaniac_xxx]

So Sam the founder of FTX has asymmetric information on tether and is trying to use it to profit which will in exchange affect the crypto community, thereby labeling himself Crypto’s greatest villain? 🤔

Well that distinction was given to Terra founder Do Kwon. Obviously he was the first to bring down the market when his stable coins lost it's pegged on US Dollar and the subsequent collapsed.

But it seems that Sam Bankman-Fried has surpassed him to be the villain in crypto market, similar drama, he brought the market to it's knees including bitcoin and this will not sit well with his investors and for sure there will be legal ramifications because of this one. So let's see how it goes, for sure next month we will forget all about this things as the market will recover.

[goaldigger]

So Sam the founder of FTX has asymmetric information on tether and is trying to use it to profit which will in exchange affect the crypto community, thereby labeling himself Crypto’s greatest villain? 🤔

Is this why USDT freezes the money of FTX?
If they are still winning here while a lot are already suffering because of what happened on their platform, then we can assume that he’s one of the greatest villain who only cares about their own interest. Sad to see another LUNA failed project after making a good market exposure. This will be a hard situation again for FTX and no one wants to bail them out. Worst might continue to happen, so be ready.

[jossiel]

So Sam the founder of FTX has asymmetric information on tether and is trying to use it to profit which will in exchange affect the crypto community, thereby labeling himself Crypto’s greatest villain? 🤔

There are the others that could be labeled as the greatest villain but, is that even necessary to be made? The guy has already filed for bankruptcy and I think that he's got no way to escape this fiasco that has been made by him and his exchange.

Is this why USDT freezes the money of FTX?

I am not on his exchange but usually withdrawals become unavailable when there are news like this that they've been involved with.

And it's not just the USDT that's been disabled but majority of the withdrawal channels on FTX.

[zonefloor]

I don't think Sam is the only culprit. Because one of the people who should be guilty here is CZ. With a tweet he sent, he caused dozens of people to become unemployed and suddenly caused the markets to go very badly. I used to actively use FTX until this news came out. As of today, they have started to make fiat money withdrawal transactions with a limited limit. However, withdrawals and deposits of cryptocurrencies are still suspended as they are in the process of selling binance. Its acquisition by Binance is a good thing, but the exchange's reputation has been severely damaged.

[Baofeng]

So Sam the founder of FTX has asymmetric information on tether and is trying to use it to profit which will in exchange affect the crypto community, thereby labeling himself Crypto’s greatest villain? 🤔

It's over now, he is public enemy number 1 with how he did with FTX and obviously the money of his investors and traders as it is now trap and there's no way to recover it. There are even celebrities who put more than $500 million on them as reported.

So now he is labelled as the greatest villain, even if he recovers some funds, it will not be enough to distributed it to their investors and traders.

Just bad handling and mismanagement on the side of Sam Bankman-Fried.

[zasad@]

https://decrypt.co/116506/why-isnt-sam-bankman-fried-behind-bars-yet
"Why Isn’t Sam Bankman-Fried Behind Bars?
Spoiler alert: it hasn’t yet been determined whether he did anything criminal.
Gorman said that despite the fact that SBF is being investigated by “everyone you think of in Washington, D.C.,” none has made a determination as to whether criminal charges need to be brought forward. And if criminal charges are brought forward, it will be some time before anyone is behind bars. "

SBF and now have a great rest in the Bahamas.

[kelonmusk]

He (Sam) made false claims about tether and attempted to manipulate the market before being called out by other potential. When he try to manipulate the price of a crypto, this means Sam taking advantage of everyone in the crypto community as a whole. It's blatantly obvious that people like him should not be in charge of million dollar operations and have control over things like tether's supply.

[iv4n]

https://decrypt.co/116506/why-isnt-sam-bankman-fried-behind-bars-yet
"Why Isn’t Sam Bankman-Fried Behind Bars?
Spoiler alert: it hasn’t yet been determined whether he did anything criminal.
Gorman said that despite the fact that SBF is being investigated by “everyone you think of in Washington, D.C.,” none has made a determination as to whether criminal charges need to be brought forward. And if criminal charges are brought forward, it will be some time before anyone is behind bars. "

SBF and now have a great rest in the Bahamas.

In a discussion with Andrew Ross Sorkin of The New York Times, Sam Bankman-Fried blamed “huge management failures” and sloppy accounting for the collapse of the FTX cryptocurrency exchange.

Source: Transcript of Sam Bankman-Fried’s Interview at the DealBook Summit

SORKIN: Were you truthful with us today?

BANKMAN-FRIED: I was as truthful as I am knowledgeable to be. There are some things I wish I knew more about. But, yes, I was.

Interesting reading, I am not sure if he is just young and stupid... maybe he got carried away with billions in his pocket and all the fun at this young age. Or if he is trying to manipulate... I guess we will find out very soon, this FTX story will not end anytime soon.

[zasad@]

https://decrypt.co/116506/why-isnt-sam-bankman-fried-behind-bars-yet
"Why Isn’t Sam Bankman-Fried Behind Bars?
Spoiler alert: it hasn’t yet been determined whether he did anything criminal.
Gorman said that despite the fact that SBF is being investigated by “everyone you think of in Washington, D.C.,” none has made a determination as to whether criminal charges need to be brought forward. And if criminal charges are brought forward, it will be some time before anyone is behind bars. "

SBF and now have a great rest in the Bahamas.

In a discussion with Andrew Ross Sorkin of The New York Times, Sam Bankman-Fried blamed “huge management failures” and sloppy accounting for the collapse of the FTX cryptocurrency exchange.

Source: Transcript of Sam Bankman-Fried’s Interview at the DealBook Summit

SORKIN: Were you truthful with us today?

BANKMAN-FRIED: I was as truthful as I am knowledgeable to be. There are some things I wish I knew more about. But, yes, I was.

Interesting reading, I am not sure if he is just young and stupid... maybe he got carried away with billions in his pocket and all the fun at this young age. Or if he is trying to manipulate... I guess we will find out very soon, this FTX story will not end anytime soon.

Everyone can think what they want, but if you analyze the situation, then think about how Sem managed to build such a large exchange and who gave him the resources?
CZ gave it to him at the request of the SEC regulators when Binance was in trouble. It is difficult to prove and this is my opinion, but this situation is not accidental.

[iv4n]

...

...

Everyone can think what they want, but if you analyze the situation, then think about how Sem managed to build such a large exchange and who gave him the resources?
CZ gave it to him at the request of the SEC regulators when Binance was in trouble. It is difficult to prove and this is my opinion, but this situation is not accidental.

CZ is a player, and he is involved in all this from the beginning.
I already posted something about that:

Members of UK Parliament have asked Binance to explain the circumstances surrounding Zhao’s November 6 tweet, and whether the company understood the potential impact it might have.

Source: He has been blamed for sparking FTX’s collapse. Now CZ wants to save crypto

And SBF is crazy! He basically put almost everything in his FTT token, making his projects vulnerable. Of course, the question is how much did CZ contribute to the downfall of FTX itself, I'm sure he had information about what was going on, that tweet that he is selling his holdings in the FTT token... and later his "changing mind" about whether to take over FTX or not seems like playing cat and mouse when I think about it now.

Well, it's crypto in the end! Online wild west!