SBF BEGGED INVESTORS

[Yogee]

It may have been a good marketing for any company or individual to salvage the people who lost a lot of money but it's just too late for SBF and his "beloved" FTX or Alameda. Nobody wants to touch a company that was poorly managed and facing a lot of legal battles both from regulators and disgruntled investors. It's not worth the risk.

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[BitDane]

It may have been a good marketing for any company or individual to salvage the people who lost a lot of money but it's just too late for SBF and his "beloved" FTX or Alameda. Nobody wants to touch a company that was poorly managed and facing a lot of legal battles both from regulators and disgruntled investors. It's not worth the risk.

True, I think this plan of SBF to beg money to investors will not work out.  The exchange had already declared bankruptcy, I don't know why SBF still begged investors for fund.  Besides, I think no one will trust SBF anymore after all this FTX-Almeda fiasco.  And worst SBF may go to jail if he found guilty as charged.

[ryzaadit]

One interesting fact from this case.

I watch "CZ" spoken on Bali, we all know "Binance" decide not to buy the company because financial research on FTX. Other fact about this case, CZ also say FTX requested a dumb offer to CZ.

Doesn't mean that binance rejected is not just because the research? now the company are not gonna get injection or buy from other investor/company.

[dothebeats]

Dude's just out of his mind thinking that after all of these chaos his companies caused, anyone would still trust him with money. He screwed up big time, and I don't think there's anything to save him from his fall unless another miracle in business happens to shot itself in front of him. He already used up his luck by propping up Alameda and FTX and even used deceptive tactics to make it work. Sadly for him, it's found out, called out, and destroyed by other people even before it goes so big that its failure would be much more devastating.

[dansus021]

of course, they do need investor if the ftx really collapse the price of crypto will be heavily affected. and as far that i know the alameda research is kind like venture capital company that maybe they have asset that are still illiquid since token/coin not gonna launch after get seed funding right

[DanWalker]

But Sam Bankman-Fried seems still positive after all that happened, we still don't know what will happen in the future, they just filed Bankruptcy Chapter 11, and they told us that they will still cater to customers. As most affected here for me are those customers, retail customers, or small customers that used FTX Exchange for their live saving.

In paper, go bankruptcy with Chapter 11 is not the end of FTX and customers likely won't lose all their capitals. But how much will they be compensated is still unknown and how FTX can come back is very vague.

In the past, some traditional businesses have filed for Chapter 11 bankruptcy but have since been able to reopen through negotiations with customers and support from new sponsors. Trump's businesses also filed for Chapter 11 bankruptcy a few times, but in the end they did not go bankrupt and reopened. But in the case of crypto companies, none of them have been able to resume operations yet so it is unlikely that FTX will be an exception. Whether the customer is compensated or not depends on the remaining assets of FTX, if it cannot be compensated, the investor will lose everything and cannot sue.

[noorman0]

Indirectly, SBF offers its services which are already stained with sin. The same as investors must bear the sin which is only limited to the possibility that it can be cleaned as a whole. I think this is going to be difficult considering it will be a lifetime sin against the public, unless FTX actually changes ownership and changes the entire management structure especially removing the SBF name from the team line-up.

[Silberman]

FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

Regardless of the time or the field we are taking about trust is always going to be a key component in any business, SBF could have all the positive characteristics we may imagine but he has proven that he is not someone trustworthy, and as such no one is going to be willing to lend him any amount of money no matter how much he needs it, which is why I find ironic he was mad about binance making a move against him, when there is evidence that SBF has been trying to make moves against binance for years.

[zasad@]

https://twitter.com/GRDecter/status/1593272102047580161
"I read the 30 page FTX Bankruptcy court filing.

How bad were FTX's internal controls?

Here are the worst examples 👇"

"1. Employees submitted expense reimbursements over chat

A random manager would accept or reject those reimbursements with an EMOJI"

"2. Related party loans:

Alameda Research (FTX's hedge fund) gave Sam Bankman-Fried a $1 billion personal loan

They also loaned Director of Engineering Nishad Singh $543 million"

\\
10.

There is still a lot of interesting things ahead.

[o48o]

-cut-
A random manager would accept or reject those reimbursements with an EMOJI"
"2. Related party loans:
Alameda Research (FTX's hedge fund) gave Sam Bankman-Fried a $1 billion personal loan
They also loaned Director of Engineering Nishad Singh $543 million"
-cut-

Ok this is just insane. Imagine any other company in the world doing this. They would be crusified.  1 billion dollars in the most volatile markets out there. I wonder how that conversation went

Sam: "It would need to have a catastrophic event to mess with our markets and porfolio. We are doing just fine and we can afford some loans, no one will know, and luckily we chose FTT as collateral, that was soo smart"

Terra (Luna): "Hold my beer"

[Crypt0Gore]

If I can have a word with the companies that might consider helping FTX and Sam again, I will tell them this .

Never trust a greedy man twice.

Using user's fund to gamble says it all, this is not a financial crisis for Christ's sake, this is mismanagement of funds that never belong to him.

This FTX bankruptcy is one of a kind, I don't understand why Sam hasn't been locked up in a cell already.

He played insane on Twitter after he ran off, hell no, I will never trust such a man ever.

[serjent05]

If I can have a word with the companies that might consider helping FTX and Sam again, I will tell them this .

Never trust a greedy man twice.

Using user's fund to gamble says it all, this is not a financial crisis for Christ's sake, this is mismanagement of funds that never belong to him.

Not only that, abusing authority to take billion of dollars of loan for personal company benefits.  They also trick their client and cheat on profit because they use Alameda to invest in different startups and companies.  The profit from that investment goes directly to SBF and those poor investors are just getting minimal interest from their investment.

This FTX bankruptcy is one of a kind, I don't understand why Sam hasn't been locked up in a cell already.

He played insane on Twitter after he ran off, hell no, I will never trust such a man ever.

There are powerful people behind SBF.  Don't forget he also uses his FTX clients' money to support political candidates.

[DanWalker]

FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

Regardless of the time or the field we are taking about trust is always going to be a key component in any business, SBF could have all the positive characteristics we may imagine but he has proven that he is not someone trustworthy, and as such no one is going to be willing to lend him any amount of money no matter how much he needs it, which is why I find ironic he was mad about binance making a move against him, when there is evidence that SBF has been trying to make moves against binance for years.

Do you watch this news often? There are a lot of articles alleging binance is the cause of FTX's death and the person who should be investigated is binance and not FTX. It seems that SBF spent a lot of money buying those newspapers to write that he was a victim in the war between the two exchanges and did not mention it was his fault. While there is plenty of evidence accusing him of transferring money to Alameda, there is even a conspiracy theory that he transferred billions of dollars to Democrats and that it was investor money.

[Bananington]

There are powerful people behind SBF.  Don't forget he also uses his FTX clients' money to support political candidates.

He may successfully escape jail term due to his political affiliations, but considering how this his story goes and has turned out were people finally have known the dirty habits and secrets of Sam, If you associate any name or identity with Sam as the owner, sponsor, or associate, people will never trust it. He has ruined his name, and name is a very important currency in the market.

[zasad@]

There are powerful people behind SBF.  Don't forget he also uses his FTX clients' money to support political candidates.

He may successfully escape jail term due to his political affiliations, but considering how this his story goes and has turned out were people finally have known the dirty habits and secrets of Sam, If you associate any name or identity with Sam as the owner, sponsor, or associate, people will never trust it. He has ruined his name, and name is a very important currency in the market.

I'm sure SBF won't get in trouble with the law in the US. For some people, he is a hero who gave 10 billion to his patrons, for others he is a scammer.

Read what the new manager of his exchange writes. A huge mass of violations, and the exchange has no chance to pay off creditors.

__


Source: Bloomerg

[o48o]

I'm sure SBF won't get in trouble with the law in the US. For some people, he is a hero who gave 10 billion to his patrons, for others he is a scammer.

Read what the new manager of his exchange writes. A huge mass of violations, and the exchange has no chance to pay off creditors.

Oh just like Epstein didn't get in any trouble? Just because someone is connected doesn't mean anything especially transactions are in public blockchain. If something, everyone want to wash their hands from the whole connection to sam. They won't be wanting to jeopardize political or otherwise public careers dealing with something as shady as this.

[omone1]

FTX is gone with SBF, I doubt investors will still trust SBF in any future deal, he didn't handle customers fund with integrity and when the saga started, he didn't show good leadership before a final collapse and this has badly affected the market.

[abel1337]

Sad because fraud in cryptocurrencies often becomes trending in news and social media, many people cry and even stress because of losing the money stored in Exchanges, actually this has often happened before, some time ago I also lost assets in Livecoin and since then I only only Using Spot Exchanges for instant transactions.

A big fraud case would become trending even if it's not on crypto. It's just that FTX is just one of the biggest fraud ever and everybody want's to hear the news about it that's why it become a trend news in social media. It a big lesson for the victims not to store funds in a centralized exchange. This happened before and there's a chance that this case will be repeated. I've also experience losing some assets in a closed exchange and I learned my lessons there. This makes us realize how important non-custodial wallets is and why should we use it over the centralized exchange if we want to store our assets especially for a long time. 

[Bitstar_coin]

FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

He uses money that does not belong to him or his exchange without the consent of the users and he expects big institutions to trust him enough to release such a huge amount of money. What is the assurance he will manage people's funds the way they should this time?
I think it is going to be really tough for SBF to gain the trust of investors, enough for them to want to loan him such a huge sum.
Not only that, users will be very skeptical about the exchange assuming they manage to secure the loan and get things back up and running. I know I would be very afraid of using such exchanges until they are able to prove to be trusted again. If they ever will.

[BitcoinPanther]

I do not really understand what happened, I mean I get it, it’s said that there was some hack or something but come on, it can't be hacked for 7 billion dollars, there is something bigger going on in here.

For an exchange, people deposit their money into the exchange, you just hold it, and the more they trade the more of their deposit they give to you as profit, from the trading fee. That means even if there was a hacking, it can't be that big, how would people withdraw it from your accounts, and even if they do, at some point you will stop them or move the money out. So, it doesn't make sense on HOW they lost this much money, they must have done something stupid for sure.

It is so simple.  SBF embezzled the FTX users funds.  He used it to support politicians, loan his firm Alameda Research and hide suspicious transfers to fund many investment of his own company.  The hacking incident is very suspicious probably it is one way to hide that FTX funds is already sucked dry.  Aside from that, another surprising is that the FTX has no Bitcoin holdings.  I wonder where are those BTC that FTX users have bought and keep in their exchange.