FTX Drama and Global Empact

[Vinaa77]

I didn't know that FTX was a direct port to asian markets. Are those countries using binance now?

Also, i thought it has users from united states, so i had to google and it was seperate operation. So i guess my question is that is FTX.US totally off the hook? How they or their us customers are not affected when 130+ companies are?

It is possible that FTX.us is an offshoot of FTX global, of course it will follow from the legal rules that apply to FTX global. If FTX global is no longer operational, it will automatically apply to FTX.us as well. We also try to access FTX.us, but the same condition, the site has been redirected.

It's been a rough ride for crypto users so far. Many crypto users use the FTX exchange, even this is used as an alternative to centralized exchanges. We can store assets separately in one exchange, this is something extraordinary. But they made the atmosphere even worse.

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[Sayeds56]

SBF uses investors' money for fun and buys luxury properties, this is a fatal mistake that makes investors cry, so far he only plays consumer money, now FTX has officially filed for bankruptcy, and I think the police must act legally, this is not a healthy business but you can say that he is a criminal.

FTX founder Sam Bankman-Fried is already arrested, and he may face years of prison for un-expected and sudden collapse of 32-billion-dollar meltdown in a very short time. The failure of exchange is a worst example of poor corporate controls and absence of reliable risk management system. I think we should wait for the outcome of his trial to know, what went wrong, that caused such a huge disaster & how such incidents can be prevented in future.

[erep]

FTX founder Sam Bankman-Fried is already arrested, and he may face years of prison for un-expected and sudden collapse of 32-billion-dollar meltdown in a very short time. The failure of exchange is a worst example of poor corporate controls and absence of reliable risk management system. I think we should wait for the outcome of his trial to know, what went wrong, that caused such a huge disaster & how such incidents can be prevented in future.

We may already know some of the mistakes he committed but we want him to tell the truth in court, we hope the prosecutor to find out the facts of his crimes from some of the reports that have been identified before and he should be in jail soon. I hope that he should be sentenced to the toughest sentence if he has been proven guilty of causing losses to investors and traders, so that in the future there will be no more crimes that harm crypto investors and hope that cases of fraud, money laundering or any crimes will never happen again so that trust in the crypto space will be increase.

[Inwestour]

FTX founder Sam Bankman-Fried is already arrested, and he may face years of prison for un-expected and sudden collapse of 32-billion-dollar meltdown in a very short time. The failure of exchange is a worst example of poor corporate controls and absence of reliable risk management system. I think we should wait for the outcome of his trial to know, what went wrong, that caused such a huge disaster & how such incidents can be prevented in future.

The trial may drag on for years, but we don't have to wait until it's over to find out why the exchange crashed. Many sources write about this, they simply used the money of their clients and did it with many violations of the user agreement. They behaved as if it was their money and everything was allowed to them, but when this became known, this house of cards crumbled very quickly.

[BigBos]

SBF uses investors' money for fun and buys luxury properties, this is a fatal mistake that makes investors cry, so far he only plays consumer money, now FTX has officially filed for bankruptcy, and I think the police must act legally, this is not a healthy business but you can say that he is a criminal.

How much do you hate SBF? are you one of those who are disadvantaged on that platform?
I am one of the people who were disadvantaged on the platform, I experienced a loss which can be said to be quite a lot for me, but it would be nice if the FTX event should be an important part of learning for the cryptocurrency, a world not to use a centralized exchange and invest in altcoins because, in the end, that's what happened.
I hope SBF gets punished according to the pa he has done and of course, I also hope that at least some of the investors can receive a refund (although unlikely).

[harapan]

I hope FTX won't happen again and when there are indications of exchanges manipulating it, it will be known before declaring bankruptcy, and if we pay attention to trends in the market, it is indeed not too affected by FTX developments, momentary panic is common and slowly the market will stabilize again, and things this makes me optimistic that this year's market could reach $20k.

FTX will or may never get to the top again I meant at this level they occupied being the second highest exchnage in the world

The lesson's should be properly learned and shared among other both friends. I have read Binance will be filled with charges and they have denied such has never or will never happen by the Us the was same ways used by FTX before they finally freezed all of the funds.

We talk about FTX imagine what will happen when Binance gets bankrupt and what effects it will bring on the crypto industry. People saying crypto is not good are moron, they should know the fall of an exchange is not for Bitcoin

It depends on the manager who will continue but to be honest I am quite skeptical of them because indeed with the current events and the impact of course this will be very influential especially as far as what I see at this time is about reputation.
It is very difficult to restore a destroyed Reputation and of course this will pay off eventually and even I personally would not touch that exchange again as long as their reputation is not recovered and I doubt it will even recover.

What if it finally recovers, some gullible people out there will still be so lazy to carry out self custody

And even if Elon Musk or whoever was brought back to influence that FTX everyone should have been aware of never to trust exchanges with large amounts of Bitcoin not to even mention of hot wallets.

I agree with you trust was built now it's been shattered you can never see people trusting them all over again to keep whatever they earn in that exchange.

[Mahanton]

SBF uses investors' money for fun and buys luxury properties, this is a fatal mistake that makes investors cry, so far he only plays consumer money, now FTX has officially filed for bankruptcy, and I think the police must act legally, this is not a healthy business but you can say that he is a criminal.

How much do you hate SBF? are you one of those who are disadvantaged on that platform?
I am one of the people who were disadvantaged on the platform, I experienced a loss which can be said to be quite a lot for me, but it would be nice if the FTX event should be an important part of learning for the cryptocurrency, a world not to use a centralized exchange and invest in altcoins because, in the end, that's what happened.
I hope SBF gets punished according to the pa he has done and of course, I also hope that at least some of the investors can receive a refund (although unlikely).

He had been caught and imprisoned but unfortunately he had able to bail out for the amount of $200+M as far as i remember which he had freely been doing on what he is into now which do really sucks.
Turns out that his family did pay up for such bail which it would be raising up that question on where do the hell his family do able to get those amounts? Pretty sure it was those FTX funds
which had been used obviously and this is why it do really sucks on seeing him roaming around as if there's nothing happened.This is really a hard lesson for anyone that
we shouldnt really be trusting up centralized platforms or services 100%.

[virasog]

SBF uses investors' money for fun and buys luxury properties, this is a fatal mistake that makes investors cry, so far he only plays consumer money, now FTX has officially filed for bankruptcy, and I think the police must act legally, this is not a healthy business but you can say that he is a criminal.

We trusted SBF but we never know that Sam was an immature person, playing with the investor money.  Also, people invested in Alameda Research and later we found the CEO of FTX dating with the CEO of Alameda Research which is a sister company of FTX.

This irresponsible behavior from these people have shaken the confidence of the crypto investors and they will take time to recover, that is why we see a very prolonged bear market with not much momentum in the market.

[franky1]

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

[TimeTeller]

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

That's a long wait for the trial, SBF's camp will already formulate how to get out of this mess by that time.
And also, they may resolve this silently, this will be unfortunate for all those users who lost their funds from this exchange.
It will be a long trial and I don't think SBF will return the money to its users. It will be another sad reality in crypto business.
I was really thinking that SBF was on the level of Vitalik/CZ when it comes to business/technology mindset, seems very far from both of them.

[o48o]

That's a long wait for the trial, SBF's camp will already formulate how to get out of this mess by that time.
And also, they may resolve this silently, this will be unfortunate for all those users who lost their funds from this exchange.
It will be a long trial and I don't think SBF will return the money to its users. It will be another sad reality in crypto business.
I was really thinking that SBF was on the level of Vitalik/CZ when it comes to business/technology mindset, seems very far from both of them.

Huge legal cases like this take time. Even if the court date would be set, it's only the first day. This could take years for all we know. As far as i know Bitfinex hack trial isn't over either and it started ages ago. There's lots to prove and SBF's dad is a lawyer so he is most likely prepping him daily now no make it harder for them to prove anything.

SBF would need to be very stupid to hide any money now, as he might even avoid jail if that money is found and play i am just a dumb kid card. Which he seem to have done for a while now.

[uneng]

That's a long wait for the trial, SBF's camp will already formulate how to get out of this mess by that time.
And also, they may resolve this silently, this will be unfortunate for all those users who lost their funds from this exchange.
It will be a long trial and I don't think SBF will return the money to its users. It will be another sad reality in crypto business.
I was really thinking that SBF was on the level of Vitalik/CZ when it comes to business/technology mindset, seems very far from both of them.

Huge legal cases like this take time. Even if the court date would be set, it's only the first day. This could take years for all we know. As far as i know Bitfinex hack trial isn't over either and it started ages ago. There's lots to prove and SBF's dad is a lawyer so he is most likely prepping him daily now no make it harder for them to prove anything.

SBF would need to be very stupid to hide any money now, as he might even avoid jail if that money is found and play i am just a dumb kid card. Which he seem to have done for a while now.

Not only that, but SBF has direct contact with the White House. His mother is also a lawyer and worked for Biden's campaign. SBF was also one of his biggest donors to Biden's campaign in 2020, or to be more accurate, FTX's customers were. Considering how close he is to powerful people in USA, I think it's possible he escapes from jail, doesn't matter how bad the situation looks for him and how foolish he continues acting. On the other hand, I really hope this scammer is punished accordingly with the crime he perpetrated, all his roots are discovered and exposed to the public, while customers receive at least part of their money back.

[Sithara007]

Not only that, but SBF has direct contact with the White House. His mother is also a lawyer and worked for Biden's campaign. SBF was also one of his biggest donors to Biden's campaign in 2020, or to be more accurate, FTX's customers were. Considering how close he is to powerful people in USA, I think it's possible he escapes from jail, doesn't matter how bad the situation looks for him and how foolish he continues acting. On the other hand, I really hope this scammer is punished accordingly with the crime he perpetrated, all his roots are discovered and exposed to the public, while customers receive at least part of their money back.

Have you wondered why Bankman Fraud is not jailed yet? He is currently out on bail, and is reportedly enjoying gourmet food and five-star facilities at his home in Palo Alto, California. A total of $10 billion was stolen from the customers and according to the reports he still has at least half of that amount with him. The left-wing media houses are churning out stories praising him at a rate of dozens per day. Just came across this article yesterday, which claims that he stole the money so that he can donate it to charity. Can it get anymore laughable than this?

https://www.washingtonpost.com/business/2023/01/02/caroline-ellison-ftx/

Like Bankman-Fried, Ellison was a proponent of effective altruism, a philanthropic philosophy that encourages young people to take high-paying jobs, amass wealth and donate it. She had found the movement while at Stanford, surrounded by smart and soon-to-be-wealthy people like herself.

[UmerIdrees]

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

This is more sort of a joke and not a punishment for SBF.

I mean people have lost millions of dollars at FTX, lots of companies dependent on FTX have collapsed, the whole crypto industry is suffering because of FTX crash and here we get the news that the trial will be happening after 9 months or so.

I think SBF has enough money to keep the law enforcement agencies out of his reach. 

[harapan]

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

What nonsense? Second of October 2023?

Who knows what this means buying enough time for themselves to get the case all settled up with bribery.

Can you recall what they say happens when a rich mans case stays too long in court? These people avoid the cops but they can never avoid karma. Sick and tired of all that.

[Oilacris]

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

What nonsense? Second of October 2023?

Who knows what this means buying enough time for themselves to get the case all settled up with bribery.

Can you recall what they say happens when a rich mans case stays too long in court? These people avoid the cops but they can never avoid karma. Sick and tired of all that.

With having soo much money then it is where people do mostly been thinking which bribery would take place considering about those stolen huge funds is on the works which it isnt really that surprising at all.With having that financial capability which its really a shame since he doesnt own those things but still make use for trying out to arrange on everything.Its true that he might be able
to escape the cops or simply the legal actions or something in correlated but he cant really escape the karma specially lots of people had been in rage on what happened.
Turns out that there's nothing happened to him and seen some pictures on having a good time. 

[noormcs5]

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

What nonsense? Second of October 2023?

Who knows what this means buying enough time for themselves to get the case all settled up with bribery.

Can you recall what they say happens when a rich mans case stays too long in court? These people avoid the cops but they can never avoid karma. Sick and tired of all that.

With having soo much money then it is where people do mostly been thinking which bribery would take place considering about those stolen huge funds is on the works which it isnt really that surprising at all.With having that financial capability which its really a shame since he doesnt own those things but still make use for trying out to arrange on everything.Its true that he might be able
to escape the cops or simply the legal actions or something in correlated but he cant really escape the karma specially lots of people had been in rage on what happened.
Turns out that there's nothing happened to him and seen some pictures on having a good time.  

I also think that this is a case of bribery, as how come a man who is responsible for loss for so many people can stay out of jail for so long and his case is taken with so much leniency. If no action is taken against him, other scammers will also feel encouragement to scam people  

I would say that the world's legal system is injustice and scammers with money can turn the cases in their favor.

[teosanru]

I always thought these East Asian countries had most of their investments in Exchanges like Huobi, Kraken and Gemini. Surprised to see such huge exposure with FTX. I think Singapore is obvious as most of the crypto starts up are there but South Korea was a shocker to me. Naturally US would have topped the list if there was not a different FTX US. It was just because of their laws that they got safeguarded from all this situation.