FTX Drama and Global Empact

[Tony116]

-cut-
Unless he's aiming to portray himself as utterly incompetent therefore not subject to any criminal liability, there is no benefit to talking to the media.
Amazes me that this person was trusted with billions of funds. If the ignorance route is the legal strategy for SBF, he'll have to convince a lot of people of his utter stupidity and ignorance to have not known that user deposits were being used fraudulently. As if anyone is dumb enough to believe it.

That would be actually most viable tactic at this point. That would mean we would hear even more insane and immature things from behind the curtains as everything that makes hims seem incompetent.

Come to think of it, maybe this has been a plan for a long time now. That would explain so much of his statements and reactions. Remember CZ saying that Sam is tweeting like a psychopath? This could have all just been his way of acting like a lunatic.

Seems to me ignorance is the only viable legal defense here. That is, of course, if the Department of Justice in the U.S. would be willing to indict him. If charges were on the horizon, he would bail to a country without an extradition agreement so I'm not confident he'll face any repercussions regardless. Seems like these folks always get away with white collar crime as long as they have the right connections. SBF was a well known political donor spending tens of millions donating to democratic politicians in the U.S. Doesn't look like he was donating this money out of kindness.

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

[franky1]

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

yes they have been in a false valuation state for a long while. never actually having the $32b cash to hand to match company valuation of $32b.. but then again what company ever does

they also were over leveraged on how much assets they kept in an exchange cold wallet vs the customer balance. it was not just a november thing

they also donated to the republicans..

also most of the legal stuff is happening in the bahamas, the US investigations are just a sideshow.

the US legal sideshow can only investigate and have a hand in the US part of the business(ftx.us), because that is their jurisdiction limit.
 which SBF has shuffled funds back into the ftx.us arm to make customers balances whole once the paperwork allows them to offer withdrawals. thus he can escape any "damages" to the US

customers/investors of the international body of ftx group have to seek jurisdictions of regulators in the bahamas and japan

[Ludmilla_rose1995]

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

this is the worst thing that I've ever heard,, how can someone use customer money to fund democratic politicians. SBF has been abandoned for too long, reportedly he is still on vacation in the Bahamas, while hundreds of thousands of FTX users are still waiting for confirmation about their frozen funds in FTX.

[yudi09]

FTX Chapter 11 is a scandalous event in the cryptocurrency world.  FTX's position as a centalized exchange was after Binance exchange.  There were millions of users from different countries of the world. This exchange has stolen almost $10 billion worth of crypto from customers.  Which has changed enough in the economic standards of different countries of the world.



Pic source

After FTX experienced events beyond the expectations of many investors, all parties involved in the company in several countries admitted to have pulled away from the collapse of FTX.
From the data shown in the picture, who will be fully responsible behind the losses that befall them? Therefore, stop playing with altcoins.

What I'm worried about is that the ignorance of people out there will eventually equate all types of crypto assets such as the FTX token.

[jaberwock]

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

The act of donating must be one of the reason on why they are struggling financially but isn't it possible to recover the money that they have donated? Only to compensate those who lost their funds when FTX got bankrupt.

I think what happened to them is like a bad karma because they acted confidently and just gave away their earnings but for what purpose they are doing that? To get famous? May this serves a lesson for those remaining exchange to not be too cocky but it's always better to remain humble and just serve your customers accordingly. I still think that what happened with FTX is not planned because no one wants their business to fail.

[BitcoinPanther]

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

The act of donating must be one of the reason on why they are struggling financially but isn't it possible to recover the money that they have donated? Only to compensate those who lost their funds when FTX got bankrupt.

I do not think that the donation is the reason FTX gone bankrupt.  I think it is more on the trading and their asset plummeting due to the cryptocurrency market condition.  Aside from that, I also think that one that has the huge effect on the fund of FTX is when Alameda was approved of its loan.  It eats 50% of the FTX client's fund.  And SBF loaning himself 1B  (he said that it is to reinvest in FTX platform.)

I think what happened to them is like a bad karma because they acted confidently and just gave away their earnings but for what purpose they are doing that? To get famous? May this serves a lesson for those remaining exchange to not be too cocky but it's always better to remain humble and just serve your customers accordingly. I still think that what happened with FTX is not planned because no one wants their business to fail.

There is mismanagement so even without bad karma, the company will get bankrupt.

[AmoreJaz]

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

The act of donating must be one of the reason on why they are struggling financially but isn't it possible to recover the money that they have donated? Only to compensate those who lost their funds when FTX got bankrupt.

I think what happened to them is like a bad karma because they acted confidently and just gave away their earnings but for what purpose they are doing that? To get famous? May this serves a lesson for those remaining exchange to not be too cocky but it's always better to remain humble and just serve your customers accordingly. I still think that what happened with FTX is not planned because no one wants their business to fail.

maybe they thought they can get the money they donated in some way. or they did want to rise up their ego for the sake of the money that they didn't own..   they became too proud of themselves they thought they were helping others, but inside, they were suffering financially up until it blowed up as they couldn't handle their losses anymore. it will not be the last company that will suffer such kind of failure in this market. so users should be cautious in where they are sending their assets.

[o48o]

-cut-
Seems to me ignorance is the only viable legal defense here.
-cut-

Headlines like this he keeps pushing out support that theory, like he had been planning it for a while now.
Greanted that his background doesn't guarantee he would be any good with math or anything else, but this is just too weird:
  

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

FTX international didn't serve US citizens so they won't be wanting him. I am not sure about extradition laws in bahama, but i am pretty sure they won't hand him out to just any country.

[Marvell1]

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

The act of donating must be one of the reason on why they are struggling financially but isn't it possible to recover the money that they have donated? Only to compensate those who lost their funds when FTX got bankrupt.

I think what happened to them is like a bad karma because they acted confidently and just gave away their earnings but for what purpose they are doing that? To get famous? May this serves a lesson for those remaining exchange to not be too cocky but it's always better to remain humble and just serve your customers accordingly. I still think that what happened with FTX is not planned because no one wants their business to fail.

I don't think they have failed, the only losers in this crash are investors, not FTX or SBF. I believe during the time FTX was in operation, SBF also took in enough money for him to live his whole life without worrying too much about money. It is known that SBF bought a lot of real estate as well as villas for both his parents during the time FTX was operating. The second winner is the government, with the demise of FTX, they have a good reason to intervene in the market and regulate us.

[Tony116]

SBF has been abandoned for too long, reportedly he is still on vacation in the Bahamas, while hundreds of thousands of FTX users are still waiting for confirmation about their frozen funds in FTX.

Do you leave your money on FTX? Currently, there is some information that FTX is planning to pay investors from the Bahamas, the United States, and Japan. Since FTX has a license to do business in these countries, if he doesn't want to get into the law, SBF will have to refund everyone and for investors not from the above countries, their chances of getting their money back are almost zero.

That's the risk we take when we enter the market, I hope everyone will learn their lesson this time, don't leave our money on the exchanges and only invest the money we can lose.

[coupable]

That's the risk we take when we enter the market, I hope everyone will learn their lesson this time, don't leave our money on the exchanges and only invest the money we can lose.

I still doubt that this will be the last lesson or that what happened to the ftx platform is the worst that can happen.  The ftx platform has a huge user base that trusts its centralized power, so its fall was resounding.  It is the same way users are currently using the Binance platform.  The most important lesson to be learned from what happened with the ftx platform is that no platform is too big to fail.  Every strength has weaknesses and every system has loopholes.

[poldanmig]

I still doubt that this will be the last lesson or that what happened to the ftx platform is the worst that can happen.  The ftx platform has a huge user base that trusts its centralized power, so its fall was resounding.  It is the same way users are currently using the Binance platform.  The most important lesson to be learned from what happened with the ftx platform is that no platform is too big to fail.  Every strength has weaknesses and every system has loopholes.

I do not agree to attribute the statement to the binance platform because FTX was established in 2019 and last few years they are popular on the list of top exchanges but not relevant for comparison with binance, I don't think any other exchange can guarantee to cover losses due to hacks and other cases, but binance has proven to recover users funds. But I am not on binance side but I still follow the best advice to store assets in personal wallet.

[Ludmilla_rose1995]

SBF has been abandoned for too long, reportedly he is still on vacation in the Bahamas, while hundreds of thousands of FTX users are still waiting for confirmation about their frozen funds in FTX.

Do you leave your money on FTX? Currently, there is some information that FTX is planning to pay investors from the Bahamas, the United States, and Japan. Since FTX has a license to do business in these countries, if he doesn't want to get into the law, SBF will have to refund everyone and for investors not from the above countries, their chances of getting their money back are almost zero.

That's the risk we take when we enter the market, I hope everyone will learn their lesson this time, don't leave our money on the exchanges and only invest the money we can lose.

I'm lucky that I never used FTX though, I only focused on using Binance and Kucoin. however, many of my friends on Facebook have experienced big losses because until now their money is still stuck there. the FTX collapse proves that we cannot entrust our assets to CEX, they use the filled liquidity to invest in other businesses and hope that the circulation of money that occurs can pay everyone but when there is an issue, they immediately collapse in less than 24 hours.

[dunfida]

SBF has been abandoned for too long, reportedly he is still on vacation in the Bahamas, while hundreds of thousands of FTX users are still waiting for confirmation about their frozen funds in FTX.

Do you leave your money on FTX? Currently, there is some information that FTX is planning to pay investors from the Bahamas, the United States, and Japan. Since FTX has a license to do business in these countries, if he doesn't want to get into the law, SBF will have to refund everyone and for investors not from the above countries, their chances of getting their money back are almost zero.

That's the risk we take when we enter the market, I hope everyone will learn their lesson this time, don't leave our money on the exchanges and only invest the money we can lose.

I'm lucky that I never used FTX though, I only focused on using Binance and Kucoin. however, many of my friends on Facebook have experienced big losses because until now their money is still stuck there. the FTX collapse proves that we cannot entrust our assets to CEX, they use the filled liquidity to invest in other businesses and hope that the circulation of money that occurs can pay everyone but when there is an issue, they immediately collapse in less than 24 hours.

Even with Binance and Kucoin which is something that you could trust like forever.It is really just that FTX arent really that much heard off on this forum but it is eventually next to Binance when it comes to volume.

I dont know if its just me but this is what i do observe.Come to mind off that its never been ethical on using up your platform users funds for the sake or in intent on using to other businesses.
You might be having the access but you dont actually have the rights on doing so, in which it means that on the time that you have done this as an owner and once
it do gets busted then you do know on what would be next.

[South Park]

SBF has been abandoned for too long, reportedly he is still on vacation in the Bahamas, while hundreds of thousands of FTX users are still waiting for confirmation about their frozen funds in FTX.

Do you leave your money on FTX? Currently, there is some information that FTX is planning to pay investors from the Bahamas, the United States, and Japan. Since FTX has a license to do business in these countries, if he doesn't want to get into the law, SBF will have to refund everyone and for investors not from the above countries, their chances of getting their money back are almost zero.

That's the risk we take when we enter the market, I hope everyone will learn their lesson this time, don't leave our money on the exchanges and only invest the money we can lose.

I'm lucky that I never used FTX though, I only focused on using Binance and Kucoin. however, many of my friends on Facebook have experienced big losses because until now their money is still stuck there. the FTX collapse proves that we cannot entrust our assets to CEX, they use the filled liquidity to invest in other businesses and hope that the circulation of money that occurs can pay everyone but when there is an issue, they immediately collapse in less than 24 hours.

So in essence centralized exchanges have become exactly like banks, which is the kind of centralized institution we were supposedly trying to avoid when joining this market, so while I am disgusted by what is happening, at the same time people need to finally learn that trusting in a centralized institution when it comes to our money is a bad idea, if people want to trade they can do it, but as soon as their session is over they need to get their coins out of the exchange as fast as possible so this does not happen to them.

[coupable]

I still doubt that this will be the last lesson or that what happened to the ftx platform is the worst that can happen.  The ftx platform has a huge user base that trusts its centralized power, so its fall was resounding.  It is the same way users are currently using the Binance platform.  The most important lesson to be learned from what happened with the ftx platform is that no platform is too big to fail.  Every strength has weaknesses and every system has loopholes.

I do not agree to attribute the statement to the binance platform because FTX was established in 2019 and last few years they are popular on the list of top exchanges but not relevant for comparison with binance, I don't think any other exchange can guarantee to cover losses due to hacks and other cases, but binance has proven to recover users funds. But I am not on binance side but I still follow the best advice to store assets in personal wallet.

The example provided by the ftx platform was the best evidence of the fragility of the central system in this field when its spread expands and swells to levels that cannot be reconciled with proper control. The platform was going through a real crisis. It was possible to find a solution to it even through the major financial institutions that would have worked to save it from collapse, but Binance paid it the fatal stab by offering huge amounts of ftt for sale, which contributed to the price drop and the collapse of the currency, which led to a resounding collapse for the platform as a whole.

[virasog]

FTX Chapter 11 is a scandalous event in the cryptocurrency world.  FTX's position as a centalized exchange was after Binance exchange.  There were millions of users from different countries of the world. This exchange has stolen almost $10 billion worth of crypto from customers.  Which has changed enough in the economic standards of different countries of the world.

FTX scam would have long lasting effect on the crypto market and it may take many months for the crypto users to absorb this loss and move on. Also, it will engage regulations to enforce more restrictions on cryptocurrencies especially on the exchanges.

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?

Yes, this proves that FTX is just playing around with people's money. It was just one tweet by CZ which created panic among the people. So people wanted to withdraw their funds from the exchanges. Receiving so many queries regarding withdrawals, the FTX was unable to handle them as they never had kept the user funds with themselves???

[Kadal Ijo]

I hope that the FTX drama will end soon, confiscated all the assets owned by FTX and conduct a very strict audit on transactions on FTX so that the assets of investors are found, I'm sure SBF has a large cryptocurrencies asset, although it's not enough to pay for investors but at least can restore even if only 50%.

[Ludmilla_rose1995]

Even with Binance and Kucoin which is something that you could trust like forever.It is really just that FTX arent really that much heard off on this forum but it is eventually next to Binance when it comes to volume.

I dont know if its just me but this is what i do observe.Come to mind off that its never been ethical on using up your platform users funds for the sake or in intent on using to other businesses.
You might be having the access but you dont actually have the rights on doing so, in which it means that on the time that you have done this as an owner and once
it do gets busted then you do know on what would be next.

of course using user money is an unethical act but what can we do when we use CEX,, not your private key - not your coin. DEX is the best option but the transaction volume on DEX is not that big.

So in essence centralized exchanges have become exactly like banks, which is the kind of centralized institution we were supposedly trying to avoid when joining this market, so while I am disgusted by what is happening, at the same time people need to finally learn that trusting in a centralized institution when it comes to our money is a bad idea, if people want to trade they can do it, but as soon as their session is over they need to get their coins out of the exchange as fast as possible so this does not happen to them.

That's right, after your business is done at CEX, it's wiser to immediately secure your funds to your personal wallet. I have also learned from that, so I will secure my funds directly to my personal wallet when my funds are above $50.

I hope that the FTX drama will end soon, confiscated all the assets owned by FTX and conduct a very strict audit on transactions on FTX so that the assets of investors are found, I'm sure SBF has a large cryptocurrencies asset, although it's not enough to pay for investors but at least can restore even if only 50%.

BREAKING‼️ FTX founder under investigation for market manipulation that led to collapse of TerraUSD (UST) and Luna — to the benefit FTX and Alameda Research.

➥ https://twitter.com/BTC_Archive/status/1600792338942820353

[passwordnow]

I hope that the FTX drama will end soon, confiscated all the assets owned by FTX and conduct a very strict audit on transactions on FTX so that the assets of investors are found, I'm sure SBF has a large cryptocurrencies asset, although it's not enough to pay for investors but at least can restore even if only 50%.

It won't end soon. It's still a long way to go until this issue will be forgotten or even ended. People are telling because that SBF has been a donator or financer to the democrats, this case is taking too long and there's no action taken against him.
And he's even able to have to talk in front of crowds just after this issue has popped. We've seen conmen that have been running against the authority with the issue they've been involved in while him, is still free.