FTX Drama and Global Empact

[pooya87]

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

[Apocollapse]

This mean South Korea, Singapore and Japan are the most stupid than the other countries since they leave their coins in FTX , no one should leave their coins on centralized exchange.

If people learn to use exchanges as a marketplace, no one will suffer losses since either the exchange collapsed or not, it doesn't affect their coins. I will say it's CZ drama rather than FTX, CZ was start this first and FTX is just get the impact from it.

[o48o]

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

Excellent example of spreading Russian misinformation. And always without proving anything. At this point you should understand that Russia would use any opportunity to hurt the stability of the west. Even the FTX case. You are playing for Putin's by spreading misinformation. This is the literal FUD on politics. Stay with the facts on FTX, do not insert war propaganda into this.

[Swordsoffreedom]

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

Excellent example of spreading Russian misinformation. And always without proving anything. At this point you should understand that Russia would use any opportunity to hurt the stability of the west. Even the FTX case. You are playing for Putin's by spreading misinformation. This is the literal FUD on politics. Stay with the facts on FTX, do not insert war propaganda into this.

As far as you said, can you tell me more there is some SBF news regarding democrats and he is also a big donor for 2020 election and midterm elections recently. There are many reports that the collapse of FTX is related to politics and that is why SBF has not been arrested or prosecuted so far after causing an incident that caused many times more damage than Dokwon caused. I know that there is a lot of unorthodox news right now and there is no final news yet, but I also believe that there is a political motive behind the collapse of FTX.

[Minecache]

FTX issues has really giving crypto-Currency critics something to bite on. This damages are large to let go. I think there would be repercussions for this.

FTX exchange has also brought some lessons to many and that's never trust a centralized exchange, so much can go wrong, ignore how big they are even Binance, it still can happen to them. The dangers on centralized exchange and also the lack of security and privacy protection.
The FTX issues goes on I don't think it would take long before some government finds reason for sanctioning because of this issue.

FTX is not the first centralized exchange to crash, we had a large exchange that was Mt.gox and many other smaller exchanges also collapsed. Everyone is aware that leaving money on it is risky, but most still choose to leave money because to serve their work, hope everyone is more vigilant after the FTX incident.

I don't think governments will punish FTX as most countries don't have crypto laws yet and FTX doesn't have a business registration in those countries. Investors will be responsible for their own consequences.

How could you think FTX and his CEO Sam Bankman-Fried won't be sued and sentenced if they've made shady and scammy things with the funds of their users? It's a crime in my country as in most countries. When someone gives you custody of something, it doesn't belong to you, and it's your responsibility to take care of it, otherwise you have to repair it or to pay damages. You should remember that Bernard Madoff has been sentenced to 150 years in prison and he died in jail.

FTX is only registered for business in the US and Bahamas, which means that FTX will be obligated to compensate users in these two countries. In case they cannot compensate the users in these 2 countries then they will be charged and go to jail.

For other regions they don't have a business license which means no legal binding on them. They have the right to indemnify you or refuse and no law can sue them.

[o48o]

As far as you said, can you tell me more there is some SBF news regarding democrats and he is also a big donor for 2020 election and midterm elections recently.

I have hard time decrypting what you are asking here. Is this a question or a statement? Yes he donated money, it was public info. That's not a crime and do i have to repeat myself he didn't try to hide it. He was even quoted saying that he would give $1B to presidential campaign for democrats, which he later backtracked. But everyone knew then he was supporting Democrats as many people do. That's not some secret that is been revealed now.

And now these politicians are even re-gifting those donations as they want distance from the whole case.

There are many reports that the collapse of FTX is related to politics

Whose politics would this collapse benefit? Show me one reliable investigative article on this.

and that is why SBF has not been arrested or prosecuted so far after causing an incident that caused many times more damage than Dokwon caused. I know that there is a lot of unorthodox news right now and there is no final news yet,

That's why? Investigation is on going and it's not like he is a security risk. And if you read what i wrote earlier, politicians want nothing to do with that guy.
And i thought you said that collapse was related to politics and now you are saying SBF caused it himself?

but I also believe that there is a political motive behind the collapse of FTX.

So far this is all speculation but enlighten me. What's the political motive for the collapse? Because that sentence seems to contradict other conspiracies about Biden/Ukraine.

[doomloop]

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

Excellent example of spreading Russian misinformation. And always without proving anything. At this point you should understand that Russia would use any opportunity to hurt the stability of the west. Even the FTX case. You are playing for Putin's by spreading misinformation. This is the literal FUD on politics. Stay with the facts on FTX, do not insert war propaganda into this.

What we only knew is that SBF is playing with the people's money but I think one of it is by donating to some government because there's also reports last time where the FTX got hacked and then the money was transferred to the Bahamas government. I think he did that because he want a protection but it is still inappropriate because that was not his money at the first place but it was from the poor people who trusted his company.

The government that are involved here will also be in big trouble because they are accepting bribes from this guy. I think there are more revelations that we will witness in the coming days. This is exciting.

[TravelMug]

This mean South Korea, Singapore and Japan are the most stupid than the other countries since they leave their coins in FTX , no one should leave their coins on centralized exchange.

I guess we can say it sports personalities that have heavily invested on FTX as well? They are so stupid that they believed SBF to be a man that could give them more profits?

If people learn to use exchanges as a marketplace, no one will suffer losses since either the exchange collapsed or not, it doesn't affect their coins. I will say it's CZ drama rather than FTX, CZ was start this first and FTX is just get the impact from it.

I agree but that's how exchange are design and I doubt that investors will learn their lessons in the FT fiasco. Although we have argued on using DEX for many years, still tough, people prefer CEX to do their trades. Not sure why you involved CZ though, he has his own drama on his Binance. This is all SBF fault.

[pooya87]

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

Excellent example of spreading Russian misinformation. And always without proving anything. At this point you should understand that Russia would use any opportunity to hurt the stability of the west. Even the FTX case. You are playing for Putin's by spreading misinformation. This is the literal FUD on politics. Stay with the facts on FTX, do not insert war propaganda into this.

Everyone already knows that there is a serious case of corruption in Ukrainian government. When I say everyone I mean all sides whether it is from inside Ukraine, from US, Europe or even Russia where you only like to focus on last one and call anything you don't like a propaganda.
Everyone also knows that the Ukrainian corrupt officials have been selling donated weapons on black market, Americans even deployed some military officials to Ukraine to prevent this. Some of the money is received in cryptocurrencies.
Everyone also knows that the Ukrainian government has been stealing a lot of the money they are being donated for their defense, some of which is through cryptocurrencies. In fact there are official donation addresses posted by the government and unofficial donation campaigns elsewhere on the internet.

All this money has to be laundered through somewhere when they steal it. If it weren't through FTX then which exchange(s) are they using?

[gunhell16]

This is a big blow to crypto community with the countries on this list and how much loses made. I hope the government won't begin a difficult regime that will affect exchange operations in their jurisdiction to protect their citizens. I'm sure Nigerians deal more with binance which is why it is not on the top list.

Not just a big blow, it became the biggest fraud in cryptocurrency history. That's why Sam Bankman-Fried is using his connection to cover up all the scandals he did through well-known politicians besides his mother being a lawyer.

But you're right, they'll give priority to finance over that matter.

Honestly, when we are talking about just a few billion dollars, that's not going to impact the nation as a whole, it will just impact the investors, that's it. I know it's quite common that people end up with a lot of loss personally and that individual loss feeling makes you wonder how any more people are impacted, but it's not about the size, but more about the number of people. Nations such as South Korea deal in hundreds of billions of dollars every year even more if you calculate the size of both imports and export and also what's going on inside daily, so just a few billion dollars here wouldn't really change much for the country.

What the Founder of Ftx did was a very bad and cunning move by a man who is wild about money, because, in my opinion, he intended to declare bankruptcy and release it without funds, so that all the investors who put big money into his FTX Platform.

[19Nov16]

FTX seems to be still trying hard, FTT token today rises more than 14%, a lot of news on Twitter is convincing that FTT will return to level 2 digit, but for me it is difficult to believe in FTT because at this time FTX has registered bankrupt Short to declare disbanded.

[BigBos]

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

This is very inhumane corruption, using donation funds to deal with the effects of war instead of being made into warm cakes for self-serving governments.

This is a big blow to crypto community with the countries on this list and how much loses made. I hope the government won't begin a difficult regime that will affect exchange operations in their jurisdiction to protect their citizens. I'm sure Nigerians deal more with binance which is why it is not on the top list.

Not just a big blow, it became the biggest fraud in cryptocurrency history. That's why Sam Bankman-Fried is using his connection to cover up all the scandals he did through well-known politicians besides his mother being a lawyer.

But you're right, they'll give priority to finance over that matter.

Honestly, when we are talking about just a few billion dollars, that's not going to impact the nation as a whole, it will just impact the investors, that's it. I know it's quite common that people end up with a lot of loss personally and that individual loss feeling makes you wonder how any more people are impacted, but it's not about the size, but more about the number of people. Nations such as South Korea deal in hundreds of billions of dollars every year even more if you calculate the size of both imports and export and also what's going on inside daily, so just a few billion dollars here wouldn't really change much for the country.

What the Founder of Ftx did was a very bad and cunning move by a man who is wild about money, because, in my opinion, he intended to declare bankruptcy and release it without funds, so that all the investors who put big money into his FTX Platform.

On November 11, SBF resigned from the position of CEO, then was replaced by a new CEO named John J Ray III. In all the time John J Ray has worked on bankrupt companies, he has never handled a bankruptcy as bad as FTX's, as he notes:
1. Employee requests replacement via chat approved by emoji
2. Almeda Research lends $1 billion and Nasdaq Singh $543 million
3. FTX employees use auto-delete messages
4. FtX has never held a board of directors meeting
5. FTX does not have a cash management system, and management does not know how much funds they have
6. Some FTX employees are suspected of being fake
7. Employees use company money to buy property on their behalf

This event is the darkest in crypto history, maybe the domino effect will be bigger and longer than Mt.Gox, even Solana and Genesis are reportedly threatened with bankruptcy due to their association with FTX.

[el kaka22]

I am not sure if FTX drama was the biggest but it was certainly a deadlier one in a way how it is mattered. I feel like we are going to end up with something that is getting a bit crazier and that means we shouldn't be really caring about the lowest points of it.

Just look at the bright side of it. That money is somewhere, even though it was "lost" by ftx, it is still somewhere and that means it is still in circulation so nothing about bitcoin itself happened, just ftx crashed, which means that we could buy the unharmed bitcoin at a cheaper price and could make more money with it. Yes, it is not going to be tomorrow, but it will go up and we could be benefiting from the crash this way if we want to.

[Solosanz]

FTX seems to be still trying hard, FTT token today rises more than 14%, a lot of news on Twitter is convincing that FTT will return to level 2 digit, but for me it is difficult to believe in FTT because at this time FTX has registered bankrupt Short to declare disbanded.

It's just a manipulation from Sam Bankman because exchange token doesn't have any utility except you're use the exchange, since the exchange is insolvent this mean you can't do anything with the FTT token. Sooner or later FTT token price will decrease and reach less than $1 and worth of few penny only.

Actually FTX didn't create this drama, they're just being targeted by CZ since they're new exchange that can climb up faster than the other exchanges. CZ is worried if people will shift to FTX from Binance, so he do this drama.

[Sir Legend]

Hopefully the FTX drama ends soon and we can know whether it will end or continue by getting new investors, FTX is a big and top-ranked exchange so it always worries us, the negative issue that the FTX case will happen again of course will make us have to be vigilant and since a week ago i moved a lot of assets that i have stored in kucoin, gate, hitbtc, binance, huobi and so on.

[$anounimus$]

Hopefully the FTX drama ends soon and we can know whether it will end or continue by getting new investors, FTX is a big and top-ranked exchange so it always worries us, the negative issue that the FTX case will happen again of course will make us have to be vigilant and since a week ago i moved a lot of assets that i have stored in kucoin, gate, hitbtc, binance, huobi and so on.

FTX went bankrupt because they scammed people on a very high scale. This is truly an eye opener for anyone who has put their life savings and retirement accounts into the stock market or is tempted to buy trading stocks.

[adaseb]

Since they filed for chapter11 I don’t think it will be operational again. If he never filed and managed to somehow get the lost funds back, then maybe it would of worked out but it’s out of his hands now.

Issue is this is going to be an expensive bankruptcy and lawyers will end up benefiting the most in this situation and not the users.

There are people buying claims on accounts for like 5 cents on the dollar, because that is how bad it looks.

[Lambe Ndumble]

Hopefully the FTX drama ends soon and we can know whether it will end or continue by getting new investors, FTX is a big and top-ranked exchange so it always worries us, the negative issue that the FTX case will happen again of course will make us have to be vigilant and since a week ago i moved a lot of assets that i have stored in kucoin, gate, hitbtc, binance, huobi and so on.

FTX went bankrupt because they scammed people on a very high scale. This is truly an eye opener for anyone who has put their life savings and retirement accounts into the stock market or is tempted to buy trading stocks.

They have officially registered bankruptcy in court and I do not understand why it is still optimistic that FTX will rise again, investors prefer to make new projects that have never had a bad record than convincing investors to continue to survive in FTX, I'm sure it will be very difficult to convince investors again

[Bitcoin2009]

After the FTX case made haters more massive in spreading FUDs and it was proven to be able to make the market drop, the effect caused by exchanges is certainly bigger than projects like LUNA, because it will have a broad impact and cause fear for investors.

[Maidak]

Since they filed for chapter11 I don’t think it will be operational again. If he never filed and managed to somehow get the lost funds back, then maybe it would of worked out but it’s out of his hands now.

Issue is this is going to be an expensive bankruptcy and lawyers will end up benefiting the most in this situation and not the users.

There are people buying claims on accounts for like 5 cents on the dollar, because that is how bad it looks.

There's still a chance FTX is back up and running, that's why they filed for chapter 11. According to chapter 11, FTX will have a certain time to settle with partners and customers and during bankruptcy, no one can enforce FTX's assets. If FTX convinces customers or any partners to agree to sponsor or buy back all of FTX's shares, they can return to normal operations. This has happened to traditional companies after filing for bankruptcy, but it has never happened with crypto companies. The possibility of FTX success is very difficult but there is still hope.