![]() ![]() ![]() What To Expect on Miners’ Q3 Earnings Calls As Industry Remains ‘Distressed’ - Blockworks, Nov 7th 2022Īlternate Inflation Charts. Senate Republicans want the SEC to explain why staff are quitting - Reuters, Oct 31st 2022 LBRY Loses SEC Case, Calls Ruling a 'Dangerous Precedent' for Crypto - Decrypt, Nov 7th 2022 Fiatbrained bozos try fractional reserve banking with #BTC and get rekt…” - Jun 22nd didn’t understand that the business model of retail-recruiting Cefi lenders was incredibly fragile and unethical (so, not as smart as we thought) OR 2) He knew, and nevertheless chose to profit…” - Jul 11th 2022 US Congressman says SEC’s Gensler allegedly had dubious ties to FTX, promises investigation - CryptoSlate, Nov 11th 2022 ![]() They applied immense pressure to get BlockFi funds migrated to FTX’” - Nov 12th 2022įTX Turmoil Raises Risk That Two Huge Political Donors Will Fade - Bloomberg, Nov 8th 2022 “From a BlockFi employee: ‘The only reason FTX bailed us out was to get our user funds onto their platform to use in their shell game. And then people remember clown-bucks aren't real.” - Nov 8th 2022įTX investor Sequoia removed its glowing 13,000-word profile of Sam Bankman-Fried and replaced it with somber note… - Business Insider, Nov 10th 2022īlockFi And Voyager Get Bailed Out By FTX - Bitcoin Magazine, Jun 22nd 2022 McDonald's then uses their remaining clown-bucks as collateral for actual loans. “Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market. Luna, 3AC, Celsius, FTX does crypto need immediate regulation? - Cryptopolitan, Nov 9th 2022ĭivisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet - CoinDesk, Nov 2nd 2022īinance CEO not interested in Alameda’s offer to buy up its FTT holdings - Cointelegraph, Nov 8th 2022 “of all the bad ideas the crypto industry has come up with algo stables are among the worst” - Apr 21st 2022 Kraken’s CSO Claims To Have Identified The $600 Million FTX Hacker - CoinGape, Nov 12th 2022 Gox History - Investopedia, Jul 17th 2022 Solana’s Wrapped Bitcoin Price Craters, Recovers After FTX Shuts Exit Ramp - CoinDesk, Nov 11th 2022 Against $1.4b customer claims on bitcoin” - Nov 12th 2022 Untangling the knotty empire of Bankman-Fried and FTX | FT A political response is inevitable, and many will try to ensnare Bitcoin in this mess.Īlameda promised 'high returns with no risk' in 2018 pitch - The Block, Nov 11th 2022įTX files for Chapter 11 bankruptcy as CEO Sam Bankman-Fried resigns - The Verge, Nov 11th 2022 Nevertheless, there are some important lessons that the Bitcoin community rapidly needs to discern and absorb. The truth behind what occurred will take years to piece together. So, how did this happen? It’s still very early, and revelations keep dropping as we speak. FTX was essentially run by dysfunctional kids. In the aftermath, it all seems so obvious. He got a $100 investment from a Canadian pension fund, which one would assume would lead the world in discharging fiduciary duties. In just 3 short years the 30-year-old managed to beguile not just the industry but also traditional finance. Some Bitcoin maxi’s tried to sound the alarm, but too many people ignored the warning signs and believed the hype. However, Bankman-Fried was a Svengali and a fraud. SBF had former Presidents and Prime Ministers in his palm. He openly discussed having his attention drawn to dealing with existential issues affecting humanity. A glowing Bloomberg profile in April this year recounted his interactions with prominent politicians, investors and celebrities. He was on the front cover of Forbes in October 2021. Sam Bankman-Fried was lauded as a financial genius and social revolutionary leading the ‘effective altruism’ movement. This crescendo has seemingly peaked today as SBF posted cryptic tweets suggesting he’s struggling to comprehend what has happened. Every hour of the past 7 days has seen a new claim of malfeasance that exceeds the depravity of the last. The whole facade has become a bankrupt mess in a little over a week. In this interview we discuss rampant fraud that led to the FTX bankruptcy, the implications for other businesses and legal precedent, and Lyn’s current outlook on markets.įTX’s empire at the beginning of this year was valued at $32 billion. Lyn Alden is a macroeconomist and investment strategist. ![]()
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