Crypto CEO Accidentally Describes Ponzi Scheme--UPDATE--Bankman-Fried arrested in the Bahamas on money laundering and fraud charges.
- Thread starter ogc163
- Start date
There's not get-out-of-jail card for mental illness. I'm sure that the median person in prison is going through depression and insomnia.
With that said, I'm not sure the media should be reporting on it either tho
I think he's guilty AF, but that doesn't mean that they have a right to know/publicize/tweet the medication he is on.
it's in public filings to the court.There's not get-out-of-jail card for mental illness. I'm sure that the median person in prison is going through depression and insomnia.
With that said, I'm not sure the media should be reporting on it either tho
I think he's guilty AF, but that doesn't mean that they have a right to know/publicize/tweet the medication he is on.
I know it's public. I'm saying it's not insightful info as it pertains to the case/fraud and ventures into yellow journalism and so I don't like Reuters tweeting about what medications he takes.it's in public filings to the court.
I expect that from low-brow opportunists like the NY Post or the conservative crypto bro you quoted
people who lost their money in his company might find it insightful. let's not pretend theres not a contingent of investors who shy away from drug dependent CEO run companies. CEO's tend to go to great lengths hide any health issues as not to spook current or future investors.
88m3
Fast Money & Foreign Objects
everyone is on drugs
News like this keeps coming out, I feel like either Singh is gonna kill himself (if he hasn't already) or they're setting it up to fake his death.
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www.reuters.com
www.ndtv.com
Crazy passage from that second story:
WTF does anyone like them need to borrow hundreds of millions of dollars for? And they new Alameda had massive cash issues so that money was coming straight from FTX's customers with their approval. That's corruption on a wild scale.
I feel like a lot of this money is never going to be seen again.
Exclusive: How a secret software change allowed FTX to use client money
FTX's chief engineer tweaked the code to exempt Alameda Research from a feature that would have automatically sold off its assets if it was losing too much borrowed money.
www.reuters.com
The Disappearing Act of Nishad Singh, FTX Billionaire
The rallying cry of the scorned crypto faithful, which started when FTX spiraled into bankruptcy, has taken on added seriousness after Sam Bankman-Fried was arrested in the Bahamas and charged with eight criminal counts in the US. Where is Gary Wang?
www.ndtv.com
Crazy passage from that second story:
WTF does anyone like them need to borrow hundreds of millions of dollars for? And they new Alameda had massive cash issues so that money was coming straight from FTX's customers with their approval. That's corruption on a wild scale.
I feel like a lot of this money is never going to be seen again.
null
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converting assets to usable M0/M1 to say buy property (in the bahamas) or other stuff. or to squirrel some away for when it blows up. the collateral goes to zero. (some of) the M0/M1 is somewhere that you access it when you leave prison.
Almeida lost funds by risky trading so the loans aside it's defacto not all coming back.
Exactly. I don't see any reason for guys in those positions to take that kind of money from their firms unless they expected shyt to go south. They were betting against themselves.
I meant specifically the stolen money isn't coming back. Too much of this was planned too far in advance, it's gonna be buried buried. If prosecutors can demonstrate any sort of clear intent from those moves, it might be the difference between getting 5-10 and getting 20-30.
News like this keeps coming out, I feel like either Singh is gonna kill himself (if he hasn't already) or they're setting it up to fake his death.
Exclusive: How a secret software change allowed FTX to use client money
FTX's chief engineer tweaked the code to exempt Alameda Research from a feature that would have automatically sold off its assets if it was losing too much borrowed money.
The Disappearing Act of Nishad Singh, FTX Billionaire
The rallying cry of the scorned crypto faithful, which started when FTX spiraled into bankruptcy, has taken on added seriousness after Sam Bankman-Fried was arrested in the Bahamas and charged with eight criminal counts in the US. Where is Gary Wang?
Crazy passage from that second story:
WTF does anyone like them need to borrow hundreds of millions of dollars for? And they new Alameda had massive cash issues so that money was coming straight from FTX's customers with their approval. That's corruption on a wild scale.
I feel like a lot of this money is never going to be seen again.
I get what you're saying but multimillionaires and billionaires borrow money all the time, Larry Ellison borrowed 10 billion dollars years ago because interest payments on a loan is way cheaper than capitol gains tax.
They loan money legally, and do it in huge quantities if they have some massive investment project or scheme that they expect to outearn the loan.
But FTX was Wang and Singh's entire portfolio, and Alameda WAS their investment vehicle. That's what I mean by "anyone like them" - they aren't big-time investors with a track record, they're just engineers, and rather than investing the money in their own company they were taking money out of it. Why would they take nearly a billion dollars of their own customer's money, so that it CAN'T be used by their own investment house, when they knew that house was already struggling and in danger of insolvency, so instead invest it in.... what exactly? Have you heard the slightest peep about where that money went or whether they've made the slightest move to give it back and pay back their clients?
SBF is supposedly financially ruined, his parents are giving back their property, FTX's Bahemian assets are being seized, but we're hearing nothing about the 700 million cash that Wang and Singh stole from FYX's customers?
Creh was gonna try and pull a Gerald Cotton
ogc163
Superstar
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