While most Americans are scratching their heads at the exact happenings of the failure of the digital asset swap called “ FTX, ” one YouTuber has launched an excellent explanation of what is now being called the greatest fraud in crypto background.
In a very concise video, a YouTuber named “ Nobody Specific Finance” unloaded on Mike Bankman-Fried, the soon-to-be incarcerated ex-CEO of the now-infamous exchange.
“ Virtually anybody ., Sam Bankman-Fried is a liar and a crook, ” said Nobody Special . “ His individual crypto, FTX Token, had been basically a Ponzi system … He used his Ponzi token as security to borrow billions of true dollars that he couldn’t repay … He then used individuals real dollars to build an empire of dying businesses. ”
“[Sam Bankman-Fried] then marketed people cryptos like Bitcoin, or so they thought. The actual really bought was an IOU. ”
Watch the full video in the short entirety below that will goes on to detail Bankman-Fried’s felonies & political donations in order to President Biden and more:
This morning, Bankman-Fried stepped down because CEO and FTX, along with approximately 130 additional associated companies (together, the “ FTX Group” ), submitted for Chapter 11 personal bankruptcy protection.
Beneath is the pr release :
FIX Group Businesses Commence Voluntary Chapter 11 Proceedings in the United States Begin Organised Process to Review and Monetize Assets for Benefit of Global Stakeholders John J. Beam III Appointed Chief Executive Officer; Mike Bankman-Fried Resigns
FTX Trading Ltd. (d. b. a. FTX. com), announced today that it, West Realm Shires Providers Inc. (d. b. a. FTX US), Alameda Research Ltd. and approximately 140 additional affiliated companies (together, the “ FTX Group” ), have commenced non-reflex proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware to be able to begin an orderly procedure to review and monetize resources for the benefit of all worldwide stakeholders.
John J. Ray III continues to be appointed Chief Executive Officer of the FTX Group. Sam Bankman-Fried has resigned their role as Chief Executive Officer and can remain to assist in an orderly transition . Many employees of the FTX Group in various countries are expected to continue using the FTX Group and assist Mr. Ray and self-employed professionals in its operations throughout the Chapter 11 proceedings.
“ The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders, ” said Mr. Ray. “ The FTX Group has valuable assets that can just be effectively administered in an organized, joint process. I wish to ensure every employee, consumer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to carry out this effort with persistance, thoroughness and transparency. Stakeholders should understand that events are already fast-moving and the new group is engaged only recently. Stakeholders should review the materials filed on the docket of the proceedings over the arriving days for more information. ”
Also this morning, Bankman-Fried released his latest apology on Twitter:
Hello there all,
Today, I filed FTX, FTX US, and Alameda for voluntary Chapter eleven proceedings in the US.
I’m really sorry, again, that we ended up here.
Hopefully things can find a way to recover. Hopefully this could bring some amount of openness, trust, and governance for them.
Ultimately hopefully it can be better for customers.
This doesn’t necessarily have to suggest the end for the companies or even their ability to provide value and funds to their customers chiefly, and can be in line with other routes.
Eventually I’m optimistic that Mr. Ray and others can help offer whatever is best.
Now i’m piecing together all of the information, but I was shocked to find out things unravel the way they do earlier this week.
I will, shortly, write up a more complete post on the play by play, but I want to make sure that I actually get it right when I perform.