2nd largest Biden donor resigns as FTX files bankruptcy

OldSoulon said:

CRYPTO KLEPTO KLOBBERED​


Sam Bankman-Fried charmed Washington. Then his crypto empire imploded.


Washington Post


Sam Bankman-Fried, the 30-year-old wunderkind of cryptocurrency, spent tens of millions of dollars over the past year trying to reshape how Washington and the world think about finance.


The crypto exchange he founded, FTX, had become an industry-dominating business in just three years, valued at $32 billion as recently as January. He amassed political clout in an even bigger hurry, emerging from obscurity to become the second-biggest Democratic donor in the midterm elections. By Friday, the money and the clout had disappeared: Bankman-Fried resigned from FTX, which then filed for bankruptcy. On Saturday, the company revealed it was investigating “unauthorized transactions” worth more than $400 million and that it had moved all funds into offline storage. And Bankman-Fried was left facing harrowing questions about his role in the most catastrophic collapse the notoriously volatile crypto industry has so far seen.


With his disheveled appearance, super-casual manner and earnest insistence that he was trying to use his money to save the world, Bankman-Fried stood apart from the stereotype of crypto brats blowing instant riches on Lamborghinis and yachts. His purported power over the crypto market drew comparisons to Wall Street financier J.P. Morgan, yet he saw himself as using his fortune for good, not greed.


How his career careened off course is a tale of ambition, hubris and ultimately recklessness — the full contours of which have yet to be publicly revealed. When Bankman-Fried was just 28, he built a platform that offered investors easy access to buying, selling and stashing bitcoin and other cryptocurrencies. The offshore exchange allowed investors to place risky bets not allowed in the United States, though it was easy enough for American users to find workarounds; a U.S. affiliate offered limited services. With a massive marketing push — including a flashy Super Bowl ad and naming rights to the arena that is the home of Miami Heat — he sought to make crypto trading a mainstream pastime.


Meanwhile, he was using his newfound political clout to sell Washington on a regulatory regime that promised to work to his advantage. The contrasts were glaring and never easily reconciled: As crypto’s self-appointed ambassador to Washington, Bankman-Fried was pressing for federal regulation even as he dodged U.S. oversight from his corporate headquarters in the Bahamas.
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Unwinding this will be next impossible I would think.
 
I enjoy wrestling said:
Unwinding this will be next impossible I would think.
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That is why they make moves where they do, why they war-game in brainstorming sessions like Pinky and the Brain trying to rule the world, with fake news covering what few tracks there are, typically. Muddy the waters and lie every time their mouths open.
 
Thavoice said:
So..its fake, fake money?

Interesting.

And how is it even a thing someone would want.
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Think musical chairs, but you take the fake money and cash out when it's down to two chairs an 2.5 dummies. You "get in to get out" with someone else's buy-in and your own back in your pocket.

I'm sure Bloombie's "besties" got the real take on crypto, and the all the little retail buyers ginned up by the crypto advertising barrage when the markets were all over the place took most of the lumps.
 
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cabezadecaballo said:
Think musical chairs, but you take the fake money and cash out when it's down to two chairs an 2.5 dummies. You "get in to get out" with someone else's buy-in and your own back in your pocket.

I'm sure Bloombie's "besties" got the real take on crypto, and the all the little retail buyers ginned up by the crypto advertising barrage when the markets were all over the place took most of the lumps.
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So its like a new aged digital pyramid scheme?
 
Just found out that the FTX balance sheet contains the line "Trump lose". Not many signs of regulatory oversight, anywhere. Nothing to see here. LOLOL
 
cabezadecaballo said:
Just found out that the FTX balance sheet contains the line "Trump lose". Not many signs of regulatory oversight, anywhere. Nothing to see here. LOLOL
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There is little to no regulation on many aspects of the crypto world. For the most part crypto is free of governmental regulations and self regulated.

That will change in the very near future.
 
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Cubsandtigers said:
There is little to no regulation on many aspects of the crypto world. For the most part crypto is free of governmental regulations and self regulated.

That will change in the very near future.
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Almost shocking that a reputable organization like Bloomberg would so aggressively shepherd people in a cattle call toward a semi-regulated vehicle like that, huh ? It’s almost like “mini-Mike” left financial reportage and transitioned into infomercials, without telling his audience.
 

FTX Slush Fund Bankrolled Fake Studies To Hide Covid Therapeutics​


Clinical trials that found therapeutic medications ivermectin and hydroxychloroquine were ineffective Covid treatments were funded by defunct crypto exchange FTX.


Amid the Covid pandemic, the FTX Foundation, helmed by now-infamous FTX CEO Sam Bankman-Fried, bankrolled a clinical trial study group known as Together.


Together ran trials that purportedly aimed “to identify effective repurposed therapies to prevent the disease progression of COVID-19.”


“Can we use existing medications to treat people with early diagnosed COVID-19?” the Together group was supposedly tasked with figuring out.


Together investigated several medications which were being touted as possible low-cost Covid remedies, among them anti-parasitic drug ivermectin and Hydroxychloroquine.


One such large-scale multi-author study published by Together in the New England Journal of Medicine looked at whether ivermectin could be effective at preventing Covid-19 hospitalization.


The study’s conclusion claimed: “Treatment with ivermectin did not result in a lower incidence of medical admission to a hospital due to progression of Covid-19 or of prolonged emergency department observation among outpatients with an early diagnosis of Covid-19.”


The results of Together’s ivermectin study were cited earlier this year by mainstream media outlets, such as the New York Times, as one more nail in the coffin proving the drug “does not reduce risk of Covid hospitalization.”
 
OhioBobcatFan06 said:
The fallout from this has not even started. Many reputable companies may have been victims here. Banks, particularly euro ones, may fall due to this.

Will be interesting if SBF will go to jail or if the Dems will protect him being one of their own... actually... He knows too much strong candidate to disappear........
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aka Clinton Death List style?
 

Front Page Featured | MRCTV

cnsnews.com cnsnews.com

In the coverage of FTX's meltdown, many in the media have been rather slow to ask a simple question: why didn't anybody notice that SBF was one of the most obvious scam artists of all time?

Perhaps it's the insanity of the digital age, in which those fresh out of college can be assessed as billionaires without actually showing a balance sheet. But there's something else going on here: SBF was a key cog in a political machine dedicated to the proposition that a coalition of like-minded left-wingers can seize the reins of capitalist enterprise and then work with friends in government to reconstruct the world.
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That, after all, was what SBF was publicly attempting to do. He dumped $40 million into the midterm elections in support of Democrats; he donated $5.2 million to then-candidate Joe Biden during the 2020 election cycle. He had pledged the FTX foundation to hand out $1 billion in 2022.

He did all of this in the name of supposed "effective altruism," a philosophy in which left-wingers seek to use capitalism in order to enrich themselves, then dump the money into favored causes. "I wanted to get rich, not because I like money but because I wanted to give that money to charity," SBF told one interviewer.

"Effective altruism" is just another iteration of the World Economic Forum-approved "stakeholder capitalism" idea -- the idea that CEOs owe their shareholders nothing, but the world at large their time, money and resources.

There is a reason that FTX had partnered with WEF -- a fact that WEF has now obscured by cleaning its website
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Here is another hilarious article lol

20221116_174050.jpg
 
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