FTX collapse

[wearthefoxhat]

New money is like old money, but without the oversight and regulation and is more susceptible to significant fraud: -

https://www.bbc.co.uk/news/business-63953096

The Bahamian government are still holding the $300 million that SBF withdrew from the back door programme, after Chapter 11, for safe keeping.

Maybe SBF thought by keeping them sweet, they would leave him alone and not get extradited to the US. Problem is;

extradition.png

[Derek27]

Founder of FTX arrested in the Bahamas and charged by US authorities with fraud.

[Derek27]

FTX Chief Executive being questioned in Washington Live on Sky at the moment.

[Derek27]

FTX was using QuickBooks to manage their accounts.

[wearthefoxhat]

FTX was using QuickBooks to manage their accounts.

Shouldn't take the Chapter 11 accountants very long to locate the money then.... (they'll still invoice a couple of $100 million for their time)

One of the senators' said SBF was "conveniently arrested" so he wouldn't spend 6 hours at the hearing digging himself further into a hole.

[jimibt]

for the US regulators in particular, this turn of events (in nov) was gift. they've been trying to find a credible angle to push for regulation for the past few years (the Solana suit being a starter for 10 on the pursuit).

the US knows that this industry, if regulated properly, will net them trillions in taxes and benefits, so are resolute in their relentless pursuit of the *truth*..

watch this [s]pace!!

[Derek27]

What an advert for QuickBooks if billion-dollar companies use it.

[wearthefoxhat]

SBF has been denied bail and is to be remanded in prison until Feb 8th 2023.

The prison is the Fox Hill Prison (bahamas), apparently it's meant to be one of the Top 5 worst in the world. Could be right....

Prison1.png

Prison2.png

Prison3.png

[Euler]

FTX hearing with liquidator: -

Summary: -

https://www.youtube.com/watch?v=L1_pToODz40

Full hearing: -

https://www.youtube.com/watch?v=YQdvfBZ0VbQ

[napshnap]

FTX hearing with liquidator: -

Summary: -

https://www.youtube.com/watch?v=L1_pToODz40

I like how at he end of the video mr. Ray said politely to international users to go f themselves (but not to users of the sacred hegemon).

[Derek27]

SBF extradited.

[gazuty]

SBF extradited.

And former girlfriend/ friend with benefits (it seems unclear) has now turned states evidence.

https://www.zerohedge.com/markets/carol ... perate-doj

[Derek27]

SBF extradited.

And former girlfriend/ friend with benefits (it seems unclear) has now turned states evidence.

https://www.zerohedge.com/markets/carol ... perate-doj

That's what I love about US justice. Doesn't matter what you've done, as long as someone in the gang had a bigger part, grass them up and get off scot-free. He's gonna be Fried.

[Derek27]

It's hardly, excuse the pun, made a ripple on the main stream news. It's far more serious that any traditional financial scandal.

They're beginning to take it more seriously.

The deputy governor of the Bank of England has warned that cryptocurrency trading is too dangerous to remain outside mainstream financial regulations. Sir John Cuntliffe has told Sky News that the bank is considering new laws to regulate the casino of cryptocurrency trading to protect the wider financial system of potential shock.

[jimibt]

It's hardly, excuse the pun, made a ripple on the main stream news. It's far more serious that any traditional financial scandal.

They're beginning to take it more seriously.

The deputy governor of the Bank of England has warned that cryptocurrency trading is too dangerous to remain outside mainstream financial regulations. Sir John Cuntliffe has told Sky News that the bank is considering new laws to regulate the casino of cryptocurrency trading to protect the wider financial system of potential shock.

weird as it may sound.. grr - bollocks. there is (and still are) lots of great edges in the crypto markets, especially in Futures. Regulation, when/if introduced will potentially erode much of this pretty rapidly (we've all seen it how it works on the exchange). That said, the machinations of change often introduce opportunity for the few savvy - will see if i can peer over the fence

I guess, time to get even MORE creative in this space (soon)..