Crypto exchange FTX collapses.

Just a reminder. The guy still isn't in prison yet, and is even being hosted by places like NYT, etc..

My how times have rapidly changed.
 
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I have all my ETH staked at like 6% APY on Coinbase and I'm considering wrapping it to cbETH so I can sell it all, buy BTC, and move it to cold storage. I'm just worried about Coinbase following FTX, Celsius, Voyager, etc
 
TurnOneYeti said:
I have all my ETH staked at like 6% APY on Coinbase and I'm considering wrapping it to cbETH so I can sell it all, buy BTC, and move it to cold storage. I'm just worried about Coinbase following FTX, Celsius, Voyager, etc
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Make your moves quickly if you are concerned about Coinbase. They're one of the markets I personally have less concerns with. You can access all their SEC filings on the website.

I'd still get everything over to a cold wallet though.
 
diffusionx said:
Anyone else find the media's near-silence and total lack of curiosity on this story to be pretty alarming? like I go on Forbes and the lead article is: "Hailey Bieber is out to prove her entrepreneurial chops are more than skin-deep." This is after a massive currency exchange completely collapsed because the owner was stealing money to funnel a hedge fund pyramid scheme as well as prominent politicians and WEF-style social engineering. I was around during MF Global, Enron, WorldCom, Madoff, and it was headlines daily.
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Honestly I think it's because everyone kind of expects this from crypto. All those others were considered 'legit-ish' until shit went south - everyone expects crypto to be full of shenanigans, fraud and epic gambling gains and losses. Total Bitcoin value is $700 billion less than it was at its high.
 
q7wfWAW.jpg

nathan fillion castle GIF
 
Dr.D00p said:
It has no value whatsoever...except to the suckers at the bottom of the Ponzi scheme triangle keeping it going.
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The poni is and always will be the central exchange. Just like centralized banks and fractional reserve banking.

BTC is a transfer protocol and solves the double spend issue with digital money.

It's cash. You can't stop people from scamming others. People have been told to hold their keys. If you aren't holding your keys it has no advantages over a traditional bank.
 
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The only reason I haven't got into FTX is because it didn't support my region. Nevertheless, I'm glad I wasn't part of their scam routine.
 
genesisblock said:
The only reason I haven't got into FTX is because it didn't support my region. Nevertheless, I'm glad I wasn't part of their scam routine.
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No one should be encourage to use any sort of custodial wallet unless it is for very small amounts you are willing to lose or for exchanging only.
 
Torrent of Pork said:
He bribed donated to the correct election campaigns, and his parents are high level operatives in the correct political party.
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Let this be a lesson to every future criminal: don't spend a moderate amount of money bribing key people under the table so nobody knows about it, spend an absolutely massive amount of money bribing literally everyone you possibly can while also being as loud and public as you can about it.
 
a multicultural team of v said:
Let this be a lesson to every future criminal: don't spend a moderate amount of money bribing key people under the table so nobody knows about it, spend an absolutely massive amount of money bribing literally everyone you possibly can while also being as loud and public as you can about it.
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"

"If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.""


Glad we have the town square of Twitter to hash out these truths and lies…..
 
Why would SBF be in prison? If everyone bets all their money on black in a casino and it comes up red you don't arrest the croupier, you laugh at the idiots who gambled and lost. Every single person who puts their real money into crypto fantasy bucks does it for the prospect of quick wins in a way hidden from the authorities. Don't go running to those authorities if it all goes down in flames.

Financial crimes also take a long time to turn into arrests. FTX went down just a few weeks ago.
 
MisterFalcon said:
Why would SBF be in prison? If everyone bets all their money on black in a casino and it comes up red you don't arrest the croupier, you laugh at the idiots who gambled and lost. Every single person who puts their real money into crypto fantasy bucks does it for the prospect of quick wins in a way hidden from the authorities. Don't go running to those authorities if it all goes down in flames.

Financial crimes also take a long time to turn into arrests. FTX went down just a few weeks ago.
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If you bet at the casino but the owner closes it down and runs away with the money while organizing a robbery the same day after laundering money for the current cause through a political party, maybe he should?
 
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MisterFalcon said:
Why would SBF be in prison? If everyone bets all their money on black in a casino and it comes up red you don't arrest the croupier, you laugh at the idiots who gambled and lost. Every single person who puts their real money into crypto fantasy bucks does it for the prospect of quick wins in a way hidden from the authorities. Don't go running to those authorities if it all goes down in flames.

Financial crimes also take a long time to turn into arrests. FTX went down just a few weeks ago.
Click to expand...

I feel like this is either a gross oversimplification or a complete misunderstanding of what has been happening with FTX.
 
MisterFalcon said:
Why would SBF be in prison? If everyone bets all their money on black in a casino and it comes up red you don't arrest the croupier, you laugh at the idiots who gambled and lost. Every single person who puts their real money into crypto fantasy bucks does it for the prospect of quick wins in a way hidden from the authorities. Don't go running to those authorities if it all goes down in flames.
Click to expand...

This rambling has nothing to do with what actually happened with FTX

MisterFalcon said:
Financial crimes also take a long time to turn into arrests. FTX went down just a few weeks ago.
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On this we agree.
 
Dural said:
This just pisses me off even more, this dude is so obviously lying through his teeth and the mainstream media is doing nothing. In fact, if anything, there are fluff pieces defending him, unfuckingbelievable!
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The hopeless corruption of the MSM has never been more apparent.
 
He has the correct politi
Dural said:
This just pisses me off even more, this dude is so obviously lying through his teeth and the mainstream media is doing nothing. In fact, if anything, there are fluff pieces defending him, unfuckingbelievable!
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He has the right political affiliations.
 
strange headache said:
Just look at this shit, simply unbelievable!





Meanwhile the braindead social media horde is busy wielding its pitchforks against Musk.
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Yep, where's the coverage of the internal Twitter communications re the Hunter Biden laptop story? A genuinely interesting insight because contrary to what conspiracy theorists had purported, in the end it was more about mid-level corporate backside-covering and cowardice than overt electoral interference; even if the end result was fundamentally the same thing.

This is a HUGE story that nobody is touching, crazy given that its something that should matter irrespective of which side of the aisle politically you stand.
 
Dural said:
This just pisses me off even more, this dude is so obviously lying through his teeth and the mainstream media is doing nothing. In fact, if anything, there are fluff pieces defending him, unfuckingbelievable!
Click to expand...
It's because the general media doesn't understand any of this crypto bullshit. Their audience doesn't understand any of this crypto bullshit. And they see no value in trying to teach an audience what a complicted thing actually is before making a big stink about something nobody has ever fucking heard of.

To the average person, this dude didn't take Wall Street for a ride, he took scheming morons for a ride. But if Wall Street, and by extention everybody's retirement bucket, had been the one explioited then journalists and viewers alike would show as much interest as they did with Theranos and Elizabeth Holmes. Because her's is a very simple straight forward story, plus she doesn't have that ridiculous hyphented name that makes every headline that much harder to understand.

But add a layer of blockchain-cryptowizard-neckbeardy-illegalporncoin-tech foo foo, and nobody fucking gives a shit anymore because, to a layman, it really just boils down to closet pedophiles and darknet creeps scamming themselves out of fake money... and there are more important things to worry about than how much to care about those lazy unshowered morons sucking each other's cheesy dicks long enough to cry about it when they finally come up for air.

If you want journalists to care, the audience needs to care. But for the audience to care they have to understand enough of it to have an opinion and take sides. And to the general audience, this whole fiasco can be boiled down to two sides who each deserve whatever befalls them and it's not worth trying to care about either one of them.
 
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Jennings said:
It's because the general media doesn't understand any of this crypto bullshit. Their audience doesn't understand any of this crypto bullshit. And they see no value in trying to teach an audience what a complicted thing actually is before making a big stink about something nobody has ever fucking heard of.

To the average person, this dude didn't take Wall Street for a ride, he took scheming morons for a ride. But if Wall Street, and by extention everybody's retirement bucket, had been the one explioited then journalists and viewers alike would show as much interest as they did with Theranos and Elizabeth Holmes. Because her's is a very simple straight forward story, plus she doesn't have that ridiculous hyphented name that makes every headline that much harder to understand.

But add a layer of blockchain-cryptowizard-neckbeardy-illegalporncoin-tech foo foo, and nobody fucking gives it a shit anymore because, to a layman, it really just boils down to closet pedophiles and darknet creeps scamming themselves out of fake money and there are more important things to worry about than giving a shit about those lazy unshowered morons sucking each other's cheesy dicks long enough to cry about it when they come up for air.

If you want journalusts to care, the audience needs to care. But for the audience to care they have to understand enough of it to have an opinion, and to take sides. And to the general audience, this whole fiasco can be boiled down to two sides who each deserve whatever befalls them and it's not worth trying to care about either one of them.
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Major medias around the world are owned by billionaire "democrats" constantly blaming Covid and Poutine for the economy on the verge of collapse that never really recovered since 2008.
Most people, the audience, don't care and was well trained to call conspiracy theorists and obscurantists (latest trendy term) anyone talking about things not covered by these journalists. Add to this the crypto mambo-jambo and no one understands.
 
thefool said:
Because he breached the terms and conditions of his company and bet on directional strategies with user deposits.

qMo85wj.png
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Those terms would also mention FTX is a Bahamas corporation and subject to Bahamas law. This should have been a warning for anyone sending their money. The very nature of crypto, Greek for 'hidden', makes it impossible for these terms to be actually enforced, there is no 'title to your Digital Assets' in any meaningful way, once your funds are at FTX they are part of the whole with no government guarantee.

Fraud cases always take a long time to get to arrests. The Enron bosses were arrested in 2004, 3 years after the company collapsed. The FIFA exec were arrested 5 years after the FBI started their investigation. A case most like FTX, the OneCoin ponzi scheme also took years to put Ruja on the Most Wanted list just earlier this year, 5 years after the vanished and 3 years after the was charged in absentia.

The expectations that SBF would have been arrested already if not for his political connections are simply unrealistic. Simpler cases took longer.
 
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TurnOneYeti said:
I have all my ETH staked at like 6% APY on Coinbase and I'm considering wrapping it to cbETH so I can sell it all, buy BTC, and move it to cold storage. I'm just worried about Coinbase following FTX, Celsius, Voyager, etc
Click to expand...
I would move it to a cold wallet. Don't trust coinbase
 
20cent said:
Major medias around the world are owned by billionaire "democrats" constantly blaming Covid and Poutine for the economy on the verge of collapse that never really recovered since 2008.
Most people, the audience, don't care and was well trained to call conspiracy theorists and obscurantists (latest trendy term) anyone talking about things not covered by these journalists. Add to this the crypto mambo-jambo and no one understands.
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The Fed is also introducing their own crypto. Maybe this is part of give the masses distrust in other currencies not backed by the Fed.
Think About It GIF by Identity

www.cnbc.com

The Fed this summer will take another step in developing a digital currency

The Federal Reserve will release a research paper this summer that explores a move to a central bank digital currency.
www.cnbc.com www.cnbc.com
thehill.com

The Fed wants to replace private cryptocurrencies with its own

Increasing the regulatory powers of the Fed could sound the death knell for private stablecoins.
thehill.com thehill.com
 
Life comes at you hard...

www.nytimes.com

FTX’s Sam Bankman-Fried Is Arrested in the Bahamas

A statement by the government of the Bahamas said Mr. Bankman-Fried was arrested after prosecutors in the United States filed criminal charges.
www.nytimes.com www.nytimes.com

"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. government, based on a sealed indictment," Damian Williams, the U.S. attorney for the Southern District of New York, said in a statement. "We expect to move to unseal the indictment in the morning and will have more to say at that time."

Lawyers involved in the case were surprised at the suddenness of the news, which came the evening before Mr. Bankman-Fried was scheduled to testify in a House committee hearing.
Once a golden boy of the crypto industry and a major donor to the Democratic Party, Mr. Bankman-Fried has seen his vast business and political empire collapse with stunning speed. His exchange filed for bankruptcy last month, and his personal fortune has dwindled to virtually nothing. While he used to be hailed as a modern-day John Pierpont Morgan, he's now more often likened to Bernie Madoff, who orchestrated the largest Ponzi scheme in history.
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Sybrix said:
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I had to look up what the actual threshold is for gift reporting to the IRS out of curiosity. $16k.

Who Must File

In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations.

  • If you gave gifts to someone in 2022 totaling more than $16,000 (other than to your spouse), you probably must file Form 709. But see Transfers Not Subject to the Gift Tax and Gifts to Your Spouse, later, for more information on specific gifts that are not taxable.
  • Certain gifts, called future interests, are not subject to the $16,000 annual exclusion and you must file Form 709 even if the gift was under $16,000. See Annual Exclusion, later.
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Instructions for Form 709 (2024) | Internal Revenue Service

www.irs.gov www.irs.gov
 
https://finance.yahoo.com/news/sec-charges-former-ftx-ceo-113905816.html

"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," said SEC Chair Gary Gensler.

The SEC complaint alleges that Bankman-Fried had raised more than $1.8 billion from equity investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets.

Instead, the complaint says, Bankman-Fried diverted customers' funds to Alameda Research without telling them.

"He then used Alameda as his personal piggy bank to buy luxury condominiums, support political campaigns, and make private investments, among other uses," the complaint reads. "None of this was disclosed to FTX equity investors or to the platform's trading customers."
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Charged on eight counts, hopefully the whiny motherfucker is going to sit in prison for a long time.
 
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Irobot82 said:
The big scam of ETH is that you can't currently unstake it. So all those people who have staked to help kickstart ETH 2.0 are locking in, meanwhile ole' Vitalik recently sold $40 mil in ETH.
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Can it really be considered a scam if the limitation was known ahead of time?
 


www.wsj.com

Crypto Exchange Binance Experiences Sharp Increase in Customer Withdrawals

The world’s largest cryptocurrency exchange by trading volume saw withdrawals jump at the start of the week. Traders are on edge following a series of collapses this year that hit [two cryptocurrencies](https://www.wsj.com/articles/terrausd-crash-led-to-vanished-savings-shattered-dreams-11653649201
www.wsj.com www.wsj.com

Archived free version:
archive.vn

Crypto Exchange Binance Experiences Sharp Increase in Customer Withdr…

archived 13 Dec 2022 10:36:06 UTC
archive.vn archive.vn
 
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