United States v. BANKMAN-FRIED (FTX collapse/fraud)

[cheka]

from another board -- dyodd

April 25, 2019: Biden announces his presidential campaign…

13 days later, Sam Bankman-Fried, son of Barbara Fried ( Stanford Professor and co-founder of political fundraising organization "Mind-the-Gap), launches #FTX crypto exchange.

The exchange is magically an overnight success. BF becomes biggest donor to Biden. Election day, FTX implodes
completely.

If you think this scandal is done, it goes even deeper.

Gabe Bankman-Fried, brother to Sam (also a former Jane Street trader), is founder of "Guarding Against Pandemics"

He was a Legislative Correspondent for the US House of Representatives and an advisor to large political donors in the Democrat party.

The family Aunt Linda Fried is a WEF member on the Global Agenda Council on Aging.

The father, Joseph Bankman is a Stanford professor who has lobbied on behalf of Hedge Fund managers before Congress before (film records exist).

FTX' Head of Ventures & Commercial at FTX Ventures Amy Wu, started with the Clinton Foundation years ago.

Nishad Singh FTX Director of Engineering has spent over 8 million for Dem candidates.

And finally Obama's Commodity Futures Trading Commissioner, Mark Wetjen was literally the head of FTX Policy & Regulation.

Reports were the organization wanted to spend over a billion dollars on the Democratic party for 2024.

 

[cheka]

 

[Goldhedge]

What is really going on with FTX and the "Fried Bankman"​

On the surface, this looks like a fairly straightforward money-laundering/corruption scandal involving Democrats (which it is.) But the reason it happened is perhaps a lot more devious than you think​

CognitiveCarbon

I was in the middle of working on a few other substack posts today, but there's an important point that I wanted to make about the Sam Bankman Fried situation with FTX.

FTX is (or rather, was) the giant cryptocurrency exchange that just imploded in a massive bankruptcy and is now implicated in funneling money to Ukraine and then back to Democrats for political funding.

Scandalous, for certain. The FTX implosion is the reason that your Bitcoin and other crypto currency wallets took a big hit in US Dollar terms (which I argued in this substack post doesn’t really matter as much, anyway. You just need to view cryptocurrency as something other than a slot machine or “investment”.)

There’s a well-done video (link below) that will explain the basics of the FTX blowup to you in a fairly clear and concise way.

I mentioned in a Truth Social post that in my view, Fried has been masterfully used as a useful idiot. His meteoric rise in the cryptocurrency realm with FTX—right after Biden was installed—didn't happen organically; it had help from a cabal that works in the shadows. And that cabal is not necessarily in bed with Democrats.

It looks after its own interests.

​

Here was my post on Truth Social:


The right way to frame this situation is to understand that cryptocurrency—done correctly—is a mortal threat to the central banking model.
This model—of how money is created, distributed and controlled—first and foremost benefits the elite banking cabal.

He who creates and controls monetary units—and is also first in line at the trough—controls everything.

more reading

What is really going on with FTX and the "Fried Bankman"

On the surface, this looks like a fairly straightforward money-laundering/corruption scandal involving Democrats (which it is.) But the reason it happened is perhaps a lot more devious than you think

cognitivecarbon.substack.com

 

[cheka]

What is really going on with FTX and the "Fried Bankman"​

On the surface, this looks like a fairly straightforward money-laundering/corruption scandal involving Democrats (which it is.) But the reason it happened is perhaps a lot more devious than you think​

CognitiveCarbon

I was in the middle of working on a few other substack posts today, but there's an important point that I wanted to make about the Sam Bankman Fried situation with FTX.

FTX is (or rather, was) the giant cryptocurrency exchange that just imploded in a massive bankruptcy and is now implicated in funneling money to Ukraine and then back to Democrats for political funding.

Scandalous, for certain. The FTX implosion is the reason that your Bitcoin and other crypto currency wallets took a big hit in US Dollar terms (which I argued in this substack post doesn’t really matter as much, anyway. You just need to view cryptocurrency as something other than a slot machine or “investment”.)

There’s a well-done video (link below) that will explain the basics of the FTX blowup to you in a fairly clear and concise way.

I mentioned in a Truth Social post that in my view, Fried has been masterfully used as a useful idiot. His meteoric rise in the cryptocurrency realm with FTX—right after Biden was installed—didn't happen organically; it had help from a cabal that works in the shadows. And that cabal is not necessarily in bed with Democrats.

It looks after its own interests.

​

Here was my post on Truth Social:


The right way to frame this situation is to understand that cryptocurrency—done correctly—is a mortal threat to the central banking model.
This model—of how money is created, distributed and controlled—first and foremost benefits the elite banking cabal.

He who creates and controls monetary units—and is also first in line at the trough—controls everything.

more reading

What is really going on with FTX and the "Fried Bankman"

On the surface, this looks like a fairly straightforward money-laundering/corruption scandal involving Democrats (which it is.) But the reason it happened is perhaps a lot more devious than you think

cognitivecarbon.substack.com

somebody has been reading gim2 and pmbug

 

[<SLV>]

THEY will not just roll over and die. They will fight for USD hegemony to the (your) death.

 

[cheka]

THEY will not just roll over and die. They will fight for USD hegemony to the (your) death.

history proves you correct - terrist attacks, wars, assassinations, starvations.....more

 

[Goldhedge]

In case you don't have Truth Social...

What the Media Won't Tell You About Sam Bankman-Fried/FTX​

Giving you a rundown on the whole FTX crypto exchange financial drama as well as covering the rather insidious and bigger story about FTX that mainstream media won’t touch.
7m

 

[Goldhedge]

 

[Goldhedge]

i.e., don't follow the stars...

How FTX Went Bankrupt | What Went Wrong | WSJ​

Former CEO Sam Bankman-Fried was hailed as a savior of crypto before FTX’s implosion.

Cryptocurrency exchange FTX was seen as a survivor in a struggling industry, but over the course of six days the exchange collapsed due to a sudden liquidity crunch. WSJ explains the factors that drove FTX’s growth and what led to its downfall. Illustration: Alexandra Larkin
6m

 

[pmbug]

View attachment 2919

Seems like the michealsavage.com "breaking exclusive" was deleted (page not found):

https://michaelsavage.com/breaking-exclusive-tens-of-billions-of-us-dollars-were-transferred-to-ukraine-and-then-using-ftx-crypto-currency-the-funds-were-laundered-back-to-democrats-in-us/

The Gateway Pundit page related to this also doesn't substantiate in any way the claim that Ukraine money was sent to FTX:

BREAKING EXCLUSIVE: Tens of Billions of US Dollars Were Transferred to Ukraine and then Using FTX Crypto Currency the Funds Were Laundered Back to Democrats in US

Did you ever wonder where all those billions of dollars were going in Ukraine? Did you ever wonder why anyone was trusting the elites in US politics like the Bidens with billions in funds going to Ukraine? Today it turns out that these were excellent questions. We have information that the...

www.thegatewaypundit.com

FTX assisted Ukraine in receiving crypto donations. Lots of conspiracy hooplah about US Government funds being funneled through Ukraine back to FTX, but no one has substantiated any claim that money flowed from Ukraine to FTX.

 

[Goldhedge]

Seems like the michealsavage.com "breaking exclusive" was deleted (page not found):

BREAKING EXCLUSIVE: Tens of Billions of US Dollars Were Transferred to Ukraine and then Using FTX Crypto Currency the Funds Were Laundered Back to Democrats in US ⋆ The Savage Nation

Gateway Pundit Did you ever wonder where all those billions of dollars were going in Ukraine? Did you ever wonder [READ MORE]

web.archive.org

copy/pasted

Gateway Pundit
Did you ever wonder where all those billions of dollars were going in Ukraine? Did you ever wonder why anyone was trusting the elites in US politics like the Bidens with billions in funds going to Ukraine? Today it turns out that these were excellent questions.

We have information that the tens of billions of dollars going to Ukraine were actually laundered back to the US to corrupt Democrats and elites using FTX cryptocurrency. Now the money is gone and FTX is bankrupt. Earlier today we reported that the FTX cryptocurrency appeared to be used in a ponzi scheme involving the Democrats and Ukraine. The word is now out. The Democrats sent tens of billions to Ukraine and then laundered this money back to Democrat pockets and funds in the US. Now the company is bankrupt and the funds are nowhere to be found.

This information was shared on Twitter and we can confirm from our sources that this is accurate.


more at the link above

and here: https://archive.ph/QQ1tl#selection-809.12-814.0

 

[pmbug]

As I thought, it's just a mirror of the Gateway Pundit page. Bullshit headline.

 

[Goldhedge]

 

[pmbug]

Bold emphasis is mine:

...
In March, FTX partnered with the Ukrainian government on a donations website. Through it, investors could donate crypto to the Ukrainian central bank. The crypto could then be converted to fiat to fund the country’s defense against the Russian invasion. The partnership helped the country to raise millions in funding and had proven a use case for the industry in seamlessly funding humanitarian efforts and quickly responding to disaster.
...
More sinisterly, the Ukraine donations partnership is under scrutiny as well. Twitter is calling attention once again toward the company’s relationship with Ukraine. It seems the news from early in the year is lending well to plenty of conspiracy theories. Political commentators and media figureheads have been discussing a stream of claims tying this relationship to alleged money-laundering.

The claims rely on an unsubstantiated claim that the Ukrainian government has invested directly into FTX. An employee of Everstake, a company that assisted the construction of the donation partnership, points out that the donation website keeps a transparent report on how the donations have funded the war effort. ...

Ukraine Crypto Donations in Focus as FTX Collapses

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Once again, the crypto market is finding itself under the scrutinizing lens of ...

markets.businessinsider.com

If Ukraine had sent money to FTX, there would be a paper trail. FTX books were audited. There are copies upon copies. If there were anything to this story, there would be evidence. Until such evidence is produced, the allegations are pure bullshit. Mooooooooo!

 

[Voodoo]

Bold emphasis is mine:

Ukraine Crypto Donations in Focus as FTX Collapses

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Once again, the crypto market is finding itself under the scrutinizing lens of ...

markets.businessinsider.com

If Ukraine had sent money to FTX, there would be a paper trail. FTX books were audited. There are copies upon copies. If there were anything to this story, there would be evidence. Until such evidence is produced, the allegations are pure bullshit. Mooooooooo!

If their books had been audited and accurate then it WOULD not have collapsed in <1 week. Come on man. A problem with these exchanges, and why the government is trying to use this, is to regulate them so they can supposedly audit them to prevent these things.

Of course, all the while trying to get everyone to forget about things like Enron, MF Global, Lehman and who knows how many others.

 

[Voodoo]

Bold emphasis is mine:

Ukraine Crypto Donations in Focus as FTX Collapses

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Once again, the crypto market is finding itself under the scrutinizing lens of ...

markets.businessinsider.com

If Ukraine had sent money to FTX, there would be a paper trail. FTX books were audited. There are copies upon copies. If there were anything to this story, there would be evidence. Until such evidence is produced, the allegations are pure bullshit. Mooooooooo!

Also, there is proof of collaboration between FTX and the Ukraine. I've seen that at around $40 million bucks.

Ukraine Crypto Donations in Focus as FTX Collapses

FTX's Ukraine crypto donations platform is seeing attention on social media once again after the company's collapse.

investorplace.com

Anything above and beyond that is still conspiracy "theory". So I give it about 6 months for there to be some facts and actual amount of money laundered per se. I doubt it was in the Billions but you never know.

 

[Goldhedge]

and why the government is trying to use this, is to regulate them so they can supposedly audit them to prevent these things.

and this is the fly in the ointment... the hegelian dialectic...

 

[Goldhedge]

If Ukraine had sent money to FTX, there would be a paper trail. FTX books were audited. There are copies upon copies. If there were anything to this story, there would be evidence. Until such evidence is produced, the allegations are pure bullshit. Mooooooooo!

and if the D's have ANY say in it, it will never be revealed.

 

[pmbug]

Also, there is proof of collaboration between FTX and the Ukraine. I've seen that at around $40 million bucks.

You appear to have a serious problem with reading comprehension. FTX partnered with Ukraine to process crypto donations to the Ukraine central bank. This is widely known and transparent. It's not a secret. SBF's ~$40M political donations is also known. But that is a completely separate issue. You are insinuating proof that SBF's political donations were funded by Ukraine. Good luck substantiating that claim. There is no evidence for it.

Also, I'm still waiting for your public apology - assuming you are man enough to admit to your mistakes and take responsibility for your bullshit.

https://www.pmbug.com/threads/the-vaccines.4053/page-10#post-46417

https://www.pmbug.com/threads/ukraine.4021/post-45936

https://www.pmbug.com/threads/ukraine.4021/post-46252

https://www.pmbug.com/threads/ukraine.4021/post-46324

 

[cheka]

US leftists laundering money/extorting/blackmailing in ukraine is a known fact. ftx or not is arguing over a technicality. who could forget biden blackmailing ukraine with foreign aid money? known fact

i suspect ftx and many other avenues have been used in a feedback loop during this foreign aid to ukraine orgy - some of the 'aid' cycles back to US leftists - with or without ftx

this is much like foreign aid to israel's feedback loop - aid to israel used to 'donate' to US politicians

 

[pmbug]

Requires subscription, but oh my:

...
If a troubled company has a few days to beg potential investors for a bailout before it files for bankruptcy, and it sends those investors its balance sheet so they can consider investing, and they all pass, and then the company files for bankruptcy, of course the balance sheet was bad. That is not a state of affairs that is consistent with a pristine fortress balance sheet.

But there is a range of possible badness, even in bankruptcy, and the balance sheet that Sam Bankman-Fried’s failed crypto exchange FTX.com sent to potential investors last week before filing for bankruptcy on Friday is very bad. It’s an Excel file full of the howling of ghosts and the shrieking of tortured souls. If you look too long at that spreadsheet, you will go insane.
...
... And yet bad as all of this is, it can’t prepare you for the balance sheet itself, published by FT Alphaville, which is less a balance sheet and more a list of some tickers interspersed with hasty apologies. If you blithely add up the “liquid,” “less liquid” and “illiquid” assets, at their “deliverable” value as of Thursday, and subtract the liabilities, you do get a positive net equity of about $700 million. (Roughly $9.6 billion of assets versus $8.9 billion of liabilities.) But then there is the “Hidden, poorly internally labeled ‘fiat@’ account,” with a balance of negative $8 billion. [1] I don’t actually think that you’re supposed to subtract that number from net equity — though I do not know how this balance sheet is supposed to work! — but it doesn’t matter. If you try to calculate the equity of a balance sheet with an entry for HIDDEN POORLY INTERNALLY LABELED ACCOUNT, Microsoft Clippy will appear before you in the flesh, bloodshot and staggering, with a knife in his little paper-clip hand, saying “just what do you think you’re doing Dave?” You cannot apply ordinary arithmetic to numbers in a cell labeled “HIDDEN POORLY INTERNALLY LABELED ACCOUNT.” The result of adding or subtracting those numbers with ordinary numbers is not a number; it is prison. [2]
...
In round numbers, FTX’s Thursday desperation balance sheet shows about $8.9 billion of customer liabilities against assets with a value of roughly $19.6 billion before last week’s crash, and roughly $9.6 billion after the crash (as of Thursday, per FTX’s numbers). Of that $19.6 billion of assets back in the good times, some $14.4 billion was in more-or-less FTX-associated tokens (FTT, SRM, SOL, MAPS). Only about $5.2 billion of assets — against $8.9 billion of customer liabilities — was in more-or-less normal financial stuff. (And even that was mostly in illiquid venture investments; only about $1 billion was in liquid cash, stock and cryptocurrencies — and half of that was Robinhood stock.) After the run on FTX, the FTX-associated stuff, predictably, crashed. The Thursday balance sheet valued the FTT, SRM, SOL and MAPS holdings at a combined $4.3 billion, and that number is still way too high.

I am not saying that all of FTX’s assets were made up. That desperation balance sheet lists dollar and yen accounts, stablecoins, unaffiliated cryptocurrencies, equities, venture investments, etc., all things that were not created or controlled by FTX. [5] And that desperation balance sheet reflects FTX’s position after $5 billion of customer outflows last weekend; presumably FTX burned through its more liquid normal stuff (Bitcoin, dollars, etc.) to meet those withdrawals, so what was left was the weirdo cats and dogs. [6] Still it is striking that the balance sheet that FTX circulated to potential rescuers consisted mostly of stuff it made up. Its balance sheet consisted mostly of stuff it made up! Stuff it made up! You can’t do that! That’s not how balance sheets work! That’s not how anything works!
...

Matt Levine’s Money Stuff: FTX’s Balance Sheet Was Bad

There is a range of possible badness, even in bankruptcy, and the balance sheet that Sam Bankman-Fried’s failed crypto exchange FTX.com sent to potential investors last week before filing for bankruptcy on Friday is very bad. It’s an Excel file full of the howling of ghosts and the shrieking of...

news.bloombergtax.com

 

[Voodoo]

FTX partnered with Ukraine to process crypto donations to the Ukraine central bank. This is widely known and transparent.

This is what we've been saying and you admit it. There is clear evidence the two entities were working closely together. You just ignore the things that are not working for your argument and focus on one sideshow.

Does this prove that SBF and FTX laundered US money through the Ukraine, no. Clearly not, But it gives an Obvious potential path for those Billions of dollars that went to Ukraine with almost no oversight. Like I said, give it 6 months and I'm betting we have the evidence.

How about you prove where the ~$10+ Billion of US money went for Ukraine that'd be great.

 

[Goldhedge]

 

[Goldhedge]

 

[Goldhedge]

 

[Goldhedge]

Whooops!

 

[Goldhedge]

 

[Goldhedge]

FTX Contagion Risk Explained​

4m

 

[Goldhedge]

the Greater Fool Theory

Crypto Markets Are Imploding - You Were Warned - Precious Metals For The Win​

12m

 

[Goldhedge]

Counter party risk is HUGE!

 

[Cigarlover]

and if the D's have ANY say in it, it will never be revealed.

Of course it will never be revealed which is why these threads are really just an exercise in futility.

 

[Goldhedge]

Aggregating is never Futile.

Resistance is Futile.

 

[cheka]

Of course it will never be revealed which is why these threads are really just an exercise in futility.

mad because your (communists) are being outed (again)? sorry to hurt your feels - but the investigation will continue

 

[Cigarlover]

mad because your (communists) are being outed (again)? sorry to hurt your feels - but the investigation will continue

Not mad at all. I just find it amusing so I use it as entertainment value. Been watching this stuff since trump took office. So many investigations, so many people thinking we got em now and nothing has ever come to fruition.
We aren't voting our way out of this mess.

 

[Goldhedge]

It keeps growing... Mr. Wonderful... wants regulation.

Kevin O’Leary EXPOSED During FTX Scandal​

The story of Sam Bankman Fried & FTX is far from over and it has become wilder and wilder the more I dig. But I find it fascinating that top investors like Kevin O’Leary were caught off guard by this fraud ‘SBF’. He might even be smart but he knows very little when it comes to crypto in comparison to the other geniuses in the space like Ethereum creator, Vitalik Buterin.
5m

 

[cheka]

nice

FTX says it could have over 1 million creditors in new bankruptcy filing

In an updated filing Tuesday, FTX said there could be more than one million creditors with claims in its bankruptcy case.

www.cnbc.com

FTX says it could have over 1 million creditors in new bankruptcy filing​

Last week, when it filed for Chapter 11 bankruptcy protection, FTX indicated that it had more than 100,000 creditors.

 

[Voodoo]

nice

FTX says it could have over 1 million creditors in new bankruptcy filing

In an updated filing Tuesday, FTX said there could be more than one million creditors with claims in its bankruptcy case.

www.cnbc.com

FTX says it could have over 1 million creditors in new bankruptcy filing​

Last week, when it filed for Chapter 11 bankruptcy protection, FTX indicated that it had more than 100,000 creditors.

Well that Escalated Quickly.

 

[OldGarandDad]

FTX has one million creditors? Figure a conservative ten fold of crippled investments downstream from FTX as the contagion cascades back.

How many so-called safe investments are we going to find out were just window dressing for speculative investing in the next weeks?

Not only are the failed investments going to get scrutinized, a lot of people are going to start to inquire where did all this money come from to be invested in FTX and Alameda Research. Never mind the supposed US aid dollars to Ukraine that got invested into FTX, just how much money flowed into this Ponzi scheme from assets that would never and should never have invested in such a high risk investment?

 

[pmbug]

... Never mind the supposed US aid dollars to Ukraine that got invested into FTX ...

There has not been one single credible report that Ukraine invested any money in FTX. Ukraine "partnered" with FTX to build a portal that allowed the Ukraine central bank to receive crypto donations.

 

[Goldhedge]

There has not been one single credible report that Ukraine invested any money in FTX. Ukraine "partnered" with FTX to build a portal that allowed the Ukraine central bank to receive crypto donations.

Only way we would know is to be on the inside of the banking system, or if Project Veritas gets someone to 'Be Brave Do Something', or the like.