another one that aged like milk @GetSelect #Crypto 

Cobie

GetSelect

Crypto

David

The FTX story keeps getting crazier every day 🤯

Here are 6 shocking new details that just came out👇🏼

(1) Sam Bankman-Fried’s (SBF) parents own a $16.4 million vacation home in the Bahamas🇧🇸. They are both successful professors at Stanford but the average total pay there is around $185,000 per year. It’s hard to imagine they didn’t get some help from their former billionaire son in affording such a home 👀

(2) One home clearly wasn’t enough as SBF’s parents purchased 19 properties worth at least $121 million in the Bahamas over the past two years. Effective Altruism at its finest? 🤔

(3) FTX and Alameda Research lost $3.7 billion before 2022. The fact they lost staggering amounts of money even during the bull market destroys the image SBF was a genius and that his companies were highly profitable. In reality, they were losing lots of money while likely funding everything with new customer deposits 💸

(4) Digital asset brokerage Genesis received over $1 billion from Alameda and FTX in the last 3 months. All in FTT, FTX native token 🤡 The company is now trying to secure new capital and warns of bankruptcy without new funding. This could cause ripple effects on the whole industry 🌪 

(5) Sports stars Tom Brady and Steph Curry are being investigated for promoting FTX 🚨

(6) US prosecutors opened a secret probe of FTX months before its collapse. It’s yet unclear why nothing has been done to prevent the crash 💥 

This seems to never end and the rabbit hole just keeps getting deeper and deeper on the FTX mess.

The worst part is that the damage in investor confidence that SBF and FTX have created will cost trillions.
#DANK MEMES

DANK MEMES

The FTX story keeps getting crazier every day 🤯  Here are 6 shocking new details that just came out👇🏼  (1) Sam Bankman-Fried’s (SBF) parents own a $16.4 million vacation home in the Bahamas🇧🇸. They are both successful professors at Stanford but the average total pay there is around $185,000 per year. It’s hard to imagine they didn’t get some help from their former billionaire son in affording such a home 👀  (2) One home clearly wasn’t enough as SBF’s parents purchased 19 properties worth at least $121 million in the Bahamas over the past two years. Effective Altruism at its finest? 🤔  (3) FTX and Alameda Research lost $3.7 billion before 2022. The fact they lost staggering amounts of money even during the bull market destroys the image SBF was a genius and that his companies were highly profitable. In reality, they were losing lots of money while likely funding everything with new customer deposits 💸  (4) Digital asset brokerage Genesis received over $1 billion from Alameda and FTX in the last 3 months. All in FTT, FTX native token 🤡 The company is now trying to secure new capital and warns of bankruptcy without new funding. This could cause ripple effects on the whole industry 🌪   (5) Sports stars Tom Brady and Steph Curry are being investigated for promoting FTX 🚨  (6) US prosecutors opened a secret probe of FTX months before its collapse. It’s yet unclear why nothing has been done to prevent the crash 💥   This seems to never end and the rabbit hole just keeps getting deeper and deeper on the FTX mess.  The worst part is that the damage in investor confidence that SBF and FTX have created will cost trillions. #DANK MEMES

Sam Mendoza

Jerome Cody

FTX’s new CEO charged with overseeing its bankruptcy today said: “Never in my career have I seen such a complete failure of corporate controls.” 

This came from the man who oversaw the bankruptcy of Enron.

FTX’s new CEO charged with overseeing its bankruptcy today said: “Never in my career have I seen such a complete failure of corporate controls.”   This came from the man who oversaw the bankruptcy of Enron.

2019: Su Zhu FUDs FTX, turns into rivalry with SBF.

2022:
→ SBF uses Alameda to destroy Luna to destroy 3AC.
→ Alameda gets caught in the liquidations.
→ SBF has to bail out Alameda.
→ Alameda hole brings down FTX.

SBF destroyed himself in revenge against Su.

Poetry.

2019: Su Zhu FUDs FTX, turns into rivalry with SBF.  2022: → SBF uses Alameda to destroy Luna to destroy 3AC. → Alameda gets caught in the liquidations. → SBF has to bail out Alameda. → Alameda hole brings down FTX.  SBF destroyed himself in revenge against Su.  Poetry.

Nate

“There are companies that are basically too far gone and it's not practical to backstop them.”

—Sam Bankman-Fried

https://www.forbes.com/sites/stevenehrlich/2022/06/28/bankman-fried-some-crypto-exchanges-already-secretly-insolvent/?sh=50d6a5c347f7

“There are companies that are basically too far gone and it's not practical to backstop them.”  —Sam Bankman-Fried  https://www.forbes.com/sites/stevenehrlich/2022/06/28/bankman-fried-some-crypto-exchanges-already-secretly-insolvent/?sh=50d6a5c347f7

After throwing lifelines to troubled digital currency exchanges BlockFi and Voyager Digital, Sam Bankman-Fried, the 30-year-old billionaire founder of FTX, warns that many crypto exchanges will soon f

David

A group of likeminded people in Crypto are talking about this.