Though the MSM seems to be portraying FTX head Sam Bankman-Fried (very interesting and ironic name btw) as a naive young man who meant well, zerohedge debunks that view and shows how much of a meticulous con artist he was, using multiple fake accounts to launder money to himself and his friends, while lying his behind off to everyone about how much capital protection he had.
His associates also seemed to have the same mentality, so it's not just naivety (which is bad enough), but an underlying moral character flaw.
It also shows how all these tech companies (including Robinhood, which is tied to the stock market) are essentially intertwined, most of which run by young people with the same hubris and reckless mentalities.
(Warning the "s" word used in a referenced tweet)...
FTX Held Just $900MM In Liquid Assets Vs $9BN In Liabilities As Video Emerges Confirming Alameda Knew It Was Pilfering Client Funds
And these were the folks everyone, including mainstream financial networks, were elevating as tech savvy gurus that would reshape the investment landscape.
To add yet another element of shadiness to all this, after the poop hit the fan, FTX was apparently "hacked" via a backdoor that SBF implemented into his system so he could drain money without raising red flags to any of his investors. You really can't make this stuff up.
FTX Hit By Mysterious $662 Million Outflow Amid Revelation That SBF Implemented Bookkeeping "Backdoor"
His associates also seemed to have the same mentality, so it's not just naivety (which is bad enough), but an underlying moral character flaw.
It also shows how all these tech companies (including Robinhood, which is tied to the stock market) are essentially intertwined, most of which run by young people with the same hubris and reckless mentalities.
(Warning the "s" word used in a referenced tweet)...
FTX Held Just $900MM In Liquid Assets Vs $9BN In Liabilities As Video Emerges Confirming Alameda Knew It Was Pilfering Client Funds
And these were the folks everyone, including mainstream financial networks, were elevating as tech savvy gurus that would reshape the investment landscape.
To add yet another element of shadiness to all this, after the poop hit the fan, FTX was apparently "hacked" via a backdoor that SBF implemented into his system so he could drain money without raising red flags to any of his investors. You really can't make this stuff up.
FTX Hit By Mysterious $662 Million Outflow Amid Revelation That SBF Implemented Bookkeeping "Backdoor"
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