FTX Founder Samuel Bankman-Fried Arrested/General Crypto Scams Thread
- Thread starter Sir Matt
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@Murder on Zidane's Floor in 5…4…
Meh, for the best I keep out of this thread as I'll probably end up being called a troll or someone will ask the mods to delete as they don't want me posting about crypto at all.
Suffice to say I hope anyone affected by this and the latest Binance issues get their money back/out.
Wild Wild West..
You can find posts in the Crypto thread talking about how stable FTX is, how legit it is, certainly in no danger of going under. Not that old ones either. Pretty funny reading.
I'm not fully up to date, but wasn't it stable and would still be stable if the owner didnt commit fraud?
Not really. None of their practices were secure, auditable, competently administered, whatever you want to call it. They were signing off millions in expenses and loans via Teams chat and that type of thing. A complete mess of a company in a complete scam of an industry. With a bit of deliberate fraud on top most likely.
this was the standard view in crypto
I loved using it to trade and cash outs were always instant for me too, but in the end I was just lucky not to be affected
Yeah probably for the best. Or it will be murder on Murder on Zidane's Floor's dance floor.
Same with pretty much every subsequent site or exchange that has imploded.
Looks like this bankman is getting fried.
the thing that made FTX have a slight layer of protection over the other crypto sites was they actually incorporated a company in the US, and were seeking out regulation there..
you’d think, given those facts, the founder would also be trying to keep things in check over there, and not committing massive fraud and theft.. which honestly just makes it all the weirder for me
he genuinely must be a narcissist to think he could get away with it, or thick as feck, or a bit of both
you’d think, given those facts, the founder would also be trying to keep things in check over there, and not committing massive fraud and theft.. which honestly just makes it all the weirder for me
he genuinely must be a narcissist to think he could get away with it, or thick as feck, or a bit of both
Fun fact: that guy was also in charge of figuring out what could still be gotten out of Enron, and he says that FTX is the worst he's ever seen.
If FTX was perceived safer really makes you wonder about the rest.
This is all why I stayed away from Crypto and will stay away from it. For a so called secure form of payment it is insanely insecure.
Agreed
Thread FTX Founder Samuel Bankman-Fried Arrested/General Crypto Scams Thread
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Murder on Zidane's Floor
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nimic
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Tarrou
He was specifically mentioned in the thread before commenting. Don’t see how that can be used against him.
Yeah, the risk is extremely high for all sorts of reasons. You can lose money just by making a basic feck up in a transfer, you don't even need to get scammed!
but scammers are everywhere too
But for me the ROI is still incredible, despite all the risks.. I got in very early though
Yeah I know we've had long debates on the crpyto thread. I know I've missed out on a lot of crypto returns with my attitude of "I see no value" since 2015. I could have had a crap ton of money! But it just never has made sense to me and I can't invest in something that doesn't add up no matter how lucrative it is.
To each their own. Maybe I'll still be talking about how it's nonsense while cryptos are soaring in 2030. I'm still a stocks guy which for the most part, you can value.
What you said about losing money is one of the other reasons I don't see value in it. The whole fintech ecosystem thrives on ease of payment and ease of finance. The average just wants to make life easy. Credit cards, cashapps etc are all built for that. Apple, a bajilion dollar industry, is built on ease of use.
Crypto is just too unstable. Either there's an online exchange which currently completely lacks regulation or you can have your own wallet which you need a mini Phd for to manage and maintain (and still could lose ALL your money!)
Thats like saying the ocean would be dry if it wasn't full of water.
From media reports it looks like the issues go back a long way.
Seems like they felt invincible through the last bull run and tried to leverage trade their way out of the dump with customer money and failed. I’m starting to wonder how safe the other big exchanges actually are. I believe some put up solvency proof but I didn’t look in to it.
It isn't really. No one can predict fraud. It jeff bezos or Elon musk done what this charlatan done and tesla or amazon suddenly collapsed you wouldn't say "it's pretty funny reading" about posters chatting about their investments in amazon and tesla.
Thats the only part I took issue with, as if people should have know this would happen.
This guy is clearly the dumbest incredibly successful scammer ever. He's been spending the last few weeks continuously incriminating himself.
Yep, little fecker tried to to depegg USDT just before Alameda was sent into bankruptcy. Personally I think he was doing as a ruse, as most traders use it as a holding coin on exchanges.
He was probably going to short it and dump, then a whole lot of traders would be rushing exchanges.
when I originally saw the claim they tried to manipulate tether with $250k, I honestly thought it was a typo and they meant 250,000 BTC
Send him into a hard labour camp for life. That will teach him and the likes something.
People like Bankman, who feck over with so many people's money with such scams, deserve the most physical of punishments allowed by laws so they understand what suffering is all about.
People like Bankman, who feck over with so many people's money with such scams, deserve the most physical of punishments allowed by laws so they understand what suffering is all about.
Aye all over twitter. If it goes crypto is dead
what is the TLDR on Binance then?
they have a feck-tonne in cold wallets, so would be surprised if they had liquidity issues
they have a feck-tonne in cold wallets, so would be surprised if they had liquidity issues
5bn in withdrawals today according to tWatter
so there's a bank run and people are worried they can't cover it?
and why is bitcoin pumping during all this?
People exchanging Binance coins back into BTC?
yeah that makes sense
I've got nothing on exchanges myself
I think Binance will be okay for liquidity unless something major happens like the US gov going after them for something (which would not surprise me that much tbh)
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Top 5 worst prisons in the world? Just from knowing absolutely nothing about the single prison in the Bahamas, I can confidently say there's no way that's true.
There is a good article about an inmate's 15-year experience in that prison here.
Amnesty International (not a big fan of them myself) filed the following points in their report about Fox Hill:
- Unacceptably overcrowded accommodation was evidenced in all prison units, seriously affecting the living conditions for inmates and the working conditions for staff. Cells were dark and fetid, and many prisoners slept on cardboard.
- Many prisoners are still subject to the degrading practice of slopping out while the prison still has inadequate plumbing and drainage system.
- With at least one death reportedly resulting from inadequate medical care, and several reported suicides at the prison, access to physical and mental health care in prison remains chronically lacking. There are high rates of infectious diseases including tuberculosis (TB). Prisoners suffering from AIDS, HIV or TB do not receive adequate medical care or drugs. The risk of cross-contamination for infectious diseases such as TB to other prisoners and prison workers is dangerously high.
- At the time of the visit there was only one full-time doctor for a population of over 1,000, and no psychiatrist. Psychiatric care is virtually non-existent.
- There have been repeated, unconfirmed, serious allegations of sexual abuse and rape which do not appear to have been adequately investigated by the authorities.