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FTX CEO Sam Bankman-Fried Sentenced To 25 Years

Posted this a few days ago in the Crypto thread:




The Cryptocurrency Thread

So 20k for how many? 4 at the max
ablackweb.com




Something's off.


I don't think any of this is happening by accident.


It seems very calculated.


Just a few months ago, it seemed like FTX was the strongest exchange on the market.............and Friedman was throwing hints that Coinbase and Binance might be broke.


FTX bought Block-Fi..........and was in talks to help Voyager and Celsius.


The Block-Fi purchase really surprised me, because.........based on what I know (or thought I knew) about them.........I thought they were bigger than FTX and would be more than likely to buy them.


Not the other way around.


My theory is that Friedman knows something is on the horizon and this is his exit strategy to cash out.


Bloomberg News reported that dude's net worth went from $16 billion on Monday to $99 million today.




Don't know what the Binance CEO's angle is.


From what's being reported, all of this started when he got on Twitter and started spreading rumors about FTX being insolvent.


This caused a lot of FTX customers to panic and take their coins off the platform.


Pretty much the crypto version of a run on the bank.


What I don't understand is why he would make a move like that, because it doesn't just hurt FTX...........it hurts the whole crypto industry.


We were just starting to see consistent increases in prices again.


Ethereum was picking up..........Bitcoin.........Polygon.........Solana..........and a few others were on the rise.


But now this happens.


I heard Coinbase is getting more volume now, but it's starting to look more and more like this is just building up to a bigger collapse down the line.
 
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I'm predicting jail time............and/or an............"untimely death"............in their future.


One of the biggest, most reliable crypto exchanges just a week ago.


Never been hacked before.


If they have, then not to this degree because we would've heard about it.


But a day after they file for bankruptcy..........FTX gets hacked for all the remaining crypto on the exchange???


$600 million???



Oprah shaking her head clip.gif



Avon suspicious clip.gif
 


funny af
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Old Man Cain said:
crypto is a scam.........I invested my lil bit of money in it made what I invested and snatched that out. But yeah this shit is too volatile to be putting million's in
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Same thing I been saying. I invested a lil in it early this year, made a couple grand and left that shit behind. I knew what's happening now was going to happen eventually because it's all play play money. I mean even real money is imaginary, but at least you have a government backing it. Crypto is fueled by hopes and dreams.

Getting on Bitcoin early was a smart move, but as soon as the shit became trendy, the writing was on the wall.
 
They were living the life. If i knew him i bet i could of got a house

www.reuters.com

Bankman-Fried's FTX, senior staff, parents bought Bahamas property worth $300 mln

Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.
www.reuters.com www.reuters.com


NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) - Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.

Separately, attorneys for FTX said on Tuesday that one of the company's units spent $300 million in the Bahamas buying homes and vacation properties for its senior staff, and that FTX was run as a "personal fiefdom" of Bankman-Fried. No further details were given. read more


Most of FTX's purchases registered in the documents seen by Reuters were luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing almost $72 million. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine who lived in the apartments.


The documents for another home with beach access in Old Fort Bay -- a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates -- show Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories. The property, one of the documents dated June 15 said, is for use as a "vacation home."


When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for -- whether in cash, with a mortgage or by a third party such as FTX -- a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.

"Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.


While it is known that FTX and its employees bought real estate in the Bahamas, where it established its headquarters in September last year, the property records seen by Reuters show for the first time the scale of their buying spree and the intended use of some of the real estate.

FTX, which filed for bankruptcy earlier this month after a rush of customer withdrawals, did not respond to a request for comment. Bankman-Fried did not respond to requests for comment.

Bankman-Fried has told Reuters he lived in a house with nine other colleagues. For his employees, he said FTX provided free meals and an "in-house Uber-like" service around the island.
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PROPERTY PURCHASES
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Reuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives.

FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022.

Its most expensive purchase was a $30 million penthouse at the Albany, a resort where Tiger Woods hosts a golf tournament every year. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

Salame did not respond to a request for comment.

Other high-end real estate purchases include three condominiums at One Cable Beach, a beachfront residence in New Providence. Records showed the condominiums cost between $950,000 and $2 million and were bought by Nishad Singh, the former head of engineering at FTX, Gary Wang, an FTX co-founder, and Bankman-Fried for residential use.

Singh and Wang did not respond to requests for comment.

Two of FTX Property's real estate holdings were marked for commercial use – an $8.55 million cluster of houses that served as FTX's headquarters, and a 4.95-acre plot of land on the coastline overlooking cyan waters that was also meant to be developed into office space for the crypto exchange.

The FTX headquarters is now unoccupied, with furniture pushed against some windows. Its signage has been removed. The plot of land, which cost $4.5 million, also lies empty.

A security guard said employees did not return to the headquarters after leaving earlier this month.
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