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Daily Briefing: FTX GOES DOWN

“In retrospect, the whole thing looks like a nesting doll of fraud: a sketchy crypto product, built on a berserk approach to protecting customer assets, wrapped inside a fraudulent effort to “philanthropy wash” his ill-gotten wealth. – Derek Thompson


“EFFECTIVE ALTRUISM” IN ACTION

 

The Strange Morality of the Bay-Area Billionaire Left:  Victor Davis Hanson, American Greatness, Nov. 20, 2022 The FTX Bitcoin empire of 30-year-old CEO Sam Bankman-Fried is in shambles. Or more specifically, his “dumb game” cryptocurrency exchange has destroyed thousands of lives. Electronically, he may have robbed perhaps a million investors, and along with them hundreds of large institutional investors. 

My Crypto Confession Derek Thompson, The Atlantic, Nov. 23, 2022 Sam Bankman-Fried, the disgraced founder of the trading platform FTX, was a member of two cults. Or, more precisely, he was a figurehead of two movements that outsiders considered cultish. One of these movements I have criticized relentlessly. The other I belong to.

The FTX Disaster is Deeper Than you Think:  Coldfusion, YouTube, Nov. 17, 2022  


What You Need to Know about the Colossal Mess of FTX: Jim Geraghty, National Review, Nov. 18, 2022 

FTX’s Downfall and Crypto’s Bitcoin Betrayal:  Joshua Hendrickson, Think, Nov. 21, 2022

How World Economic Forum, Others Are Hiding Their Past Ties With FTX:  Ariel Zilber, Thomas Barrabi and Lydia Moynihan, NY Post, Nov. 14, 2022

Did Sam Bankman-Fried’s Millions Buy the Media’s Loyalty?: Robby Soave,  Reason, Nov. 21, 2022


Bitcoin cryptocurrency burning in fire. Gold coin burns do… | Flickr

 

FTX Offers a Master Class in Crypto’s Flaws:  Hi Tech, Nov. 17, 2022 In one sense, investors and  regulators should be grateful to Sam Bankman-Fried , the erstwhile head of FTX cryptocurrency exchange.

How Sam Bankman-Fried Conquered Washington:  Jim Geraghty, National Review, Nov. 23, 2022 Happy travel day, everyone; may you have much to be thankful for tomorrow — and stay out of the left lane on Interstate 95 northbound between northern Virginia and the Philadelphia suburbs.

Sam Bankman-Fried ‘Deeply Sorry’ For FTX Collapse — But Blames Bankruptcy Filing Ariel Zilber, NY Post, Nov. 23, 2022 Disgraced FTX founder Sam Bankman-Fried told former employees he is “deeply sorry” about the implosion of his crypto exchange — but continued to point the finger at the company’s bankruptcy filing, insisting that he could have saved the platform if given enough time.

Weird Sentencings: Is Elizabeth Holmes’s 11-Year Sentence Excessive?:  Alan M. Dershowitz, Gatestone Institute, Nov. 24, 2022 Elizabeth Holmes, the Silicon Valley wonderkid who founded and ran Theranos, the blood testing company, was sentenced last week to 11 years in prison. A jury acquitted her of the most serious charges related to defrauding government and military officials regarding the use of the Theranos device by soldiers. But it convicted her of defrauding highly sophisticated, experienced and mega-wealthy investors.

 

File:
Sam Bankman-Fried is a french businessman.jpg – Wikimedia Commons

Sam Bankman-Fried Ran FTX Like a Personal Fiefdom, Lawyers Say:  Alexander Saeedy and Jonathan Randles, WSJ, Nov. 22, 2022 A substantial amount of FTX’s assets are either missing or stolen, a lawyer for the failed crypto exchange said in court, vowing to cast a wide net to secure potentially billions of dollars in funds that passed through the firm he called the “personal fiefdom” of co-founder Sam Bankman-Fried.

FTX: Inside the Crypto Exchange that ‘Accidentally’ Lost $8bn:  Joshua Oliver, Nikou Oliver, et al, Financial Times, Nov. 18, 2022 It was all an $8bn accident. Or so says Sam Bankman-Fried. As FTX, the crypto business led by the 30-year-old, quickly collapsed at the end of last week, many of its employees fled the Bahamas, the Caribbean country where the company was based. Some simply abandoned their cars at the airport.

 

File:
Youtube-logo-white.png – Wikimedia Commons

 

The FTX Disaster JUST GOT WEIRD!!!!!!Moon, YouTube, Nov. 24, 2022  

 

The REAL Story Behind the FTX Scandal | Marty Bent | The Glenn Beck Podcast | Ep 164, Nov. 15, 2022 — On the surface, it appeared the FTX scandal involving Sam Bankman-Fried created yet another crisis for cryptocurrency. But that’s not the real story. 

 

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