Submitted by Science_421 t3_yxi8a1 in nottheonion
Comments
BigRed727272 t1_iwowqca wrote
I cannot wait for this Netflix doc.
Gh0stMan0nThird t1_iwox2bm wrote
It's Ethan and Trisha's bastard son
mr-dr_bingus t1_iwox2h9 wrote
sex mandates check
neffnet t1_iwoyp95 wrote
that's Sam Bankman-Fried, founder of the exchange FTX and the trading firm Alameda, and Alameda CEO Caroline Ellison. Sam gave all his customers' money to Alameda, and minted lots of worthless Sam coins to increase his leverage, all while lobbying to increase his regulatory moat and kill DeFi. The fraud got exposed last week and now we're $10bn poorer.
BeTheBall- t1_iwoyxuj wrote
Here's how I understand it on a 40,000ft level.
He took $16B from people who thought they were investing in crypto on his "exchange" and gave it to another company of his. That company used it to make other outside investments. Those investments ultimately cratered and he was unable to cover people who wanted to sell/transfer the crypto they thought they had on his exchange. At that point he stole the last $600M from his customers' accounts, and is now on the lamb trying to avoid extradition back to the US.
CodsWhallop t1_iwoz5vg wrote
Who's "we"? Only the get-rich-quick morons buy crypto.
Sm00gz t1_iwozl9m wrote
Jesus christ, some of the posts are starting to make sense now.
FatherOfLights88 t1_iwp1qn4 wrote
To add to the above, FTX offered "tokenized" stocks, meaning that a token was the same as a share of the company offered. I came as no surprise when it was discovered that none of the underlying securities had actually been purchased. He was just taking money and doing what he wanted with it.
This is part of a greater scam going on where all kinds of regulatory hoops are completed skirted in order to maintain a system that is more fraudulent than your worst nightmares have imagined.
neffnet t1_iwp2v1j wrote
We is the global economy since a lot of people, businesses, and charities were using FTX for banking.
FTX was a Bahamian bank failure caused by fraud and ineffective regulations and, allegedly, SEC misconduct. Crypto fixes this, the idea is self-custody and being your own bank.
CodsWhallop t1_iwp37zh wrote
Yeah, looks like it's going great for you.
[deleted] t1_iwp53us wrote
[deleted]
Sm00gz t1_iwp8bvj wrote
Makes me wonder why there weren't any safety guards but i don't know much if anything at all on the subject.
FatherOfLights88 t1_iwp8qd1 wrote
The "safe guards" in place don't really exist to protect retail investors.
This will come across as hyperbole, but it's not. What you see going on in the world right now, the chaos, the blatant display of corruption in politics and business... that's nothing compared to the irredeemable cesspool that is the US financial system. It won't be much longer before that's laid bare for all to see.
The amount of blatant fraud, counterfeiting, and theft is staggering.
kielu t1_iwpy6jm wrote
If you treat "we" sufficiently wide, we're not. Some of us lost our money, some of us gained that money.
mypantsareonmyhead t1_iwr0nin wrote
How incredibly misguided.
Naughtai t1_iwtb2b2 wrote
*on the lam
BeTheBall- t1_iwtb6er wrote
Usually, that would be correct. However, based on what I've heard about him....
Naughtai t1_iwtb9d1 wrote
bUt CaPitALiSM iS tHe oNLy sYSteM ThaT wOrKS!
Naughtai t1_iwtbbzk wrote
On the sheep
MyDudeNak t1_iwtico7 wrote
You'd do a better job "being your own bank" by stuffing your mattress full of USD than you would buying crypto.
neffnet t1_iwtkbsk wrote
Not talking about dog money... Protocols like Aave for securitized lending and borrowing, collateralized stable coins like sUSD and DAI for dollars, Alchemix for savings, banking the unbanked all over the world with no bankers getting paid.
JimDangleSlaysPuss t1_ix47x7t wrote
*Ethan and Trisha's bastard son after three bouts of liposuction and a stomach stapling 😂
ants_inthe_eyes t1_iwovf6c wrote
Looks like h3 and a little troll got together and fucked behind a desk while no one looked