Bankrupt cryptocurrency exchange FTX, founded by disgraced crypto CEO and Democrat super donor Sam Bankman-Fried, could owe money to more than one million people and organizations, according to documents filed in bankruptcy court this week.
The founder of FTX is reportedly spent the weekend trying to raise a new round of financing to plug the $8 billion hole in his firm’s balance sheet.
BlockFi, a platform for crypto-backed loans and trading, may also face bankruptcy due to its exposure to FTX, the beleaguered cryptocurrency exchange that was led by Democrat megadonor Sam Bankman-Fried.
The New York Times appears to be treating disgraced crypto CEO and Democrat megadonor Sam Bankman-Fried, accused of mishandling FTX customer investments on a massive scale, with kid gloves.
Shark Tank star and venture capitalist Kevin O’Leary recently stated that he planned an attempt to save cryptocurrency exchange FTX hours before it filed for bankruptcy but held off following comments from SEC Chairman Gary Gensler.
The balance sheet of FTX, the bankrupt cryptocurrency exchange founded by Democrat megadonor Sam Bankman-Fried, includes $7.4 million of a cryptocurrency token called “TRUMPLOSE.”
The new call for a crypto super fund sounds a lot like a similar proposal launched in 2007 before the ensuing global financial crisis.
FTX founder and Democrat megadonor Sam Bankman-Fried — whose firm Alameda Research allegedly traded billions of dollars from FTX customers’ accounts and leveraged the crypto exchange’s native token as collateral — has listed his Bahamas penthouse for sale with a $40 million asking price.
Following the spectacular collapse of FTX and its Democrat super-donor founder Sam Bankman-Fried, other centralized cryptocurrency exchanges are scrambling to shore up their reputation and contain the fallout.
Sam Bankman-Fried’s trading firm, Alameda Research, allegedly traded billions of dollars from FTX customers’ accounts and leveraged the crypto exchange’s native token as collateral.
Following the collapse of the cryptocurrency exchange FTX, at least $1 billion in investor assets seems to be missing according to multiple reports.
The best that Sam Bankman-Fried could hope for at the start of this week was that his crypto exchange FTX would turn out to be the equivalent of Bear Stearns. Instead, it turned out to be Lehman Brothers.
Sam Bankman-Fried’s cryptocurrency exchange FTX has reportedly filed for Chapter 11 bankruptcy in the U.S. following a week of significant scandals and upset in the cryptocurrency space. The crypto boss and Democrat megadonor popularly known as “SBF” subsequently resigned.
“It’s only when the tide goes out that you learn who has been swimming naked,” Warren Buffet famously said.
Crypto exchange Binance has reportedly backed out of its plans to acquire rival platform FTX leaving the firm on the brink of collapse. In a rambling Twitter thread that attempts to explain the current state of FTX, CEO Sam Bankman-Fried wrote, “I’m sorry. That’s the biggest thing. I fucked up, and should have done better.”