Bitcoin and Crypto Talk (Merged)(includes NFT) (2 Viewers)

[Tapxe]

Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy

Newly appointed FTX CEO John Ray III excoriated Sam Bankman-Fried, declaring he had never seen such a failure of corporate controls or trustworthy information.

www.cnbc.com

“The concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals” was unprecedented, the former Enron recovery boss said.

Ray said a “substantial portion” of assets held with FTX may be “missing or stolen,” following widespread reports on social media of the theft of hundreds of millions in cryptocurrencies.

Getting uglier. Looks like there is an extradition treaty with Bahamas if he's still there.

 

[El Caliente]

 

[Zack Lee]

I’ve Finally gained some confidence in crypto based on my news feeds

 

[superchuck500]

Ruh-roh

 

[Tapxe]

Ruh-roh

Felt like that was coming.

Unless you are in an impacted asset or exchange, you aren't really upset at the clean up.

 

[J-Donk]

Felt like that was coming.

Unless you are in an impacted asset or exchange, you aren't really upset at the clean up.

I'm shocked it happened so fast. It usually takes a little while for the DoJ to get it's ducks in a row for a case like this. I assume they already have him on something extremely easy to prove like wire fraud.

For reference the Theranos case was years after the first discovery of fraud.

 

[itztime]

 

[superchuck500]

 

[superchuck500]

^^ That is the actual criminal indictment from DOJ, with eight counts under 18 USC, the federal criminal code. That's separate from the SEC action announced this morning.

 

[itztime]

I guess the reports of his hottie swinging ex-girlfriend talking to the feds was true last week.

 

[superchuck500]

I guess the reports of his hottie swinging ex-girlfriend talking to the feds was true last week.

Lol.

I think he was taking the position that he had no information about Alameda because he wasn’t involved in its management.

I believe that there were large transfers from FTX to Alameda when the sheet started going down. Those are very much in question.

Sam Bankman-Fried secretly transferred FTX customer funds to Alameda Research after his trading firm suffered losses in the spring, report says

Sam Bankman-Fried transferred at least $4 billion from FTX, including customer funds, to help prop up his Alameda trading arm, Reuters reported.

markets.businessinsider.com

 

[Tapxe]

Still digesting this. Prolly need a few more watches and some googling...

 

[itztime]

Still digesting this. Prolly need a few more watches and some googling...

Didn’t O’Leary make millions shilling for FTX?

 

[Tapxe]

Didn’t O’Leary make millions shilling for FTX?

IDK, but he sounded pretty scared to me.

 

[DaveXA]

Didn’t O’Leary make millions shilling for FTX?

He did, but he's not necessarily wrong.