FTX founder Sam Bankman-Fried sought to escape charges for his shady crypto exchange's collapse by telling Congress that he's the victim of anti-Semitism.
From The Daily Mail, "Fallen FTX founder SBF and his parents arrive at Bahamas court - as his Congressional testimony blames depression, claims he's victim of anti-Semitism and that his failed crypto exchange is SOLVENT and can cover 1.8B losses":
Disgraced FTX founder Sam Bankman-Fried has been denied bail as he fights extradition to the United States in the Bahamas after being charged with one of the 'biggest financial frauds in American history'.
Bankman-Fried is accused of defrauding investors out of $1.8billion by convincing them his trading platform FTX was safe to use. He has been holed up in the Bahamas for weeks, but today was denied bail after prosecutors argued in court that he was a flight risk.
[...] Bankman-Fried was due to give testimony today about his doomed platform before the U.S. House of Representatives Committee on Financial Services.
Forbes obtained a written copy of the testimony he was expected to give.
It began: 'I would like to start by formally stating under oath: I f****d up. I know that it doesn't mean much to say that I'm sorry. And so I'm dedicating as much of myself as I can to do the right thing by customers.
'When all is said and done, I'll judge myself primarily by one metric: whether I have eventually been able to make customers whole. If I fail our customers in this regard, I have failed myself.'
But over the next 18 pages, he blamed anti-Semitism, lawyers and even his own ex-girlfriend for the breakdown of his company.
FTX founder Sam Bankman-Fried was arrested by Bahamian authorities Monday evening after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government, setting the stage for extradition and U.S. trial for the onetime crypto billionaire at the heart of the cryptocurrency exchange’s collapse.
Since FTX’s collapse, a tiny bank in rural Washington has come under heavy scrutiny for the role it may have played in the crypto exchange’s fraudulent activities. Ed Berger and Whitney Webb investigate the history of the bank and unearth some troubling connections.
Schwab's organization has infiltrated industry, sometimes with actual monetary interests, influenced many others to adapt "stakeholder capitalism" which is Schwabs pet project, and influenced others to adapt to something called the global "reset."
There are likely over one million victims worldwide and untold billions of dollars forever lost through the collapse of Sam Bankman-Fried’s digital asset empire, propped up by his once enormously popular FTX cryptocurrency exchange, which last week filed for bankruptcy in the United States.
The collapse of Sam Bankman-Fried and his fraudulent cryptocurrency empire at FTX is news at its most entertaining. Who doesn’t love the story of a bigshot billionaire revealed to be an outright fraud? It’s black-and-white. FTX owes billions in debt and doesn’t actually own a dime of the assets it claimed. Game over.
It’s important to state what is happening if Tether is not actually backed by the dollars that it claims. If Tether Limited is pumping out new Tethers without actually taking in an equal amount of USD, then it is essentially a privately-run money printer.
With post-mortem after post-mortem after FTX port-mortem piling up, even as the questions surrounding the world's biggest crypto fraud and bankruptcy pile up at an even faster pace amid a breathless demand for answers - like where did all that $8 billion really go - on Saturday we learned that as part of the firm's shambolic bankruptcy process, FTX won't even disclose its top creditors and has asked the bankruptcy judge to keep the company's list of creditors (which previously was said to be larger than one million) under confidential seal.
A series of revealing texts and tweets by Sam Bankman-Fried, the disgraced CEO of FTX, the once high-flying but now belly-up crypto exchange, had the following to say about his image as a do-gooder: it is a “dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us.”
If you haven't plowed through dozens of post-collapse commentaries on FTX, I'm saving you the trouble: here's a distillation of what matters going forward. If you're seeking a forensic accounting of FTX, others have done this work already. If you're seeking an ideological diatribe, you won't find that here, either.
Sam Bankman-Fried, the founder of FTX, which was, until last week, the world’s second-largest cryptocurrency exchange, is today facing prison time for allegedly defrauding his customers of billions of dollars. Bankman-Fried, 30, donated to many progressive causes allied with the “effective altruism movement,” including pandemic prevention and response. He spoke at, and presumably donated to, the World Economic Forum’s Davos conference last May and the Clinton Foundation’s Clinton Global Initiative in September. Bankman-Fried is similar to Bernie Madoff in that both men used philanthropic giving, and the veneer of humility, to create a positive reputation while running pyramid schemes that should have set off red flags among investors, regulators, and journalists.
The story of the scam that was FTX is going to be epic when discovery takes place for all of the upcoming trials.
Sam Bankman-Fried, the CEO of crypto exchange company FTX, and the second biggest donor to the Democrat party, is in hot water as his company is in financial freefall with over $1 billion missing.