The FTX Collapse Explained in 99 Seconds

The Gateway Pundit reports:

“The word is now out. The Democrats sent tens of billions to Ukraine and then laundered this money back to Democrat pockets and funds in the US. Now the company is bankrupt and the funds are nowhere to be found.”

The Daily Caller reports:

Cryptocurrency CEO and Democratic donor Sam Bankman-Fried funded the campaigns of key lawmakers overseeing the Commodity Futures Trading Commission (CFTC), the agency tasked with regulating the crypto industry, as he was lobbying the CFTC for greater oversight over the digital asset marketplace.
Bankman-Fried donated to the chair and ranking member of the Senate Agriculture Committee, the committee that has jurisdiction over the CFTC, as well as numerous other members of Congress involved in CFTC oversight.
The FTX CEO also spent hundreds of thousands of dollars lobbying lawmakers and the CFTC on legislation that would expand the scope of the agency’s role in regulating the crypto industry.

The Nobody Special podcast made this 99-second video explaining the collapse of the FTX crypto exchange.


This is Sam Bankman-Fried.
People call him SBF.
He’s the founder of FTX.

He also controls the crypto hedge fund called Alameda Research.
But that’s all gone now.

He wants you to think he’s a sweet guy.
He even brought in a famous YouTuber who called him “The most generous man in the world.”
Yep. That happened.

Truth is, Sam Bankman Freed is a liar and a crook.
His personal crypto FTX token was basically a Ponzi scheme hidden below layers of Moon Bro jargon.
He even went on Bloomberg’s podcast and bragged about it.
Yep. That happened.

He used his Ponzi token as collateral to borrow billions of real dollars that he couldn’t pay back.
He then used those real dollars to build an empire out of dying companies, like Voyager and BlockFight.
This led Jim Cramer to call him “The new JP Morgan!”

That’s weird.

It’s not like Jim Cramer to promote a billionaire con artist.
SBF sold people cryptos like Bitcoin – or so they thought.
What they really bought from SBF was an IOU.
But as long as everyone didn’t cash in their IOU at the same time, this game worked.
Until it didn’t.

This other a-hole who hates SBF came along and engineered a bank run with some passive aggressive tweets.
It worked.
SBF didn’t have enough money to repay everyone at once and now his customers have lost everything.
He’ll be happy to know that this is exactly how every Bank in the world operates.

So where did all the money go?
He misappropriated $4 billion trying to save his failing hedge fund.
Whoops. That’s a felony.

He spent $21 million on Super Bowl commercials.
$5 million for the Big Guy.
$40 million in campaign donations.

I wonder what he wanted in return?

And everyone who’s pointing at this story and saying:
“This is exactly why we need to regulate crypto!”

Remember that SBF stole billions.
That’s already a crime.
And he spent a lot of it on bribing politicians.
Also a crime.
In order to create a crypto monopoly for himself.

Government regulations don’t protect the customers.
They protect the crooks.
That’s exactly what SBF was trying to do.

Reprinted with the author’s permission.

The post The FTX Collapse Explained in 99 Seconds appeared first on LewRockwell.

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