FTX Fraud Story Swirling Around the Memory Hole
The original story:
https://caucus99percent.com/content/what-hell-ftx
The bankruptcy filing of crypto exchange FTX on Friday did not stop the chaos surrounding the once prominent and trusted crypto trading venue.
Since the filing that included 135 affiliated companies, millions of dollars in crypto have been stolen from the company, which is facing a shortfall between $6 billion and $10 billion. Bahamian officials are also probing the matter.
This led to the trial verdict handed down this week:
Sam Bankman-Fried convicted in fraud and conspiracy trial, faces 110 years in prison.
A jury has found FTX founder Sam Bankman-Fried guilty on all charges in his federal fraud and conspiracy trial.
The jury deliberated for a little over four hours before reaching a verdict on Thursday.
"We will have decorum in the courtroom when the verdict is announced," Judge Lewis Kaplan said before the reading.
Bankman-Fried, 31, sat motionless at the defense table in an ill-fitting grey suit. He was made to stand and face the jury for the reading. He showed no emotion.
Bankman-Fried was charged with seven counts of fraud, conspiracy and money laundering in what federal prosecutors have described as "one of the biggest financial frauds in American history."
He was accused of using customer deposits on the crypto trading platform FTX to cover losses at his hedge fund, pay off loans and buy lavish real estate, among other personal expenses.
So what the hell is crypto? Where did the scandal go? One smart ass schmuck goes up the river, and Justice is Done, All Done.
Comments
Crypto is a scam, imho
I had an account with coinbase. My $3 went up in value to around $60, then for some reason, poof, I could no longer log into my account. Everything I tried to recover my account did nothing. Fork their canoe. That cured me of any idea's about crypto.
Formerly, RantingRooster
As far as I can tell
, crypto currency is just as absurd as it sounds. Fake money that you buy with real money, in hopes of selling to another chump for real money somewhen. I remain ready to change my mind, if someone can explain how my cynical assessment is wrong. So far nobody has tried to make real world sense out of crypto.
I cried when I wrote this song. Sue me if I play too long.
Justice is Done
being un done justice
not too difficult to follow the money
that bought the courts like hobby lobby
and bush vs. gore
we are not secure in this make believe world
of freedom and justice
I hope he is still in custody
Or we will be looking for him in Israel, probably roomin' with Epstein and bin Laden.
Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.
Crypto Currency
The whole idea of this never made sense to me so I too have stayed away and don't ever plan of buying any of this. I think that lottery tickets would be a better investment. At least when you lose, you can always use them to start a fire.
For real
sad to see the old folks buying fortune tickets at the register, thinking that
will solve their economic problems somehow. One in a million chances seems
to not dissuade the $5 spent on hope and dreams. Very sad.