FTX's Sam Bankman-Fried Cashed Out $300 Million During Funding Spree (reuters.com) 33
An anonymous reader quotes a report from Reuters: FTX founder Sam Bankman-Fried sold a stake in the company worth $300 million when the crypto exchange raised capital last year, the Wall Street Journal reported on Friday, citing the firm's financial records and people familiar with the transaction. At the time, Bankman-Fried told investors it was a partial reimbursement of money he'd spent to buy out rival Binance's stake in FTX a few months earlier, the report added. The Journal's report cited FTX's October 2021 funding round where the company had raised $420 million from a clutch of big name investors including Temasek and Tiger Global, valuing the crypto exchange at $25 billion.
In any sane world (Score:5, Funny)
... this guy would be in jail for the rest of his life.
Re:In any sane world (Score:5, Insightful)
If he ripped off rich people he is going to jail. See Elizabeth Holmes and Bernie Madoff. If he ripped off poor people he'll get invited to give a speech at the next CPAC.
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And if we're going to be outraged about oligarchs buying entire political parties, how's about Barre Seid handing the GQP 1.6 billion, with a b, dollars this year?
Re: (Score:3, Interesting)
He did give money to democrats, even the democrats don't deny it.
I think he also gave money to certain republicans, such as Mitch McConnell.
I am not sure if it's proved yet, but the money in question was tax payer dollars sent to Ukraine. Ukraine used FTX to launder the money, and give our government officials their kickback.
Re: In any sane world (Score:2)
Re: DNC, not CPAC (Score:2)
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He's going to be found face down in his pool.
Bumper sticker material (Score:2)
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Steal from the rich; go to jail Steal from the poor; go to the hill.
+1
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But he’s definitely and truly f^&*ed. Now that the feds are involved, there’s no hiding the shenanigans any more. They WILL get to the bottom of what he actually did. The feds are slow, but they never, never stop. Not even Trump could get away from them. The investors are well and truly f^%$ed also. They’ll be lucky to recover 25 cents on the dollar. No sympathy there. Crypto = gambling,
That's nothing (Score:2)
What's the problem? (Score:5, Insightful)
You wanted no oversight, you wanted "da man" to keep his nose out of your crypto, now you got it?
Be happy with it and don't come crying to me. You got what you wanted. Yes, of course a bunch of crooks got rich from it, usually stealing your money. What else did you expect?
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I want all of those things, that is why I buy metals, not meaningless bits.
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Metal bars and coins are not an investment vehicle. I buy them as a measure of last resort against inflation. I buy miners as investments, some provide a return and some are purely speculative.
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How's that going? US inflation year over year seems to have peaked out at about 9% in July. So your gold should be worth 5-10% more dollars this year than last right? Even more if the people who think inflation is worse than reported are right.
Let's see, gold spot price, US$... oh.
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Your view is too narrow ) both, in terms of my horizon and in terms of real inflation.
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Uh huh.
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Well, at least precious metals have a better track record retaining their value than electricity.
The thing about zero oversight is, though, you also have to take care that you keep your valuables. You know the joke about the preppers, with one stockpiling canned food, water bottles, medication, everything and even more, and the other one going "I got a crowbar, a gun and his address".
So you better have the necessary firepower to protect your assets.
And some good friends that you trust with your valuables (a
Re: (Score:2)
Funny how that works. Remove oversight, get crooks. Like that has not happened ever before. Like the very reason of the existence for oversight and regulation was not to keep things somewhat honest.
Well, the Dunning-Kruger subjects (they should have called it "incompetent and arrogant") will never, ever learn. I mean, most of them are not even capable of learning from their own experiences, how are they supposed to learn from history, even if history in this case could not be any clearer? I would not even c
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I have this hunch that most of the people who want oversight to be removed are actually also those that enjoy the idea of circumventing the law, ignoring the fact that there is always some bigger crook who has more resources to crap on them than they could even muster.
In general, the law is there to protect the "small" people. Big people don't need laws, they can establish the facts they like. Remember the golden rule, he with the gold makes the rule. The only chance to change that is the presence of an act
Surprise! (Score:5, Funny)
Give your money to a clown, get a circus.
Re: (Score:2)
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While the clown is trying hard, his act is somewhat predictable and overall disappointing.
Well (Score:2)