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FTX Crypto Debacle: 1 to 2 Billon Dollars in Crypto Customer Funds Missing

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Numerati

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EagerBeaver said:
If you have not watched the Hulu series "Dropout" starring Amanda Seyfried as Holmes, I highly recommend it. Seyfried delivers a mesmerizing performance which won her an Emmy Award. Watching Seyfried as Holmes, and I am sure her portrayal had many kernels of truth, you are blown away by how completely she believes her own lies. The core lie in the whole story is the complete unworkability of the technology she is using to produce accurate blood tests. However, she believes in the workability of the technology with every fiber of her being. This is despite repeatedly being told by tech people outside her company, and her own engineers, about the various problems with it. Her solution is to just keep working harder while staging assorted frauds in the process, like passing off the testing machines as Theranos' own.

Ultimately there will probably be a TV series and movie about FTX 7-8 years from now when the smoke finally clears on the smoldering ruins of this debacle, which at this time still haven't flamed out completely.
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I saw like three episodes but didn't have the time to watch. Yet I read the book by John Carreyou. It was heartbreaking and pissed me off at the same time. If Holmes was successful and did what she proclaimed to accomplish this would been a real major breakthrough and save many lives. If this was genuine her tech would have kept my Dad living a few more years. Like many I was duped by her false promises.

Now looking back at her interviews and public appearances she was just literally full of shit. When she was questioned and doubted instead of offering actual physical proof of her work she went on some bullshit snake oil rant and sadly people bought into it.
 
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Numerati

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What is different about this FTX debacle unlike the previous crypto fiascos is that this also suckered in the so-called ”smart“ money. Sequoia, SoftBank, BlackRock and a host of other institutional money. This is a huge embarrassment and black eye with all the revelations coming to light. For one SBF was holding a meeting making his snake oil pitch with Sequoia while playing League of Legends. Literally there was absolutely no oversight and any sort of compliance at FTX. Would be interesting to see what SBF has to say since he is going to be at The NY Times Dealbook conference on Nov. 30.

Wonder what other crypto institutions are going to fall from this. Gemini and Defi are on life support. Also if this leads to any crypto tied to the USD failing this is going to be a huge disaster. Always these socially inept math geeks shitting it all over for everyone.
 
Doc Holliday

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EagerBeaver said:
If you have not watched the Hulu series "Dropout" starring Amanda Seyfried as Holmes, I highly recommend it. Seyfried delivers a mesmerizing performance which won her an Emmy Award.
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I watched it a couple of months ago on Disney+ and loved it. Hulu isn't available in Canada but a lot of its content is on Disney+. I watched it after watching the documentary on Elizabeth Holmes & Theranos on HBO. I found the documentary great & the miniseries 'The Dropout' equally great. Seyfriend did a great job recreating the very difficult Holmes character. It's incredible how her charm managed to fool so many people. I think she started believing her own bullshit & ended up being way too far into it to get out. But she's always been in denial of her misgivings & to this day doesn't feel like she did anything wrong. She was recently sentenced to several years in prison & probably had figured getting pregnant twice over the past couple of years would save her from going to prison. Wrong!
 
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EagerBeaver

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Doc Holliday said:
She was recently sentenced to several years in prison & probably had figured getting pregnant twice over the past couple of years would save her from going to prison. Wrong!
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Her sentence was 11 years, 3 months:
www.nytimes.com

Elizabeth Holmes Is Sentenced to More Than 11 Years for Fraud (Published 2022)

Ms. Holmes was convicted in January of four counts of fraud for deceiving investors with claims about her blood testing start-up Theranos.
www.nytimes.com www.nytimes.com
It will be interesting to see if SBF is charged with any crimes once the investigations are complete. Some of the accounting hanky panky he engaged in is now being scrutinized and it is mind boggling to me the amounts of money he was entrusted with by investors and moving around without knowledge, or authorization of the depositors. Attorneys, who handle much smaller amounts of money for clients, are required to register trust accounts that are randomly audited by the State and if you can't explain missing funds,, you go to jail for embezzlement and get disbarred, even if it's $100,000. We are adding 2 zeros to that number and there was no oversight on it at all.
 
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Lolyfany

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I don't think this is a reason to abandon investment in cryptocurrencies entirely. On the contrary, in my opinion, this is proof that it is necessary to diversify your investments and get maximum profits from now on with the minimum investment of funds. I am currently using www.moonbitcoins.com to mine cryptocurrencies; even considering the fall in the value of cryptocurrencies, I still receive income from this, so I have equally diversified the deposits at the very beginning.
 
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Numerati

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The major black eye and the fugazzi that is going on with crypto is that it is not regulated. If you own crypto you need to take custody of your digital assets. This means you own a hard drive which is known as a digital wallet and you put your crypto in there. It is going to require passwords. Write them down and put them somewhere safe in various places. Do not put your crypto in these so called exchanges because these are not exchanges. They are unregulated brokerage firms in an unregulated market and if they go to shit you go to shit.
 
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Doggyluver

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I have been an investment advisor for over 30 years and have not placed a dime of my clients monies into crypto ! It is in my opinion an asset class that will have merit at some point in the future but the uncertainty is just something I wouldn't want my clients worrying about. There are so many value and growth stocks that will pay a nice dividend and decent capital growth over time that better safe than sorry. I was introduced to Bitcoin in 2011 at $1.00 and probably should have bought 1,000 just to be there, I didn't and really don't regret the volatility that I would have experienced since then. I don't see Warren Buffet buying crypto and that's enough for me
 
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Numerati

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If your advisory business involve SBLs you maybe dealing in crypto and you don’t even know it. You are not liable but you are going to feel its effects. SBLs are big money making vehicles as they are the subprimes of the ultra wealthy. Your rich clients who have SBLs with you may use that money to get into crypto.

Personally I got into bitcoin in 2012 when you can mine them with a rinky dink i3/i5 desktop/ laptop. It was around $6 a bitcoin back then. But it will kill your computer especially your graphics card. Well mine took a beating and also my landlord got pissed as this drove up his electric bill as he covered my electricity. Lol. I put 10 bitcoins in that bullshit exchange Mt. Gox. Doh! What a mess that was. After learning this is not going to get regulated anytime soon I stopped getting involved into crypto but I continue to educate myself about them.
 
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Numerati

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EagerBeaver said:
Her sentence was 11 years, 3 months:
www.nytimes.com

Elizabeth Holmes Is Sentenced to More Than 11 Years for Fraud (Published 2022)

Ms. Holmes was convicted in January of four counts of fraud for deceiving investors with claims about her blood testing start-up Theranos.
www.nytimes.com www.nytimes.com
It will be interesting to see if SBF is charged with any crimes once the investigations are complete. Some of the accounting hanky panky he engaged in is now being scrutinized and it is mind boggling to me the amounts of money he was entrusted with by investors and moving around without knowledge, or authorization of the depositors. Attorneys, who handle much smaller amounts of money for clients, are required to register trust accounts that are randomly audited by the State and if you can't explain missing funds,, you go to jail for embezzlement and get disbarred, even if it's $100,000. We are adding 2 zeros to that number and there was no oversight on it at all.
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SBF definitely violated wire fraud yet as for securities fraud he will probably get away on technicalities. If these slow poke regulators actually put forth proper regulations declaring crypto and digital assets as securities then SBF is on the hook. Also we probably wouldn’t see this nonsense take hold and SBF wouldn’t be running amok. This is why he and everyone at FTX and Alameda are still walking around free at this moment because darn crypto is the financial Wild West.
 
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Numerati

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There is one thing I have to give SBF for. With his media tour and people interviewing him are pushing his buttons to no end and yet he has maintain an even temperament and emotional control throughout. He may lose some cool here and there but he doesn't get hostile. That I have to give him props for.

Especially how this youtuber Coffeezilla keep busting his chops.

I Accidentally Interviewed SBF And He Hated It - YouTube

I Accidentally Got SBF To Admit to Fraud - YouTube

This Coffeezilla is no stand up angel either. This guy is a fucking prick and look how he is at the end on his third interview with SBF. SBF is an absolute moron of course but not defending him or anything but he went out there and built and created something.

An absolute let down of all this is you get an impressive education at an elite school and what do you do? Instead of doing something useful with that knowledge like join NASA or create something to truly benefit humanity you go into the world of digital fugazi make believe. Now that is a true misappropriation of resources.
 
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Ichiro Honda

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I think fatboy ate it all. Incredibly he is taking interviews and saying that he had no clue of where the money went.
 
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Numerati

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SBF and his parents bought and own a buttload of real estate down in the Bahamas where he is based right now. He is going to fight all the ways the US is going to extradite him. This guy is very cunning and calculating.

Shark Tank Mr. Wonderful is a hack pimp for FTX calling it a U.S. firm. Well if FTX is a U.S. firm then why was it based in Hong Kong and then Bahamas and not in the U.S.?
 
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