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FTX says investigating 'unauthorized transactions' - Ontario, CA Teachers marks down $95 million investment in FTX to zero - also BlockFi files for ba

Emily

Emily

Editor, Senior Moderator
https://www.reuters.com/technology/f...ns-2022-11-12/
Nov 12 (Reuters) - Collapsed crypto exchange FTX said on Saturday it had seen "unauthorized transactions", with analysts saying millions of dollars worth of assets had been withdrawn from the platform.

Blockchain analytics firm Elliptic said that around $473 million worth of cryptoassets were "moved out of FTX wallets in suspicious circumstances early this morning," but that it could not confirm that the tokens had been stolen...
 
Last edited:
https://sonar21.com/did-russia-just-strike-poland/
15 November 2022 by Larry Johnson
...

The United States, by contrast, is exercising great caution. Part of the reason for that hesitancy is the financial collapse of FTX, which is exposing evidence that the Democrats, some Republicans, the Ukrainians and FTX organized an elaborate financial kickback scheme. The scheme involved promising members of Congress who sent money to Ukraine a hefty contribution in turn from a Democrat benefactor. In this case, the owner of FTX. Once the U.S. dollars were credited to Ukraine’s account, President Zelensky and his partners diverted some of the proceeds to purchase crypto currency from FTX. FTX, in turn, sent some of that funds back to the cooperating members of Congress and the Democrat National Committee. This scheme is unraveling. The dummies mistakenly believed that crypto is untraeable. Nope. Thanks to block chain, eminently traceable....
 
Certainly could have that element. Larry Johnson's new post has an interview where he says his friend in the DEA said the whole FTX issue started with an investigation into fentanyl money laundering. That uncovered possible fraud and possible foreign government corruption.
 
They use the analogy of the tide going out and revealing hidden things for the Fed tightening of credit. I think of it as drying up Lake Meade revealing the mob's skeletons, or may a garbage dump or old foundation getting dug up in New Jersey.

FTX cryptocurrency scandal is just the beginning | Will Cain Podcast

145K views 2 days ago
 
See who's got the dirty money - start here:
https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=sam bankman-fried

I think there are other FTX/Alameda Research affiliated 'donors', too.

https://nypost.com/2022/11/16/gilli...egadonor-sam-bankman-fried-after-ftx-debacle/
Gillibrand latest Democrat to dump Biden megadonor Sam Bankman-Fried after FTX debacle
By Steven Nelson
November 16, 2022

WASHINGTON — Sen. Kirsten Gillibrand is the latest politician to say she will offload campaign contributions from disgraced former cryptocurrency “billionaire” Sam Bankman-Fried — who poured millions into electing President Biden before his business FTX went bust last week with up to $2 billion in client funds missing.

The New York Democrat moved to distance herself from Bankman-Fried following similar steps by at least four other congressional Democrats and one Republican — as FTX’s collapse echoes the downfall of Bernie Madoff’s infamous Ponzi scheme, with victims ranging from a teachers’ pension fund to elite venture capitalists and institutional bankers...
 
https://www.axios.com/newsletters/axios-markets
November 19, 2022
Felix Salmon
...
The downfall of SBF hit the effective altruism (EA) movement particularly hard.

State of play: SBF was one of the largest donors in the EA ecosystem, and that source of funds has dried up forever.
  • Other believers in EA are reconsidering their prior beliefs in light of what they've learned about SBF.
  • Even SBF himself turns out to have professed his belief in EA largely for selfish reasons.
...

Where it stands: The weakness of pursuing low-probability outcomes with positive expected value has become very obvious — especially within the EA community, which is small and very focused on the FTX fiasco.

For the record: In a Twitter DM conversation, Vox's Kelsey Piper put it to SBF that he was "really good at talking about ethics, for someone who kind of saw it all as a game."
  • "Ya," SBF replied. "hehe."
  • "I had to be. It's what reputations are made of."
  • SBF talked about how "we woke westerners" play a game — where "we say all the right shibboleths and so everyone likes us."
Click to expand...
 
Money, including pandemic stimulus, flowed into a lot of unusual alternative investment vehicles over the past decade as interest rates were held artificially low to stimulate the economy. Interest rates have returned to normal. One year bank CDs now pay over 4% with no risk to the average consumer. Series I savings bonds have been paying over 6% for the past year. A lot of this money is going to try to flow back out of these alternative investments and back into the banks and into government bonds, and some of these alternative investments were not set up to be able to withstand that kind of outflows of money.

That, and some of those alternative investments were simply scams in the first place and are now being exposed.
 
That's a very clear synopsis of the big picture, Alert. The Will Cain interview of Jeffry Tucker goes into that at length. If Powell is truly serious about fighting inflation, rates have to go much higher to match the inflation rate. Tucker thinks he is serious, but I think a law was passed in the 70's that gives congress more control over Fed policy. That is why I think we have so many bubbles that benefit insiders at the expense of everyone else. Cain looks very worried about his 401K at the end.
 
https://www.pionline.com/pension-funds/ontario-teachers-marks-down-95-million-investment-ftx-zero
November 18, 2022 01:23 PM

Ontario Teachers marks down $95 million investment in FTX to zero

Bloomberg

Ontario Teachers' Pension Plan said it will write down its stake in FTX to zero, taking a $95 million loss barely a year after making its first investment in Sam Bankman-Fried's now-bankrupt cryptocurrency exchange.

Teachers said the write-down will have only a "limited impact" because it's less than 0.05% of the C$242.5 billion ($182 billion) pension fund. "However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach," it said in a statement Thursday...
 
This supports that FTX was a device intended to be used to re-structure the capital markets. Dumb as that plan was, now there is another.

https://nypost.com/2022/11/26/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal/
SEC chair Gary Gensler rushing to unveil big changes amid FTX scandal

By Charles Gasparino
November 26, 2022 8:31pm Updated

You would think that with the FTX scandal still brewing and investors missing billions of dollars from their supposedly secured crypto accounts, Securities and Exchange Commission chair Gary Gensler would have so much on his plate, he wouldn’t have time to muck around in our capital markets, which are working just fine.

But sources tell me Gensler is doing just that — preparing to unveil plans for the biggest changes in about two decades to the way stocks are routed from buyers to sellers. If Gensler’s timing holds, he will announce (possibly this week) an open meeting for mid-December that will detail his plan to remake the nation’s $46 trillion stock market, as I first reported on Fox Business.

The idea is to jam out his proposed changes — and they’re pretty significant — before year’s end.
Why the rush? The word inside the SEC is that Gensler wants to get much of the work on it done before the new GOP Congress takes over Jan. 3. While a probe of Hunter Biden’s swampy business dealings is high on the list of the incoming committee chairs, Gensler knows he also has a target on his back for his ambitious — some would say zealous — progressive agenda at an agency that has a core mission of protecting investors from being ripped off by scammers.

The Gensler SEC has moved so far beyond this mission that he’s looking to score lefty points and join the Environmental Social Governance bandwagon by forcing companies to disclose non-financial metrics such as how they are reducing their carbon footprint.

The House Financial Services Committee, meanwhile, is intent on grilling Gensler on what he knew about the shenanigans of Sam Bankman-Fried, the Democratic megadonor under criminal investigation over the implosion of the crypto exchange FTX. The company is now in bankruptcy, while SBF, as he’s known, remains in the Bahamas....
 
NYT can sure pick their lineups, Yellen, Zelensky, Zuckerberg and the unfortunate others pictured. Gives me that Titanic feeling.

https://twitter.com/TPostMillennial/status/1596660113401843713


The Post Millennial
@TPostMillennial

Disgraced FTX founder and now-former CEO Sam Bankman-Fried confirmed that he was still slated to speak at the DealBook Summit on November 30.




thepostmillennial.com
FTX founder SBF confirms NYT speaking event with Biden’s treasury sec Yellen, Zelensky, Zuckerberg
Bankman-Fried is no longer the CEO of FTX, and new management has made clear that he has nothing to do with the company.

6:20 PM · Nov 26, 2022·Hootsuite Inc.
 
Don't know if this is related, but the missing money has to park somewhere.

https://finance.yahoo.com/news/wallet-linked-defunct-crypto-exchange-033806842.html
Wallet linked to defunct crypto exchange BTC-e suddenly activates

Lachlan Keller
Thu, November 24, 2022 at 12:38 PM

A wallet address linked to defunct crypto exchange BTC-e sent its largest transaction since August 2017 on Wednesday, sending a total of 10,000 BTC (US$167 million) to two unknown wallets, according to blockchain analytics firm Crystal Blockchain after being noticed by crypto sleuth Sergey Mendeleev.

Fast facts
  • One of the wallets that received 3,500 BTC forwarded 300 BTC onto another wallet, which was subsequently split even further into several further wallets, while the other wallet has still held onto the remainder of the funds.
  • BTC-e was shut down by the Federal Bureau of Investigation (FBI) in 2017 for alleged money laundering after handling an estimated US$9 billion between its founding in 2011 and that time....
 
https://futurism.com/the-byte/ftx-jimmy-buffett-margaritaville
FTX’s Worst Sin: It Owes an Immense Bill to Jimmy Buffett’s Margaritaville

No more cheeseburgers for SBF.
Sean Zanni via Getty / Futurism


Cheeseburgers in Hell

There is, as it turns out, a tenth circle of hell, and disgraced ex-FTX CEO Sam Bankman-Fried is in it.

Insider reports that, according to new court documents filed in the ongoing FTX bankruptcy coinpocalypse, the SBF-tied hedge fund Alameda Research has one particularly egregious debt: it owes approximately $55,319 to Jimmy Buffett's Margaritaville, the Bahamian resort styled after the sandal-wearing, ukulele-playing retirement icon's hit song of the same name.

It's yet another absolutely outrageous twist in FTX's scandalous meltdown. As the crypto exchange's bankruptcy scandal continues its dramatic unfolding, the depth of both Alameda and FTX's mismanaged finances somehow just keeps getting worse — or in this case, just that much more ridiculous.
...

Parrothead Mafia

It's worth noting that Buffett, a very wealthy man, likely isn't hurting for $50k. But if we were Bankman-Fried, we'd be scared. Not of jail time, but of Buffett's devoted fan base: the Parrotheads...
 
The Parrotheads are in action.

https://www.msn.com/en-us/news/crim...A15creH?cvid=2297a5f1f27a47649d283c3d8ca45789
FTX's Sam Bankman-Fried arrested in Bahamas on criminal charges, authorities say
ABC News
2h ago

Sam Bankman-Fried, the embattled former CEO of cryptocurrency giant FTX and trading firm Alameda Research, was arrested Monday in the Bahamas after federal prosecutors in New York filed criminal charges contained in a sealed indictment, according to the Royal Bahamas Police Force.

The specific charges are expected to be unsealed Tuesday, according to Damian Williams, U.S. attorney for the Southern District of New York.

In a statement, Williams said: "Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. government, based on a sealed indictment filed by the United States Attorney’s Office for the Southern District of New York. We expect to move to unseal the indictment in the morning and will have more to say at that time."

A source familiar with the charges told ABC News that Bankman-Fried is facing a multi-count fraud indictment that comes one month after FTX filed a $32 billion bankruptcy.
...

The U.S. Securities and Exchange Commission said it "has authorized separate charges relating to his violations of securities laws, to be filed publicly tomorrow in SDNY."

In response to the arrest announcement, Bahamas Prime Minister Philip Davis said, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law."

"While the United States is pursuing criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere," he added...
 
Maybe they're Deadheads. The link will take you to the last two members of the House Financial Services Committee to question the new FTX CEO. He was appointed to unwind the company and did the Enron unwinding in the past. The first speaker is not happy that DOJ had Bankman-Fried arrested before he could be questioned by Congress at this meeting. Mr. Ray, the FTX CEO/unwinder, agreed that it would have been really helpful if Bankman was questioned. .

The second speaker almost was silenced by Waters. It was very blatant, but he persisted and he got his questions in. The key one was about the mysterious bank in Washington State.
A NYT reporter did an article on the mystery bank back in November.

https://youtu.be/Ago2jS6nWBk?t=13753

 
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