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[KungFuBac]

Thx 8OR9 /good link.

I saw a brief sketch on that story when it broke a few days ago but didn't realize the heist occurred such a long time ago. I feel for the many victims as they will likely see very little of the recovered loot.

*I'm guessing in a couple years we will start seeing movies about all these crypto heists.
Similar to "Oceans 11 series" with George Clooney or "Catch me if you can" with Leonardo Decaprio, ...etc.


Cheers,

[8OR9]

Here are some more fun facts from crypto land.

Sounds like some people are trying to get into a rowboat and escape with suitcases full of cash.

https://www.dailymail.co.uk/news/article-11422261/FTX-founder-holed-founder-chief-technology-officer-luxurious-Bahamas-resort.html

[8OR9]

Gee whiz......some people would actually try to steal money......I find this hard to believe!!

https://www.cnbc.com/2022/11/12/ftx-says-it-is-investigating-unauthorized-transactions.html

[KungFuBac]

Hi 8OR9

Good reads/thx for posts.
I read a similar article on the Ftx/Sam bankman-fried fellow. I posted the link below as it appears on breitbartnews.com.

https://www.breitbart.com/economy/2022/11/11/breitbart-business-digest-Sam-bankman-fried-hoped-ftx-was-bear-stearns-but-it-was-lehman-brothers-instead/



The most important part in above link) and what I found interesting about the comparison with bear stearns/ lehman borthers financial debacle is WHY the government bailed out one entity(banks) but didn't bail out the others(FTX et al cryptos). IMO the government doesnot want crypto to compete with the USD (or not at this stage).

Its also my opinion some of these crypto exchanges/ owners of crypto exchanges/ individuals owning(&leveraging) large amounts of cryptos are now going to implement huge "preplanned" bankruptcies, and wipeout ALL of their debt under the guise(well, i was ripped off by those damn cryptos").

Their appears to be several hollywood and professional athletes also in the middle of several crypto defaults. Im thinking we will see more in next few months.

*The kicker is on or near the very same day this story started breaking on FTX/Sam bankman fried, I saw these type of headlines below optimistically touting cryptos. I wonder at times if the media and individual reporters ever listen to themselves.

Is crypto the way to fight inflation(2022)

Bitcoin vs Gold: Are cryptos the new gold





Continued Success To All/ To All A Good Week

[8OR9]

Kind of a long article if anyone is still interested in the crypto world.


https://www.forbes.com/sites/johnhyatt/2022/12/24/these-crypto-founders-and-bitcoin-moguls-lost-116-billion-in-2022/?sh=65e7ac4942b2

[alrelax]

FTX founder Sam Bankman-Fried was 'chilling' in the American Airlines lounge at JFK before flying business class to his parents' home to await trial

"File bankruptcy and resign wiping out everyone's investment".  Yeah right, LMAO!


https://www.businessinsider.com/ftx-Sam-bankman-fried-aa-lounge-jfk-flight-san-francisco-2022-12

[8OR9]

Two FTX insider employees flipped and will testify against Bankman......so he will never get acquitted........he will make a plea deal and hope he only gets 10 years at a     
 white collar prison.

I only wonder how much money he has rat holed away in Switzerland, the Cayman Islands, or buried in his back yard etc etc etc.

[alrelax]

Two FTX insider employees flipped and will testify against Bankman......so he will never get acquitted........he will make a plea deal and hope he only gets 10 years at a     
 white collar prison.

I only wonder how much money he has rat holed away in Switzerland, the Cayman Islands, or buried in his back yard etc etc etc.

Oh, IMO without a doubt, he will plead out.

Here is a pretty good detailed explanation of Federal Prison classification including the lowest level, which are Federal Prison Camps.

https://federalcriminaldefenseattorney.com/prison-life/prison-security-levels/minimum-security-prisons/

[8OR9]

Another $ billion  crypto scam from 5 years ago.


https://www.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec/index.html

[KungFuBac]

Hi 8OR9

Good links above.

Your statement: "I only wonder how much money he has rat holed away in Switzerland, the Cayman Islands, or buried in his back yard etc etc etc."


Spot on. I have made this exact statement several times recently. Furthermore, I think we will see later on that many other people were also on Team FTX from the beginning. This affected far more people than Bernie Made-Off and Enron scams.


Continued Success.

[8OR9]

Major crypto bank calling it quits.......hopefully everyone will get their funds back.

https://www.cnbc.com/2023/03/08/silvergate-shutting-down-operations-and-liquidating-bank.html

[KungFuBac]

As an addendum thought to the above post by 8OR9  on 3/8 above.

Crypto shaken as SVB exposure depegs $37 billion


Read more at:
https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-shaken-as-svb-exposure-depegs-37-billion-stablecoin/articleshow/98576221.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

My thoughts:
It will be interesting to see the effects on Cryptos after the SVB default on 3/8. Much of the fail out or (bailout) will depend on the USA Feds and if they choose to bailout the depositors. I guess we will know Monday morning.
Knowing the USA federal reserves' history (post -2008 crash) they will likely bail them out instead of letting them fall. That would likely help stabilize the markets (including cryptos), but not a good decision to always bail out poorly run/managed corporate and large mega businesses. Individuals and small businesses do not get bailed out. Just my opinion. kfb

[8OR9]

Another Ponzi scandal in CryptoWorld.

https://www.dailymail.co.uk/news/article-11903219/Crypto-prodigy-23-abducted-TORTURED-scamming-investors-29M.html

[KungFuBac]

Thx 8OR9--Interesting link. Unfortunately, I expect we will see many more crypto and crypto-related schemes.
One of several reasons why I prefer Gold as an investment vehicle.

[ADulay]

What is the "turnaround" on gold?

I mean, what is the actual cost coming and going when buying gold?

AD