FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition. The firm appointed a new CEO, John Ray III, and many employees are expected to stay on to operate the company in Chapter 11. “I’m really sorry, again, that we ended up here,” Bankman-Fried wrote in a Twitter thread Friday. “Hopefully things can find a way to recover.
Securities regulators in the Bahamas, where FTX.com is based, froze some of the embattled exchange’s assets on Thursday. Both the Justice Department and Securities and Exchange Commission are investigating FTX, The Wall Street Journal reported. The DOJ declined to comment, and the SEC said it does not comment on the existence or nonexistence of investigations. Bankman-Fried has been one of the faces of the crypto industry, amassing a fortune once totaling $25 billion that has since vanished.
Money laundering 101
CNN posted it so it’s gotta be true, right?
There's more than one scam around.
Hopefully he's investigated for fraud...
I always said- There's a sucker born every minute.
We aren't stupid !
Tell the rest of the story CNN…
He is in Bahamas and about to run away to Dubai. Bring him back and put in Jail
Cohencidence
Is this the guy that was 2 democrat donor behind the lovely George Soros?
Decentralized my ass if you need the US dollar to save you its over. Crypto is dead!
WORDS WORDS RAFTERS RAFTERS LESS It's Beatless Its LESS It's Beatless Its
jadeecee1 Everything is going exactly to plan
SO no big deal that Ukraine was taking US aid and then investing in FTX. Then FTX donating to the Democratic party? Nothing about that eh?
13ERP 13ERP EX C EPT Jesus EX C EPT Jesus OF GOD OF GOD
Fact Check - True
Not to worry the rest of them will also come tumbling down!
“IMAGINARY MONEY” - Reminds me of the wise tale of the king and his imaginary royal robes that really did NOT exist but only in his mind - HOW can there be any “VALUE” if there’s absolutely NO PHYSICAL SUBSTANCE to hold in one’s hands ?!!! Their dreams turned into a NIGHTMARE !
We Iranian DO NOT want reforms in Iran anymore. Do not try to reduce the demands of a nation to reforms. We CLEARLY want regime change in Iran, and we are ready to do what it takes. GOT IT? MahsaAmini
People get out of crypto while you can we all knew this was a long time investment scam believed me this country will not let anything replace the dollar there are a lot big fish on the the hooks that are about to get reeled in it's how you go from riches to rags
This is also a very big opportunity for capitalists are influencing at this stage, gobbling up assets like crazy
这会是一个机遇，资本家会疯狂的吞噬，
HosseinRonaghi is one of the respected activists the Islamic Republic kidnapped in the early days of IranRevolution in order to minimise their influence. Like many others, he's been under torture and his health is deteriorating fast, as he's also on hunger strike. MahsaAmini
Makes me so glad I never trusted it
But did they pay their student loans?
Stunning? Yeah...sure...if ya say so.
Told yall it was fools gold..
It's almost like it's a scam or something
Was it stunning though?
Crypto was/is a scam. Few got extremely wealthy off of something that doesn’t exist.
Meh, crypto… nothing more than smoke and mirrors , pure speculation,
American Airlines Arena, welcome back Romagalu
It’s a non tangible bankruptcy…there will be an AI judge, only digital papers, and all those they owed money to will receive their payout in Monopoly money. This unfortunately will not be the last in the near future I feel.
The depth of this non transperant private capital exchange trading vehicle bankruptcy not backed by any government guarantee but involving big investor,hedge fund managers can be known when all facts & figures and link chain effects on health of other banks and money tradings?
Elon make a big effort about no more remote work yet he's running Tesla and SpaceX by remote it's a Twitter office lie lie.
I guess Larry David was right for once.
WHO said There's No Good News...
So this guy took his investors money and funded Joe Bidens campaign and he gets a sweet BK deal and no jail time? This is a scandal.
stunning? lol lmao
Crypto is, was and always will be a SCAM!
Can't wait to hear from the GOP, thinking given their intelligence, 95% of those that lost billions are just smart Republicans
dd0wney
Crypto is the biggest scam of the century. Many people got sucked in by all the hype and lost massive amounts of money. Pyramid scheme at it's worst.
Crypto is not a scam NOT A SCAM NOT A SCAM NOT A SCAM
Not unexpected as raising $8bn in a crypto business, after Binance backed out, would have been challenging anyway. The IP will have lots to deal with once proceedings are filed.
The look on your face when u realize u owned nothing at all after u bot on that exchange
“Most powerful players in crypto…”. BAHAHAHA.
Bankruptcy for a company handling 'digital' money. Sounds about right.
LOL! OMG! Maybe, just maybe people will realize that crypto is just a scam, worst then Ponzi did years ago
Shocking. Who'd have thought an unregulated exchange domiciled in a Caribbean tax haven built on assets it invented out of thin air would ever go bust.
SILVARF
Just think of Netscape , AOL and ask Jeeves, these things happen.
Not really a surprise Crypto is being challenged is is not doing a good job facing those challenges
Your news is a rag.
Lots network corruption here & CNN ignores it for democrats, media hiding a lot here.
After the gave millions to democrats! More than Soros, where’s CNN balanced reporting on this?
Is that the sponsor for the Umpires?
Does this help other crypto due to lack of options?
Is anyone surprised?
First cyrpto domino down. How many more will it knock down as it fails?
No way crypto is volatile?!? And a risky investment?!? Even when all the crypto nerds yell that it’s the future etc? Wow I never would have thought that something with no real value could go tits up like that.
Why is everyone so surprised when a Ponzi scheme collapses.
There is no Chapter 11 Petition filed (per PACER) in the Delaware Bankruptcy Court. And, today is a federal holiday so the court is actually closed. So far it's a 'we are going to file,' not 'we have filed.' Fact check please.
Not stunning, it’s all a scam.
It was all a house of cards
Hahahahaha
😭😭