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SBF & FTX – The Fraud Of The Century?

SBF & FTX – The Fraud Of The Century?

By Paul SmithPublished 2 months ago 6 min read
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By Paul Misfud

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This week, FTX, one of the biggest cryptocurrency exchanges in the world, filed for bankruptcy. It was previously valued at $30 billion. Over a million people are said to have used FTX, and they run the risk of losing every penny they deposited or stored there. The 30-year-old CEO of FTX Sam Bankman-Fried ("SBF") was undoubtedly the biggest crypto darling in the mainstream leftwing media. Many people are now speculating about how SBF's scam went unnoticed for so long and what it means for the entire crypto sector. Let's begin by examining the man in order to provide some context for these queries.

SBF’s Origins

The first warning sign that should have been seen if our nation had an honest and capable media is the founding narrative of SBF, which is obscure and absurd. SBF purportedly gained billions of dollars through Bitcoin arbitrage trading before launching FTX. A few years ago, markets like Japan and Korea saw higher prices for bitcoin. According to SBF, he was able to buy Bitcoin worth millions of dollars in one market and resale it for more money in East Asian marketplaces. However, no one, including him, has ever attempted to explain how he was able to access the highly restricted Japanese markets and how he was able to raise the money to execute such large trades that brought him about $10 billion in three years.

Building on this quick success, SBF launches the FTX exchange in 2019 and manages to make it the second-largest cryptocurrency exchange in the world in just three years. Despite the fact that his rivals had significantly more experience, engineers, and staff than FTX did, SBF was able to surpass them. SBF confessed that he was unable to code, which begs the question of who built FTX into such a potent force.

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Crypto’s Golden Boy

The political ties Sam Bankman-Fried had may have been one of the only actual assets the business ever had. PPT wants to know if he and his associates could use those connections to influence the regulatory bodies in his favour . To help with that inquiry, we have already discovered covert contact information he may have used to try to conceal his talks with regulators.

SBF did have a special weapon that his rivals lacked. He (and his family) were extremely good at cultivating relationships with some of the most influential people in the nation. SBF made connections with practically every Democratic power broker imaginable and frequently attended gatherings with influential people like Bill Clinton, Tony Blair, and others.

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Additionally, SBF contributed $40 million to Democratic candidates during the 2022 midterm elections, second only to George Soros in that regard. He became a favourite of the establishment of the left-wing news media as a result. SBF also had access to the White House because of his significant political contributions. He routinely met with officials from the Biden White House to advocate for laws that would: 1) obliterate his rivals; 2) weaken the virtues that Bitcoin brought to the market; and 3) allow FTX to overtake its rivals as the leading player in the cryptocurrency business.

SBF has established connections with influential globalists, like the World Economic Forum, which named FTX a business partner and praised its outstanding ESG and leadership scores. This is example 1,000 of how much of a scam ESG is, in case you still had any doubts. Of course, the WEF is one of the most vocal supporters of the ESG movement (and "the Great Reset"), and it is well known that it made the prediction that "you'll own nothing and you'll be happy" by the year 2030. Nevertheless, SBF's efforts to solidify his reputation and business were in vain because his unscrupulous acts are now coming to light.

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SBF’s Dark Secret

The connection between FTX and Sam-Bankman-Alameda Fraud's Research hedge fund was kept a secret from those outside of his inner group. SBF made Caroline Ellison, his lover, the CEO of Alameda Research. When they weren't engaging in apparent orgies at their $40 million Bahamian house, the two of them ran it jointly. You're free to use the thought, of course.

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There were several issues with this setup. To begin with, Alameda Research had complete access to FTX's order flow, enabling the hedge fund to execute trades on behalf of FTX clients. Because of their close connection, the FTX and Alameda Research were able to engage in pump-and-dump scams. When a token is listed on a significant exchange like FTX, its value often rises significantly. The reason for this is that an exchange listing a token presumes due diligence and is seen as a sign of success and credibility. Alameda was privy to knowledge about the FTX token listing date. Before the listing announcement, the hedge fund allegedly bought coins using this information. After the news spread, Alameda could sell them for more money. Insider trading fundamentals.

Despite all of these significant advantages, Alameda Research nonetheless suffered significant financial losses as a result of the current crypto crisis. This ultimately resulted in FTX's downfall. SBF made an effort to use customer assets on his FTX exchange to make up for Alameda's losses. In essence, SBF stole money from its clients while spending tens of millions of dollars to fund Democratic candidates, buy naming rights to stadiums, and buy Super Bowl advertisements.

FTX’s Unravelling

Even still, SBF's fraud was successful up until Coindesk, a crypto media outlet, received and made public Alameda's balance sheet. Many people were alarmed by Alameda's seeming dire financial status. One of them was "CZ," the head of Binance, the biggest cryptocurrency exchange in the world and Sam's main rival. CZ tweeted that Binance would liquidate its FTX-issued FTT coins after seeing the Coindesk article. Many more people were encouraged to take their money out of FTX by CZ's tweets.

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Within a short period of time, FTX admitted that they lacked the resources to process the withdrawal requests of their customers. The well-known cryptocurrency exchange, which had over a million members and a $30 billion valuation, then declared bankruptcy. As a result, consumers of FTX who had money on the exchange are now enraged about the likelihood that they would be taken advantage of.

It's not all terrible news, either. At least not according to the World Economic Forum's top executives. They can find comfort in the knowledge that their well-known prediction was only partially accurate.

Although you won't own anything, you might not be too pleased about it.

What then is the lesson of the tale? SBF should be locked up. We must all stop following the globalists' directives. Let's also consider the possibility that all cryptocurrencies, except for Bitcoin, are frauds.

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In this article:cryptocurrency, featured

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About the Creator

Paul Smith

I love writing stories on things that inspire me, I love to travel explore

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