FTX

FTX Founder Gamed Markets, Crypto Rivals Say
Sam Bankman-Fried found ways to control the prices of digital coins to benefit his companies, FTX and Alameda, according to cryptocurrency investors.

I wonder who in the Globalist network taught him how to game the markets... found those tricks.
we'll see how long he gets
but not how much he's funneled away for later

In Sam Bankman-Fried’s quest to keep his cryptocurrency empire looking profitable, the disgraced founder of FTX often promoted newfangled digital currencies that crypto aficionados came to call “Samcoins.”
Mr. Bankman-Fried wooed the developers of these new coins with names like Serum and Maps, insisting that they make their trading debuts on the FTX exchange. Then his hedge fund, Alameda Research, would buy some of these newly listed Samcoins to prop up their value, while Mr. Bankman-Fried used FTX’s influence in the crypto industry to drum up interest in those coins and persuade other investors to also buy significant amounts.
Mr. Bankman-Fried was thus able to inflate the coins’ value artificially, making Alameda look healthier than it was and papering over problems at his companies until they imploded in November...




In a court filing on Tuesday, lawyers for FTX said there were currently more than 20 digital coins on Alameda’s balance sheet that the hedge fund holds in such large quantities that trying to sell them on the open market now would drastically affect their values.
And FTX still has more than $500 million of FTT on its books.
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Genesis Global Capital is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.
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Financial pressure at Barry Silbert’s DCG began to emerge after the collapse of hedge fund Three Arrows Capital. Genesis suspended withdrawals in November, soon after crypto exchange FTX — where Genesis held some of its funds — filed for bankruptcy. The failures have had ripple effects on crypto exchange Gemini Trust, run by Cameron and Tyler Winklevoss. Gemini Earn — a service that let Gemini’s users get yield for lending out their coins through Genesis — stopped redemptions as well.
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Crypto Firm Genesis Is Preparing to File for Bankruptcy
 
The Federal Reserve is pissed that they couldn't plan this Boom/Bust

That's the real reason Sam is going to jail
 
We should prolly just start putting all the bank failures here.

anywayz Sam didn't steal, he was just caught up in the moment.

Indicted FTX founder Sam Bankman-Fried urges court to toss charges

Sam Bankman-Fried, who has long denied stealing from customers of his FTX cryptocurrency exchange, on Monday said prosecutors charged him with "troubling" haste and asked a U.S. judge to throw out 10 of the 13 criminal counts against him.

In a filing in Manhattan federal court, Bankman-Fried's lawyers said now-bankrupt FTX was far from the only cryptocurrency company to collapse during a broad market crash in 2022, and that prosecutors hastily charged their client in a "rush to judgment."...
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