The FTX Ponzi Scam Scandal

Let's break down the implosion of the FTX cryptocurrency exchange. The revolving door of government and corporate corruption has been exposed by the FTX meltdown. Don’t be surprised if this mess becomes the catalyst for government overreach of cryptocurrencies.

IS sam bankman-fried JUST THE FRONT MAN TO THIS SCAM! HOW DEEP DOES IT GO?

Bottom Line FTX violated its own terms of service and misused user funds!

What did he do with the monies?

1. Misappropriated 4 billion for his failing hedge fund
2. 21 million on Super Bowl commercials
3. Give 5 million to Biden Administration
4. Give 40 million TO democrats in camping donations. 2nd only to George Soros.

His Statement:
Hi all,
Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
I’m really sorry, again, that we ended up here.
Hopefully, things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them.
Ultimately hopefully it can be better for customers.
This doesn’t necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes.
Ultimately I’m optimistic that Mr. Ray and others can help provide whatever is best.
I’m going to work on giving clarity on where things are in terms of user recovery ASAP.
I’m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week.
I will, soon, write up a more complete post on the play-by-play, but I want to make sure that I get it right when I do.

Be Creative and kind!
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@Tim McClone