by Paul Homewood at Net Zero Watch
One of the biggest financial scandals since Bernie Madoff is brewing in the US. A cryptocurrency exchange called FTX collapsed this week, with estimated debtsof $8 billion. It is estimated that up to 1 million creditors could have lost out.
Just as with Madoff, FTX appears to be another massive ponzi scheme, with investors’ money being siphoned out of the business.
FTX was run by Sam Bankman-Fried (SBF), and he transferred at least $4 billion to prop up another of his companies, Alameda Research, which was already in financial trouble after a series of losses from deals.
For the last three years, the 30 year old SBF has been the darling of the woke, famous and powerful. FTX, only set up in 2019, was recently valued at over $30 billion. Tom Brady, Gisele Bunchen, Steph Curry, and other celebrities had advertising and marketing deals with the firm.
He has also been a big contributor to the Democratic Party this year, his $40 million making him the second biggest donor behind George Soros. There are already demands for the Democrats to pay back what is in effect stolen money. (In contrast, the Republicans received only $105,000).
SBF certainly worked hard on his image,…
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