So if we truly get to see everything and if there is even an ounce of truth to this article, then there should be some fireworks. But for now, ill take what some random notepad screenshot from Twitter says with a grain of salt.

https://www.thegatewaypundit.com/2022/11/breaking-exclusive-tens-billions-transferred-ukraine-using-ftx-crypto-currency-laundered-back-democrats-us/

Tens of billions of what? A good portion of the company's "assets" were held in illiquid ****coins. They didn't have much of anything else as they degened it all away

Adverse Event said:

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I do more diligence on the melons I buy than the worlds most sophisticated investors did before giving criminals billions. #Bitcoin

— Magoo PhD (@HodlMagoo) November 13, 2022

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The moat sophisticated investors I know are no near this stuff. The crypto bois have been bull market geniuses. Now that we have a sector-wide SHTF moment we'll see who knows their stuff.

The Atlantic: The Democrat laundering crypto ponzi scheme failed, time to burn all crypto down!

BREAKING: Morgan Creek-backed crypto asset manager Ikigai founder says he lost investors' money as a "large majority of the fund's total assets" are now stuck on FTX

— Bitcoin Magazine (@BitcoinMagazine) November 14, 2022

I wonder how much wealth actually disappeared over night.

Not as much as you think.

Well it looks like someone stole $600m.

Still nothing on the BK dockets for this case. Completely bizarre.

Yea I edited to say wealth but it should be "wealth"

That Atlantic article said the lawyer who handled enron is now the CEO of ftx

Sea Speed said:

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That Atlantic article said the lawyer who handled enron is now the CEO of ftx

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He is a bankruptcy and restructuring expert.
Liquidations for financial firms are a mess. The BK code really isnt built to handle the failure of financial firms.

What would usually happen with a "free fall" case like this is that associates at the debtors' counsel's law firm would work 24/7 to produce some basic first-day motions -- stuff designed to streamline management of over 100 different ch.11 cases, some sort of explanation as to why the company is in ch.11 and what it expects to achieve at this point, authority to pay employee wages and continue to pay wages, authority to pay the utility bills and require the electric company not to shut off the power, authority to pay insurance premiums and maintain (where applicable) insurance premium financing arrangements, etc. (relatively basic stuff that businesses need to have to operate). None of that has happened yet in this case.

I think the long and short of it is because this thing is such a massive CF that they don't really even know where to start. There's the financial industry side of it, crypto issues, apparent rampant fraud and corruption, and a billion other issues. At least with Lehman, you generally knew what the operation was and why it failed.

Like I've said several times: hold on to your butts.

The late hour removal of funds was likely not about the money as much as a bomb with a long wick. A dead man switch that acted as a failsafe to scrub the financial data.

Deluxe said:

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Adverse Event said:

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JPMorgan: "while the news of the collapse of FTX is empowering crypto skeptics, we would point out that all of the recent collapses in the crypto ecosystem have been from centralized players and not from decentralized protocols."

— zerohedge (@zerohedge) November 14, 2022

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The migration has begun.

The days of unregulated exchanges owned by sh*tcoin peddling VCs broker-dealing a wide range of unlicensed manipulated cryptos should be over soon.

Coming are the days when large regulated institutions like JPM, Morgan Stanley and Fidelity facilitate trading for a select few cryptos that meet regulatory snuff.

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Another Wall Street?

Unlikely, the public won't allow the elites nor the government to pick the winners .

A middle ground is more likely imo. Smart legislation is what fixes the issues through clarity and transparency. Specific guidelines on how to regulate the different aspects of what you want to police and not generalizations and blanket rules.

Uniswap, or other Dexs, will likely handle the bulk of the ****coin transactions not on the crypto wallstreet.

LatinAggie1997 said:

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Deluxe said:

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Adverse Event said:

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JPMorgan: "while the news of the collapse of FTX is empowering crypto skeptics, we would point out that all of the recent collapses in the crypto ecosystem have been from centralized players and not from decentralized protocols."

— zerohedge (@zerohedge) November 14, 2022

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The migration has begun.

The days of unregulated exchanges owned by sh*tcoin peddling VCs broker-dealing a wide range of unlicensed manipulated cryptos should be over soon.

Coming are the days when large regulated institutions like JPM, Morgan Stanley and Fidelity facilitate trading for a select few cryptos that meet regulatory snuff.

---

Another Wall Street?

Unlikely, the public won't allow the elites nor the government to pick the winners .

A middle ground is more likely imo. Smart legislation is what fixes the issues through clarity and transparency. Specific guidelines on how to regulate the different aspects of what you want to police and not generalizations and blanket rules.

---

It's not picking winners and losers. It's about needing to follow a set of requirements and disclosure rules to earn a spot in the legitimized space. From there, competition commences to see who wins and loses.

Whether anyone likes it or not, Blackrock, Citadel, Fidelity and Morgan Stanley (etc) are setting up shops and waiting at the starting line to begin facilitating trade upon commencement of upcoming regulation. I'm not sure I'm a huge fan of that outcome either, but it's better than the high risk, overlevered, dishonest, VC-back cluster*****that we've had up until now.

1. Cardano has been working on precisely that for months. A dapp store with 2 categories, registered/certified and unregistered.

2. Folks laughed when I said institutions were getting in and preparing 2 years ago, but it is obvious now.

3. Above post is how I see part of the space moving forward. However, Uniswap suxks...SundaeSwap far better (faster, cheaper) although much newer.

4. Folks don't listen to people like me and that's OK.puppeteers. FTT, Sol l, etc.and a few others for their tokenomics and VC puppeteering.

5. CH has a better plan for regulation than what I've heard out of the anyone else. Pragmatic with all the sage guards. The right folks need to be involved in the guidelines and f9ls like Gensler and Shumer should sit down and shut up.

Nm. I made a snarky comment but I'll retract it.

I'm happy for you that you get to dunk on the SOL pumpers who trashed you for owning ADA a few years ago. But be careful about using that as validation that "you see what's happening and others don't."

I don't believe I see what's happening, honestly, my gut directs me towards what I believe is likely.

Instincts,research, and luck.

in crypto world it is largely luck. Let's not overcomplicate things.

Cyp0111 said:

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in crypto world it is largely luck. Let's not overcomplicate things.

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I think that uis inaccurate. If you chase and fomo in then yes, but not if you search for protocols with great fundamentals and vision. The philosophy, objective, and roadmap of a digital asset is far more important than anything you read - "expert says this alt will 100x" , " macro expert and former Fidelity trader says..."

Just for the curious and to edify.


My process.
1. Hear about or find a token/ecosystem
2. Read white paper
3. Browse website
4. Read roadmap
5. Search team members
6. Search for articles and videos on token

7. **** I read all th3 comments on said articles/videos. Inevitably there will be some HS geek, system architect, engineer, comp science prof, etc having a side discussion on the pros and cons and debating their use experience, troubles, suggestions, complaints, etc.
That is where I learned almost as much as the first 6 combined.
Most comments were "to the moon", "when moon", "when lambo" and tribalism, but dig deep into the comments and always found these discussions.

LatinAggie1997 said:

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My process.
1. Hear about or find a token/ecosystem
2. Read white paper
3. Browse website
4. Read roadmap
5. Search team members
6. Search for articles and videos on token

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Investing in commodities like oil, corn and alt coins ;-) requires alot of diligence into management teams and strategic roadmaps

Some motions actually showed up on the FTX bankruptcy case docket this morning. Long story short, SBF resigned at 4:30 am Friday and handed over the keys to John Ray. Ray appointed independent directors. Based on the scant info info in the one filing on the docket, (1) Ray and the independent directors are currently scrambling to keep people from looting more from the company and (2) the whole thing is as much of a giant, fraud/theft/crime laden Charlie Foxtrot as we all feared.

Hold on to your butts.

Adverse Event said:

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TODAY: Mastercard, Wells Fargo, Citigroup, and HSBC Holdings, launched a 12-week experimental digital dollar pilot in partnership with the New York Fed‼️

The enemy moves fast. We have to do better.

— Lili (@Marketsbylili) November 15, 2022

Here they coooome.....

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so another Zelle?

ac04 said:

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it is a scam, but so is real ETH so i wouldn't worry too much about it. looks like right now cbETH is trading at about a 3.5% discount to ETH. so if you want out, wrap it and eat the 3.5% then trade it for BTC. fairly cheap tuition to the school of avoiding BS like this in the future.

also i would definitely stop telling people how much BTC/ETH you have, where you buy it, how you store it, etc.

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Ac04 and Pepper I would like to PM you but can't do it for some reason.

can you discuss more about how to get my ETH2 off of Coinbase? I want to ensure I don't fall for yet another scam after the initial scam (of "locking up" my ETH to earn a nice interest rate for a year)

I want to ensure I don't transfer this "ceETH2" and convert it into something, where then I can't convert it to BTC or get my money out of coinbase.

is the only way to convert it to BTC then take it off Coinbase with my Ledger nano? I can't convert to dollars and send back to a bank or credit card?

many thanks

ThunderCougarFalconBird said:

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Some motions actually showed up on the FTX bankruptcy case docket this morning. Long story short, SBF resigned at 4:30 am Friday and handed over the keys to John Ray. Ray appointed independent directors. Based on the scant info info in the one filing on the docket, (1) Ray and the independent directors are currently scrambling to keep people from looting more from the company and (2) the whole thing is as much of a giant, fraud/theft/crime laden Charlie Foxtrot as we all feared.

Hold on to your butts.

---

hot take alert: there are no assets. nothing of substance. everything on the balance sheet will have a value close to 0 and assets that had any significant valuation have been converted into more robust, liquid cryptos (e.g. BTC, ETH) and have been evanesced to cold wallets

Agreed. a16z has to be the same way. If someone ignites some tinder in one of their sh*tcoins, the whole thing will go down similar to FTX.

SBF was always #1 on my list of sh*tcoin peddlers who need to go down, but Marc Andreessen is #2.

tysker said:

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Adverse Event said:

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TODAY: Mastercard, Wells Fargo, Citigroup, and HSBC Holdings, launched a 12-week experimental digital dollar pilot in partnership with the New York Fed‼️

The enemy moves fast. We have to do better.

— Lili (@Marketsbylili) November 15, 2022

Here they coooome.....

---

so another Zelle?

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Another Zelle but with forced… I mean coerced mass adoption.

The ONLY way @a16z @coinbase @VitalikButerin and other "crypto" scammers can keep their grift going is to dangle millions in funding in front of the CFTC so they'll wrest oversight of "crypto" from the SEC. https://t.co/EA048Py1uC

— Cory at Swan Bitcoin (@coryklippsten) November 14, 2022

This makes way more sense than "it's Gensler's fault!".

Scammers like SBF, a16z, etc have spent TONS of money attempting to cripple the SEC's ability to regulate crypto, in hopes that oversight moves to the much more lax CFTC.

The irony is now that sh*t has hit the fan, their alt-coin followers turn around and blame the SEC for lack of oversight.

Sabotage the SEC's ability to regulate on the front end. Blame them for not regulating on the back end. The intellectual dishonesty is transparent.

Looking forward to the SEC dropping the hammer on a bunch of these scams soon.