The sudden crash of FTX cryptocurrency exchange The collapse of the FTX cryptocurrency exchange has revealed that it was little more than a dark money slush fund for Democratic candidates, colluding with the Klaus Schwabs World Economic Forum and the Ukrainian government. The shocking implosion of the FTX crypto exchange The FTX crypto exchange has become a cause celebre among global elites, with some issuing mea culpas — others are seemingly rushing to cover up their links with its disgraced, 30-year-old founder, Sam Bankman-Fried. Elon Musks Twitter has been indulging its latest conspiracy theories, this time regarding the spectacular implosion of FTX, a failed crypto exchange owned by one of the Democratic Partys biggest donors.
Now, comments on Sam Bankman-Fried have gone from baffling to hostile, following Fridays filing for bankruptcy protection for the cryptocurrency exchange FTX, leaving its investors and customers feeling ripped off, with plenty of others in the crypto-world worried about the fallout. The World Economic Forums report into ties with crypto, conducted by CoinGeek in March this year, did not contain any mentions about cryptocurrency exchange FTX or its co-founder and chief executive, Sam Bankman-Fried. In Sam Bankman-Frieds staff communication this week, Bankman-Fried said that crypto exchange FTX saw a massive spike in withdrawals, with users racing to take $6bn worth of cryptocurrency from FTX in only 72 hours.
The final effect of File is not yet known, but if it fails, it is likely that it will lead to billions in lost wealth, and further suspicion about crypto, at a time when the cryptocurrency industry could use a vote of confidence. Bahamas securities regulators froze some assets in embattled cryptocurrency exchange FTX, appointing a temporary receiver to evaluate whether to shut down the Bahamas-based operations of the exchange – the firm is headquartered there. Bitcoin and cryptocurrency exchange FTX is reportedly seeking a modification of its Commodities Futures Trading Commission (CFTC) license that will enable the exchange to operate both as a crypto exchange and a facilitator of derivatives (FCM) leveraged trades.
Goldman Sachs is discussing trading derivatives in Bitcoin and other cryptos via a possible partnership with Bitcoin and crypto exchange FTX, according to a report. Elsewhere, the FTX cryptocurrency exchange partnered with former White House adviser Anthony Scaramuccis SALT Conference earlier this year to hold a star-studded crypto summit in the Bahamas.
SBF saw its SBF net worth plummet 94 percent or more last week as its cryptocurrency businesses (FTX and FTX U.S.) FTX U.S., and a trading firm (Alameda Research) were revealed as delusional Ponzi schemes.
