Tag Archives: FTX

FTX partnership with Ukraine is latest chapter in shady Western aid saga, by Kit Klarenberg

The mainstream media would like very much to ignore the Ukraine angle on the FTX scandal, hinting as it does of a gigantic Democratic money laundering operation, but the facts are the facts. From Kit Klarenberg at thegrayzone.com:

The Ukrainian government mysteriously disappeared online records of its fundraising arrangement with the FTX crypto scam just days before the scandal erupted. The initiative claims to have raised $60 million for Ukraine, but where did the money go?

The demise of FTX, the fifth-biggest cryptocurrency exchange by trade volume in 2022, and the second-largest by holdings, has sent a wave of chaos through global financial markets.

As the turbulence grows, the government of Ukraine is conducting an ongoing cleanup and whitewashing operation to rid any and all references to a high-level cryptocurrency fundraising arrangement it struck with FTX from the web. Eerily, it seems to have commenced just days before the scandal erupted.

Online records unearthed by The Grayzone claim tens of millions were raised by FTX for the Ukrainian government, and put to a variety of belligerent uses. But with the company now exposed as a Potemkin village lacking underlying assets, and major question marks hanging over whether its operations were from day one fraudulent top to bottom, where does that leave the supposedly successful donation scheme? Were those sums truly raised, and if so, to what purposes were they actually put?

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Craig Murray: FTX & the Joke of US Democracy

The FTX scandal is rapidly shaping up as one of those many government stories where the regular people will end up knowing about 20 percent of what actually went on. From Craig Murray at consortiumnews.com:

From its founding in 2017, the one-man company rose to a “partner organisation” of the WEF and second largest donor to Biden and the Democrats’ mid-term election. It has now gone bust.

Sam Bankman-Fried during the Bitcoin 2021 conference. (Cointelegraph, CC BY 3.0, Wikimedia Commons)

The State Belongs to its Citizens,
Not the Citizens to the State

NOTE: This is is what I think of as a signpost article — it points you to something the mainstream media is deliberately not giving the prominence it needs, but I have no personal expertise or inside knowledge to give you. I am just giving you a start to get going. Several readers will have a much better understanding than I, and I encourage you to give your thoughts in comments below.

The FTX story seems truly remarkable. From being founded only in 2017 it rose to be a “partner organisation” of the World Economic Forum and the second largest donor to U.S. President Joe Biden and the Democrats’ mid-term election campaign. It has now gone completely bust, taking every penny of its depositors’ money with it.

That is some trajectory.

The World Economic Forum has deleted its FTX page, but the Wayback machine has it:

I suppose it is inevitable that dodgy chancers would create derivatives markets for gambling on crypto, but I confess I had not given the matter much thought. It goes without saying that in those five years the founder of FTX had managed to take a huge personal fortune out of the company before it went bust.

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FTX: The Dominoes of Financial Fraud Have Yet to Fall, by Charles Hugh Smith

FTX has probably set a record for the most of amount of money vanished in the shortest span of time. From Charles Hugh Smith at oftwominds.com;

Once assets are revealed as worth far less than claimed, insolvency is the inevitable result.

If you haven’t plowed through dozens of post-collapse commentaries on FTX, I’m saving you the trouble: here’s a distillation of what matters going forward. If you’re seeking a forensic accounting of FTX, others have done this work already. If you’re seeking an ideological diatribe, you won’t find that here, either.

What you will find is insight into the real innovation of FTX: FTX compressed the entire playbook and history of financial fraud into one brief cycle of the credulous bamboozled, Charles Ponzi bested and creative accounting being revealed for what it really is, fraud.

All financial frauds share the same set of tools. The toolbox of financial fraud, whether it is traditional or crypto-based, contains variations of these basic mechanisms:

1. Using clients’ capital (without full disclosure) to increase the private gain of the Owners of the Con (OOTC).

2. Using the clients’ capital to arbitrage yield differentials in duration, risk and other asymmetries to the benefit not of the clients but to the Owners of the Con (OOTC)..

3. Overstate assets by listing illiquid, insider-controlled, non-marked-to-market assets at valuations completely disconnected from reality, i.e. what they would fetch on the open market in size. Rely on assets issued by the firm or its subsidiaries for the bulk of the firm’s assets, i.e. its claim of solvency.

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Ukraine ‘partnered’ with top Dem donor’s crypto company FTX as Biden admin funded war effort: report, from The Post Millennial

The FTX scandal grows increasingly sordid. From The Post Millennial at thepostmillennial.com:

The multi-billion dollar cryptocurrency company FTX, run by CEO Sam Bankman-Fried, the second biggest Democrat donor right after George Soros, collapsed last week as details emerged regarding their financial practices, which led to a run by customers on FTX. FTX did not have the funds to pay out.

It was also revealed that FTX had partnered with Ukraine to process donations to their war efforts within days of Joe Biden pledging billions of American taxpayer dollars to the country. Ukraine partnered with FTX as the Biden administration funneled funds to the invaded nation, and FTX then made massive donations to Democrats in the US.
 
An article from the cryptocurrency news website Coindesk from March 15, 2022 reported that Ukraine partnered with FTX, and that “FTX is converting crypto contributions to Ukraine’s war effort into fiat for deposit at the National Bank of Ukraine.” Fiat is the legal tender or paper money of a particular country.

A Rogues’ Gallery, by Raúl Ilargi Meijer

FTX, the cryptocurrency exchange that just vaporized $32 billion, has Democrats’ fingerprints all over it. From Raúl Ilargi Meijer at the automaticearth.com:

Me, personally, I can’t get rid of the notion that all the stablecoins and shitcoins and altcoins that have been initiated and “legalized”, are just a way of “shining” bitcoin in a light of uninvestable darkness. And for that, a bunch of “trading places” (pun intended) were called for. One of the biggest, FTX, just went from $32 billion to $0 in a single day. Not even Enron could beat that.

Dr. D., yes him again, ties together an interesting history behind it. Which in turn ties into the DNC too. And Dr. D. doesn’t even mention yet that just this morning, FDX claimed they were hacked: “FTX Possibly Hacked, $895m Drained From Customer Wallets.” Should I believe that? How do you drain $895m out of $0?

“Early Saturday morning, Mr Bankman-Fried resigned as chief executive officer and FTX commenced Chapter 11 bankruptcy proceedings due to a massive liquidity crunch. A rescue deal with rival exchange Binance fell through earlier this week, precipitating crypto’s highest-profile collapse in recent years. Mr Bankman-Fried’s quant trading business (aka quantitative cryptocurrency trading firm) Alameda Research has also filed for bankruptcy.”

Here’s thinking that the DNC links will sink this as a story. Bankman-Fried will be renditioned to Barbados -or Gitmo-, and we all live happily ever after. Except for those who put their money into FTX. But then, what were they thinking in the first place? Crazy thought: was Hunter Biden a investor? Or The Big Guy?

Dr. D.: We really need to keep a rogue’s gallery. It’s like Dick Tracy and Batman. Bernie Made Off. Mr. Kash-n-Karry. Sam the Bank Man, Fried. You can’t make this up.

Am I hearing this right, FTX was invented 16 days after the Biden Campaign? In a foreign nation not of his birth or residency, the Bahamas? His mother is involved with Vote Blue and other DNC money people? Then within a month or two, Sam has made so many billions he was the single largest donor to Biden? With this A-Mazing multi-billion influx that come out of nowhere? But everybody, all the “good” people instantly and telepathically KNEW they had, HAD to invest there? People like the Teacher’s Union?

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