There is a rumour of FTX insolvency

[ShillGates]

@Martin Everson Thought you'd retire to a nice quiet backwater..... bring out the popcorn mate!

 

[Martin Everson]

@Martin Everson Thought you'd retire to a nice quiet backwater..... bring out the popcorn mate!

I did too. Gonna ask gov to kick out Tether from our banking system. FTX saga is damaging but it could have been much worse if left to run undiscovered.

 

[JohnnyDoe]

I did too. Gonna ask gov to kick out Tether from our banking system. FTX saga is damaging but it could have been much worse if left to run undiscovered.

So you want the largest bank in the BS to remain without its largest customer?
If you have real information about Tether go inform the RBP/SEC.

 

[Martin Everson]

So you want the largest bank in the BS to remain without its largest customer?

Yes

If you have real information about Tether go inform the RBP/SEC.

Why?

 

[JackAlabama]

Yes



Why?

Its a good time now bc the market is weak and low liquidity.
Real info about tether now has a good chance to end it.

 

[JohnnyDoe]

Yes



Why?

So you think it’s good for the Bahamas for its largest bank to shut down and its reputation damaged?

 

[Martin Everson]

So you think it’s good for the Bahamas for its largest bank to shut down and its reputation damaged?

Yes

 

[JohnnyDoe]

Yes

How do you think they will find fresh money? Would you be happy with a VAT increase and/or income taxes?

 

[Martin Everson]

How do you think they will find fresh money? Would you be happy with a VAT increase and/or income taxes?

https://www.bahamasbudget.gov.bs/2020/budget-glance/revenue/

 

[JohnnyDoe]

https://www.bahamasbudget.gov.bs/2020/budget-glance/revenue/

That doesn’t explain how shutting down Deltec would benefit the Bahamas.

 

[Martin Everson]

That doesn’t explain how shutting down Deltec would benefit the Bahamas.

You saw the numbers...Deltec does not help here sadly.

Look Bahamas 2022/23 annual expenditure is $3.4bn with expected tax collection of $2.8bn with an expected deficit of $564m (debt financing we can guess).

Btw $3.4bn budget for the entire country for one year would run NY Police Department for just two weeks...lol.

https://edition.cnn.com/2020/07/01/us/new-york-budget-nypd-1-billion-cut-trnd/index.html
Lets keep to topic please.

 

[myhand]

The guy is finish for his life.

 

[Martin Everson]

The guy is finish for his life.

If he is as crooked as the media say he is then he got money hidden somewhere. This story will all be forgotten in a few months and he will be living it up somewhere...hopefully not a jail cell .

 

[JackAlabama]

If he is as crooked as the media say he is then he got money hidden somewhere. This story will all be forgotten in a few months and he will be living it up somewhere...hopefully not a jail cell .

Depending on what is true on the background story, he might get a sudden death or commit suicide.

 

[12345]

crypto community = greedy childish dreamers
That is the result and more situations of this type are yet to come
Maybe crypto is a great invention but these idiots ruin it without a doubt

 

[Martin Everson]

Can I remind people yet again to stick to topic. Otherwise your post will be deleted.

Fallen FTX Founder Says He Didn't Know What Was in the Books​

https://www.msn.com/en-us/money/mar...didn-t-know-what-was-in-the-books/ar-AA14dtlH

 

[Simon4466]

https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf
Funniest thing I have head all week... including wonderful quotes like:

I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity. 5. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

46. Many of the companies in the FTX Group, especially those organized in Antigua and the Bahamas, did not have appropriate corporate governance. I understand that many entities, for example, never had board meetings.

50. The FTX Group did not maintain centralized control of its cash.

59. The FTX Group’s approach to human resources combined employees of various entities and outside contractors, with unclear records and lines of responsibility. At this time, the Debtors have been unable to prepare a complete list of who worked for the FTX Group as of the Petition Date, or the terms of their employment

62. The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.

Especially nice for a crypto exchange:

65. The FTX Group did not keep appropriate books and records, or security controls, with respect to its digital assets.

Unacceptable management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer funds, the secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol, and the absence of independent governance as between Alameda (owned 90% by Mr. Bankman-Fried and 10% by Mr. Wang) and the Dotcom Silo (in which third parties had invested).

Finally, a word on SBF from the new CEO himself:

76. Finally, and critically, the Debtors have made clear to employees and the public that Mr. Bankman-Fried is not employed by the Debtors and does not speak for them. Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic and misleading public statements. Mr. Bankman-Fried, whose connections and financial holdings in the Bahamas remain unclear to me, recently stated to a reporter on Twitter: “F*** regulators they make everything worse” and suggested the next step for him was to “win a jurisdictional battle vs. Delaware”.

This is going to be a very interesting case to watch the coming year(s).

 

[troubled soul]

This Guy is total Incompetent. Which leads to this disaster ...Giving interview on "Chat"........It does more harm than Good....speaking total nonsensical ...Seems He just lost his mind....He can not able to use his brain properly....as He made up so many story....It is very hard to stick to one story......Most funny thing I find it , when there is good time of him, and giving interview while eating cucumber...When I remember that interview....I just fall from my chair....really life is so unpredictable...

 

[JohnnyDoe]

This Guy is total Incompetent. Which leads to this disaster ...Giving interview on "Chat"........It does more harm than Good....speaking total nonsensical ...Seems He just lost his mind....He can not able to use his brain properly....as He made up so many story....It is very hard to stick to one story......Most funny thing I find it , when there is good time of him, and giving interview while eating cucumber...When I remember that interview....I just fall from my chair....really life is so unpredictable...

The real sad thing is to see how much money institutional investors poured into his pockets, after having conducted their due diligence procedures, which typically take months.
Whoever has run a legit small size investment fund knows how difficult it is to onboard institutional clients, with all their crazy requests.

 

[Martin Everson]

The real sad thing is to see how much money institutional investors poured into his pockets, after having conducted their due diligence procedures, which typically take months.
Whoever has run a legit small size investment fund knows how difficult it is to onboard institutional clients, with all their crazy requests.

This raises the question of whether they were all in on it . Or simply did not know how to do proper due diligence on a crypto company. Also a lot of investor still believe in magic money machines.

Tom Brady And Gisele Bündchen Are Among The Celebs Named In A Cryptocurrency Class-Action Lawsuit​

https://www.buzzfeednews.com/articl...isele-bundchen-steph-curry-ftx-crypto-lawsuit