Forwarded from MessageInABottle
The 2 images above describe what seems to have happened at #FTX #Crypto-currency exchange.
CEO Sam Bankman-Fried (#SBF) operated what is known as a "Flywheel scheme" at #FTX
Flywheel schemes enable firms to mark their illiquid token holdings to market value.
Throw in a little market manipulation, and you can generate billions in assets.
At least, on paper.
In reality, these tokens cannot be monetized because the markets are so distorted!
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#FTX's token, #FTT, is used internally within the exchange.
#FTX's "assets" included #FTT valued at over $5 Billion.
However #FTT's market capitalization was only approx $3 Billion. 🤷♂
Additionally the majority of the remainder of #FTX "assets" appear to be highly illiquid #AltCoin tokens
https://twitter.com/MikeBurgersburg/status/1588481525527502848
CEO Sam Bankman-Fried (#SBF) operated what is known as a "Flywheel scheme" at #FTX
Flywheel schemes enable firms to mark their illiquid token holdings to market value.
Throw in a little market manipulation, and you can generate billions in assets.
At least, on paper.
In reality, these tokens cannot be monetized because the markets are so distorted!
-----------------
#FTX's token, #FTT, is used internally within the exchange.
#FTX's "assets" included #FTT valued at over $5 Billion.
However #FTT's market capitalization was only approx $3 Billion. 🤷♂
Additionally the majority of the remainder of #FTX "assets" appear to be highly illiquid #AltCoin tokens
https://twitter.com/MikeBurgersburg/status/1588481525527502848
Forwarded from MessageInABottle
This #SBF #FTX saga gets worse!
#SamBankmanFried seems to have reeled in all his own employees into his cryptoponzi scheme
#SamBankmanFried seems to have reeled in all his own employees into his cryptoponzi scheme
Media is too big
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What the Media Won't Tell You About Sam Bankman-Fried/FTX
Giving you a rundown on the whole #FTX crypto exchange financial drama as well as covering the rather insidious and bigger story about FTX that mainstream media won't touch.
ReallyGraceful
Giving you a rundown on the whole #FTX crypto exchange financial drama as well as covering the rather insidious and bigger story about FTX that mainstream media won't touch.
ReallyGraceful
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Tom Brady (ball chaser) and the awkward #ftx scammer shilling their ponzi
FTX Hegelian Dialectic
> Biden’s March 9 EO on Ensuring Responsible Development of Digital Assets
>#FTX collapse gives excuse for GG to push regulations on entire market
>Sets stage for “trustworthy” CBDCs
Thread
https://twitter.com/bitcoinzay/status/1591134996399472641
> Biden’s March 9 EO on Ensuring Responsible Development of Digital Assets
>#FTX collapse gives excuse for GG to push regulations on entire market
>Sets stage for “trustworthy” CBDCs
Thread
https://twitter.com/bitcoinzay/status/1591134996399472641
Forwarded from MessageInABottle
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Each dot represents $100,000 of US taxpayers' money ostensibly donated as vital "Aid to #Ukraine".
Much of it now likely lining the pockets of members of the corrupt #Zelensky #regime of #Ukraine.
It was recently revealed that some of this #US "aid-to-Ukraine" money was "invested", by the Zelensky regime, in the #FTX #crypto #ponzi scheme
Money from #FTX was subsequently laundered ("donated"), by #FTX founder Sam #BankmanFreid, back into the coffers of the Biden election campaign
#moneylaundering
Much of it now likely lining the pockets of members of the corrupt #Zelensky #regime of #Ukraine.
It was recently revealed that some of this #US "aid-to-Ukraine" money was "invested", by the Zelensky regime, in the #FTX #crypto #ponzi scheme
Money from #FTX was subsequently laundered ("donated"), by #FTX founder Sam #BankmanFreid, back into the coffers of the Biden election campaign
#moneylaundering