#FTT mid to low 20s to 1 something_ it will get worse 4 FTX/SBF
Everyone wants to blame CZ to the Boogie-man but Sam and his little 10-ish man click, nerd team, are the real issue here.
Most say this all started when CZ tweets a few weeks ago, that due to recent and certain revelations that have come to light, Binance will be liquidating the remaining ¼ of FTT tokens they received from the 20 percent ownership of FTX sale, back to Sam, for their original stake in the company in 2019. (originally CZ and Binance received a 20 percent ownership stake in FTX for about 20 million, which they sold 2 years later for 2.1 billion) 10 x aint bad.
To be fair, Sam had plenty of heads up on this while everyone seems to parrot that CZ dumped 20 billion in FTT but the reality is they only had 5 billion left to sell at that point, just enough for a nudge at the rite time.
CZ was still salty for the Luna slight, when USA Regulations killed what was left of that project after a brutal, giant, exploitation or Hack, Sam somewhat spear headed, while at the least most definitely did nothing to protect CZ and the Binance interests via Sam and his lobbyist friends. (Sam had been aggressively, like just under 100 million in donations, getting close to.)
Fast forward to the 5 billion dump of FTT by Binance. In a few days the token dropped 80 plus percent.
During this window It was rumored by FTX employees that there was a massive withdrawal surge. 6 billion in random cryptocurrency tokens in a 72 hour span. The problem here was FTX only had about 900 million in liquid crypto/cash with 9 billion in liabilities ie only 10 percent of customer funds was actively “covered” by FTX, 10 percent lol and in one 3 day span customers try to withdraw 66 plus percent of all funds on the exchange. It doesn’t help when your token price drops 80 percent in that same window, so for Sam to elude to anything but “YES, WE ARE IN TROUBLE” is frankly criminal. Him saying everything is fine is nothing compared to what will come out. We already know he was treating FTX as his own piggy bank for ALAMEDA, (ran by his ex and one of the nerd squad. Lol this broad is on tape saying stuff like “ I don’t think using a stop loss is a good strategy”)
SBF had a backdoor built into FTX where he can change any records and access any funds in any account… just think about this for a second and how much wealth this man had access to. We also know he sent 10 billion in mostly FTT tokens to ALAMEDA for more shady crypto buy outs and probably covering bad trades made with no stop loss. Just think about how bold this man got 10 billion or that phone calls to Sam from the Alameda chick. “Sorry, ya I fell asleep and didn’t take any profits and the market dropped like 12 percent” Sam saying something like, “Ya, I was way to loaded last night to, oh sh1t! did you sell yet?” “No not yet, figured id wake up and ask you what to do” “Sellllll, sell now we have withdraws to cover” lol or some such nonsense.
On the other hand these same customers don’t complain about shady non regulated exchanges when they 10 x off some obscure ALT coin like DOGE Coin. All joking aside this is not good for crypto. Just think about the regulations being planned by the US government that just got supercharged due to this. The conspiracy theory side of me wants to say that’s the point… The main logical side knows these kids just went banans and had no one in their way to check them or and slow them down. The bear market kicked in and when the tide was pulled all the way out, and not just the cracks and flaws where exposed but the strait up, metaphorical monsters living in these shadows as well. This sh1ts so bad ya all so bad and is only beginning to unravel. Chose whatever cliche or saying you want but this horror show is just starting to be exposed and the redonkuness to follow will be worse then the crimes and mess ups this is already being compared to. Berny Madof Lehman Brother etc etc etc
The biggest clue spotlighting just how bad this is happened last week. FTX/Sam reached out to Binance/CZ and offered to sell his now or about to be bankrupt company for pennies on the dollar. CZ agreed in theory, got ahold of FTX books and then backed out. Now this could have been their plan/play all along but at that point its got to be pretty simple. Market share is market share and this companies portion was not worth their reported value, even pennies on the dollar. Don’t walk, run from this, is the message here and the final nail in the coffin, courtesy of Binance, signed… CZ.
Look Sam did this to him self. When your that big a boss its your friggen job to protect your company, position, and interests. Not, go within a hairs breath of disaster while blatantly stealing user funds on a massive scale we have have never seen up until now. I mean his main guy in charge of customer funds was the guy who made sure there was a back door into the at the time poker site. They could access player funds and change any records while also having the ability to see players cards during a hand if they so wished. I could go on and on but Sams team was most definitely filled with these types of characters not by accident but design.
It will be interesting to see if the US vilifies him or protects him. So far its protect but id figure that many millions in donations at least buys you a new York times piece and a few weeks b4 the vampires turn on him as well. In seriousness, the lines are somewhat already drawn. Unless something else just brutal comes out that cant be explained a way via opps and niceties I think everyone picked their side/team already. West vs East and all that epic jazz. Like I said lets see what happens. Oh ya side note. I heard or read that Tom Brady supposedly put his 650 million dollar fortune entirely with FTX in some form or way. Ya like I said this is just getting started and we all know Tom Brady don’t play…
Most say this all started when CZ tweets a few weeks ago, that due to recent and certain revelations that have come to light, Binance will be liquidating the remaining ¼ of FTT tokens they received from the 20 percent ownership of FTX sale, back to Sam, for their original stake in the company in 2019. (originally CZ and Binance received a 20 percent ownership stake in FTX for about 20 million, which they sold 2 years later for 2.1 billion) 10 x aint bad.
To be fair, Sam had plenty of heads up on this while everyone seems to parrot that CZ dumped 20 billion in FTT but the reality is they only had 5 billion left to sell at that point, just enough for a nudge at the rite time.
CZ was still salty for the Luna slight, when USA Regulations killed what was left of that project after a brutal, giant, exploitation or Hack, Sam somewhat spear headed, while at the least most definitely did nothing to protect CZ and the Binance interests via Sam and his lobbyist friends. (Sam had been aggressively, like just under 100 million in donations, getting close to.)
Fast forward to the 5 billion dump of FTT by Binance. In a few days the token dropped 80 plus percent.
During this window It was rumored by FTX employees that there was a massive withdrawal surge. 6 billion in random cryptocurrency tokens in a 72 hour span. The problem here was FTX only had about 900 million in liquid crypto/cash with 9 billion in liabilities ie only 10 percent of customer funds was actively “covered” by FTX, 10 percent lol and in one 3 day span customers try to withdraw 66 plus percent of all funds on the exchange. It doesn’t help when your token price drops 80 percent in that same window, so for Sam to elude to anything but “YES, WE ARE IN TROUBLE” is frankly criminal. Him saying everything is fine is nothing compared to what will come out. We already know he was treating FTX as his own piggy bank for ALAMEDA, (ran by his ex and one of the nerd squad. Lol this broad is on tape saying stuff like “ I don’t think using a stop loss is a good strategy”)
SBF had a backdoor built into FTX where he can change any records and access any funds in any account… just think about this for a second and how much wealth this man had access to. We also know he sent 10 billion in mostly FTT tokens to ALAMEDA for more shady crypto buy outs and probably covering bad trades made with no stop loss. Just think about how bold this man got 10 billion or that phone calls to Sam from the Alameda chick. “Sorry, ya I fell asleep and didn’t take any profits and the market dropped like 12 percent” Sam saying something like, “Ya, I was way to loaded last night to, oh sh1t! did you sell yet?” “No not yet, figured id wake up and ask you what to do” “Sellllll, sell now we have withdraws to cover” lol or some such nonsense.
On the other hand these same customers don’t complain about shady non regulated exchanges when they 10 x off some obscure ALT coin like DOGE Coin. All joking aside this is not good for crypto. Just think about the regulations being planned by the US government that just got supercharged due to this. The conspiracy theory side of me wants to say that’s the point… The main logical side knows these kids just went banans and had no one in their way to check them or and slow them down. The bear market kicked in and when the tide was pulled all the way out, and not just the cracks and flaws where exposed but the strait up, metaphorical monsters living in these shadows as well. This sh1ts so bad ya all so bad and is only beginning to unravel. Chose whatever cliche or saying you want but this horror show is just starting to be exposed and the redonkuness to follow will be worse then the crimes and mess ups this is already being compared to. Berny Madof Lehman Brother etc etc etc
The biggest clue spotlighting just how bad this is happened last week. FTX/Sam reached out to Binance/CZ and offered to sell his now or about to be bankrupt company for pennies on the dollar. CZ agreed in theory, got ahold of FTX books and then backed out. Now this could have been their plan/play all along but at that point its got to be pretty simple. Market share is market share and this companies portion was not worth their reported value, even pennies on the dollar. Don’t walk, run from this, is the message here and the final nail in the coffin, courtesy of Binance, signed… CZ.
Look Sam did this to him self. When your that big a boss its your friggen job to protect your company, position, and interests. Not, go within a hairs breath of disaster while blatantly stealing user funds on a massive scale we have have never seen up until now. I mean his main guy in charge of customer funds was the guy who made sure there was a back door into the at the time poker site. They could access player funds and change any records while also having the ability to see players cards during a hand if they so wished. I could go on and on but Sams team was most definitely filled with these types of characters not by accident but design.
It will be interesting to see if the US vilifies him or protects him. So far its protect but id figure that many millions in donations at least buys you a new York times piece and a few weeks b4 the vampires turn on him as well. In seriousness, the lines are somewhat already drawn. Unless something else just brutal comes out that cant be explained a way via opps and niceties I think everyone picked their side/team already. West vs East and all that epic jazz. Like I said lets see what happens. Oh ya side note. I heard or read that Tom Brady supposedly put his 650 million dollar fortune entirely with FTX in some form or way. Ya like I said this is just getting started and we all know Tom Brady don’t play…