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FTX was the second largest CRYPTO Currency Exchange and is now in Chapter BANKRUPTCY with over 1 Million Creditors. John Ray, the Bankruptcy practitioner for Enron, has been appointed as CEO and his initial findings are that this is WORSE than Enron which was the biggest accounting fraud in USA history. In this video I provide more details on the FTX situation, look at the initial findings from John Ray and discuss the corporate and investment failures surrounding this business.
For specific details please check out the CHAPTER list below.
Thanks for watching and please LIKE and SUBSCRIBE.
Chapters:
0:00 Intro
5:55 SAM BANKMAN-FRIED
9:05 BANKRUPTCY INVESTIGATION
10:47 CORPORATE OWNERSHIP
15:57 INITIAL FINDINGS
18:27 ASSET RECOVERY
20:52 SUMMARY & CONCLUSION
#ftx
#crypto
#fraud
#china
#Belt&Road
#globalrecession
#globalfinancialcrisis
#russia
#Evergrande
#China
#Recession
#Zhenro
#Bonds
46 Comments
ALWAYS Ask Who IS The Audit Company? From the start….
LOL, "… …"
you can tell from the way is talking he's crook nice chosen one again those are masters of deception one after the other stealing money from people must be from the same family of Madoff rotten people
what we got here, is failure to communicate. some men you just can't reach.
Sam Bankman is fried. Never trust a name like that.
So where were all the Banks when all these billions were being moved around.
Shredding evidence/records surely is fraud. Fried was the boss so he has lots to reveal before he's locked up for life.
This guy is a wanker. If he doesn't get life in prison our system is bought and paid for
at about 7 minutes… listening to the dude, he sounds like a a high schooler. how the heck could he convince people? this whole crypto currency is clearly a sucker's market in the first place. on top of that the sheer number of failures, coin hacks, use of crypto for ransomware make this one of if not the worst products in the world. zero pity for anyone naive enough to gamble on it. If you go to a vegas casino at least they have a reputation to maintain.
is time to start judge things from their faces.lol
Hi Joe, I watch your videos every day. Big thank you. I wonder if you would make a video on a cryptocurrency in general: how the money flow, the mechanics of it, what is the use for it. How this currency came about, how the "mining" works, etc. Exchanging hard currency for fictional does not make sense to me.
You are incorrect when you state that……."some of the money was real money in FTX", not just crypto"………. The only real, money is gold and silver; what you call money is actually currency. Look up the definition of money and currency, and you'll understand what real money is. It is real currency (fiat) that has dissappeared from FTX, not real money. My two cents, real coins.
Most people think that inves_ting in crypto currencies is just buying and holding until it rises, but the best invest_ments on crypto_currency is by putting it on tra_ding / mining.
Do you think the SBF went to the same synagogue as Madoff, Epstein, Weinstein, Greenspan, Bernanke, Yellin and the red shield 🛡 family? I bet George Soros was the presiding rabbi! 😂😂😂
You research is impeccable so I refuse to believe you are not also aware of the many many links to shady dealings this company had. Caroline Ellison is daughter to Glen Ellison who used to work for Gary Gensler, now head of the SEC and Sam was due to meet with Zelensky, Mark Zuckerberg and Janet Yellen on Nov 30th. Ukranie now scrubbing and wiping servers as did FTX is a clear indication of massive fraud. Fact checkers of course deny all links between Fried and the Democrat party yet millions went to Pelosi, Ftterman, Schumer and many others. This looks like a lot like a money laundering scam for political purposes and now the SEC is supposed to investigate? What a joke. However it's not so much what you said in your report, it's what you didn't say….
FOR THOSE WHO HAVE LOST MONEY I WOULD NOT DEFINE IT AS YOU PUT IT (FASCINATING).
How could the public accountants certify the financial statements of this shit show. Seems like the investors will sue their asses.
It never seemed like a good idea to me. Money for nothing
This was always going to happen from day one !
Bitcoin & crypto are similar to derivatives tradings, creating financial assets out of thin air without any underlying physical asset to back up its value.
Don't be afraid of crypto look at businesses that have been in the space a long time and there real world utility. There's not many too choose but the Ripple effect mentioned is a clue
Huhh, crypto has the inherent functionality of doing shady financial transactions.
Who would have guessed.
Hightech, so that most people do not find out it‘s only ponzi.
The big fraud remains. Socialist pensions. All debt, zero assets, and the debt hidden off the books.]
I love what you say at the end but I am a risk manager and in 3 separate companies in 3 separate sectors I have had my contract cut when I point out a company is not running its business properly. The FCA says we should work with integrity yet it is the same people at the top who can get rid of us when we raise a risk and place it with a rating they don't like.
Risk and Compliance managers need to be in a position where it is not easy to get rid of them when they raise questions senior execs don't like.
This was a corrupt scheme with some shocking connections to the democrats.
How can this happen? What has their accountant been doing in previous years. Why is oversight from financial institutions failing? More questions arise from this good video which is excellent
Bankman must be my hero Bernie Madoff's protégé! Wonder how closely related they are?
So all these 'investors' put their money in a company with no records or accounting documents. 🤣 Fools and their money are soon parted.
I suspect…much more than $40 million FTX monies have made there way back into the current regime and its supporters pockets. The way money has been doled out to Ukraine…a lot more than that has been funneled back to line US politicians pockets.
Especially since there's no accounting made of the $100 billion.
Someone should investigate how much is being funneled back to the war machine companies and then into politicians pockets via donations, lobbyists, etc..
What's really stupid…is these people make a living off of tax payers…they give themselves raises…make laws…rules to keep themselves in power…fund kickback.laundering schemes that give them and their friends more tax dollars..
While slowly, but surely bleeding the taxpayers dry and making policies to ensure their òwn welfare and force taxpayers to work harder for less.
People are so blind its ludicrous! You're paying your 500 or so masters to enslave 335 million people!
What is wrong with this picture sheeple?
As I heard it a number of criminal organizations base their activities on crypto transfers. Now, I would have to assume that some of them were using FTX as a base of their operations. If the assumption is correct, investigations of criminal fraud by the authorities might be the least of the problems by the group who was running this organization given that the loss of real money has occurred one way or the other.
Are we living in an age where decades of bringing up and educating young people that accuracy ,conscientiousness and ability has been regarded as divisive and sidelining less capable people is beginning to show in society.?
This is a good old Wallstreet / Banking Zentralised Fiat Money – Ponzi. In a BTC driven economy this would just not work.
criminal negligence
People are fucking insane to invest in a currency that doesn't exist
I have no sympathy with anyone who put money into it
I still have no interest in investing or using these exchanges.
I'm sure that Russia did it! Isn't that your usual propaganda line? I figure that you will find someway to insert the EVIL RUSSIANS into the story?
I DONT MEAN TO BEAT A DEAD HORSE BUT THERE SURE IS ALOT OF BIG TIME DEMOCRATS THE BENIFITED FROM FTX!!!!!!!!!!!!!!!!!! AND NEVER TRUMPER RINOS TOOOOOOO!!!!!!!!!!!!!!! ALL THESE PEOPLE NEED TO BE INVESTIGATED LIKE THEY DO TRUMP!!!!!!!!!!!!!!!!!! JESUS IS LORD!!!!!!!!!!!!!!!
Crypto was always a load of bollocks, whenever some nerd wonder wizz kid does something, run away as fast as you can. You don't see proper investors like Warren Buffet wasting good money on crypto scams like bitcoin ….Nowadays a lot of morons follow financial advice from influencers on TikTok…..you got to have your head examined when following these TikTok frauds
I DONT MEAN TO SAY THIS BUT TESLA SURE GREW VERY VERY BIG IN THIS TIME PERIOD TOO!!!!!!!!!!!!!!AND I LIKE ENRON!!!!!!! I I I MEAN ELON!!!!!!!!!!!!
Bravo SBF! Du grand art.
Quelle belle publicité pour les formations du MIT .
Anarquer les riches est un travail à plein temps.
Congratulations !
The truth is that FTX was allowed to go on for this long due to its connections with the democratic party. SBF being the second largest donor to the Dems this past election can either mean that he is laying his bed of feathers when the government is forced to intervene, or like other questionable dealings of past *ahem Hillary Clinton ahem*, Get it all brushed under the carpet. HIs parents are no doubt working overtime to pin the blame on everyone and anyone other than him.
Do not throw your money away investing with such companies, this a warning to those out there, I learnt hard way, I nearly lost all my savings due to these companies, if it wasn't for Aberdeen Dyce Lp who were able to withdraw my funds for me, would have been left skin
NOT SURPRISED ONE SINGLE BIT – GREAT PYRAMID SCAM WITH A CURRENCY THAT HAS NO REAL VALUE THAT DOSE NOT EXIST IN THE FIRST PLACE – ALL BIT COIN IS JUST A SCAM – BUT THE MUGS NOT ONLY BOUGHT INTO IT BUT USED REAL CASH TO BUY INTO IT – THE CROCKS AR THE ONE WHO ARE LOL ALL THE WAY TO THE BANK – AND ITS INCRYPTO SO YOUR GOING TO NEED INCRYPTO HACKERS TO FOLLOW THE CASH GOOD LUCK WITH THAT
How much money did FTX give to the Democrat Party …….
FTX Steals billions from consumers
Senators demand Twitter be investigated
perhaps he didn't keep books to not leave a trail of where the money went?