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(USA Today)   Former FTX CEO says he still has $100k more than he should   (usatoday.com) divider line
    More: Dumbass, Bankruptcy, Finance, Sam Bankman-Fried, Insolvency, rapidfailure of FTX, Liquidation, Wall Street Journal, Bankman-Fried  
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856 clicks; posted to Business » on 30 Nov 2022 at 2:35 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



28 Comments     (+0 »)
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2022-11-30 1:41:55 PM  
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2022-11-30 2:37:42 PM  
"Down to his last $100,000"

Cool.  So he's down to his last....3x the median annual income in this country.

I hope he farking chokes on it.
 
2022-11-30 2:43:52 PM  
Hell of a ride though, and he's only 30.
 
2022-11-30 2:52:33 PM  

Koodz: Hell of a ride though, and he's only 30.


I guess the real crypto is the friends we made along the way.
 
2022-11-30 3:08:18 PM  
Griftocurrency is such a scam that even the scams are scams.
 
2022-11-30 3:12:03 PM  
I wonder why he didn't cash out 10-30 million for savings when he had, allegedly, billion$ on hand?
 
2022-11-30 3:14:21 PM  
That's plenty to go down to the local gunshop and buy a solution.
 
2022-11-30 3:15:17 PM  
Looks like btc earnings this quarter were higher than expected. That's why it's up today.
 
2022-11-30 3:20:39 PM  
I'm still shocked there were people (who should know better, at least) who considered this dude legit.

I hadn't heard his name until about a year ago, and that was only because another fraudulent asshole I knew of was continually kissing his ass. That was enough for me.
 
2022-11-30 3:26:25 PM  

MelGoesOnTour: I wonder why he didn't cash out 10-30 million for savings when he had, allegedly, billion$ on hand?


Because HODL, and he likely really believed crypto was the future.

What, cash out in his moment of triumph?
 
2022-11-30 3:35:28 PM  
Yea - you bet - only $100k. 'We somehow misplaced billions of dollars but don't look at me - I've barely got a pot to piss in, Your Honor.'
 
2022-11-30 3:43:10 PM  
Wait, does he have all of that in fiat funds, and if so why?

I wouldn't put it past him to have a couple billion in crypto tokens still stashed away. If ever found out and called out on it, a conman like him would likely say, "Yes, I was still down to my last $100k in fiat money at the traditional bank. I never lied about that. I just happened to have a bunch of crypto also stored elsewhere".
 
2022-11-30 3:54:24 PM  

MelGoesOnTour: I wonder why he didn't cash out 10-30 million for savings when he had, allegedly, billion$ on hand?


Seriously!  A big chunk of my brain would be screaming "This can't last, this can't last!  Stash away a giant wad of cash, NOW!" every second the entire time the scam was going strong.  And I would be completely divorced from crypto and living on a sailboat somewhere near New Zealand right now.
 
2022-11-30 3:59:20 PM  

The Headless Horseman's Headless Horse: I'm still shocked there were people (who should know better, at least) who considered this dude legit.

I hadn't heard his name until about a year ago, and that was only because another fraudulent asshole I knew of was continually kissing his ass. That was enough for me.


Yeah I had not heard about him until the superbowl ad and I looked up what FTX was, it just seemed so scammy to me even then. But I have a feeling he will be just fine, some jail, some fines, book tour, speaking tour and some other stuff to make him some money and he will be fine. I don't think he will be at a truck stop blowing truckers anytime soon.
 
2022-11-30 4:10:10 PM  

MelGoesOnTour: I wonder why he didn't cash out 10-30 million for savings when he had, allegedly, billion$ on hand?


He did. He's just not going to tell you about it.
 
2022-11-30 4:11:47 PM  

ChibiDebuHage: Wait, does he have all of that in fiat funds, and if so why?

I wouldn't put it past him to have a couple billion in crypto tokens still stashed away. If ever found out and called out on it, a conman like him would likely say, "Yes, I was still down to my last $100k in fiat money at the traditional bank. I never lied about that. I just happened to have a bunch of crypto also stored elsewhere".


I believe his parents bought hundreds of millions in real estate.
 
2022-11-30 4:13:10 PM  
SO glad I invested in Blood-toe instead of Crip-toe

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2022-11-30 4:39:35 PM  
FTX Was (And Is) A Complete Mess
Youtube WqDvsbElFXg
 
2022-11-30 4:49:07 PM  
That's what he says is in his bank account. Remember, evidence suggests he withdrew a cool $1 BILLION for personal projects.

The way crypto works is that he could have offloaded a bunch of that into bitcoin, and stashed it on physical drives.

I wouldn't trust this guy further than I could kick him.
 
2022-11-30 5:00:37 PM  
Fear of a Blockchain Planet
Youtube ul0TvmHynbw
 
2022-11-30 5:26:29 PM  
'I didn't ever try to commit fraud on anyone,' former FTX CEO Sam Bankman-Fried says

Didn't even try, but you did it.  Try not, do.
 
2022-11-30 7:22:24 PM  
I have a bridge to sell to anyone who believes the guy. I do not know he he has more or if he has less, but I'm reasonably certain he does not have what he says he has.
 
2022-11-30 7:27:46 PM  
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2022-11-30 7:33:45 PM  
Recognizing the obvious incentives and impulses that drive a person to lie about how much money they have left for creditors, in my life I have watched the destruction of fortunes of some people around me. Some cases have been spectacular and horrifying.

What has surprised me is that, in a lot of cases, there is no rainy day fund, no money that has been reserved or put off limits. Often, there is just nothing there when the dust settles. When the wheel of fortune reverses, it strips away all the peripheral investors, then the closer business associates, then the social connections, and eventually family until the individual is left pretty much alone, tied up with a bow and ready for prison. You can look at famous cases of Milken, Madoff, but even Tesla. Nick Leeson.

It makes sense. You take the money from the rubes and wider society and give it to your crew and family. But you have to pay off the dangerous people and the best lawyers first. What is likely to be left?

Some reports have said that SBF made sure that a few whales were made whole from FTX before the collapse. That is one strategy that gets used. Pay off the guys who are likely to help you get started up again and back on your feet, and then claim poverty to everyone else. That goodwill can survive any fraud or bankruptcy proceedings.

Another pattern is that, by the time everything has been stripped away, suicides and "accidents" occur as the perp realizes that his family is going to have to pay the price. You get this a lot with the nice guys who get sucked in. "Witness protection" is tailor made for these people. The out and out frauds rarely choose this course. They are planning their comeback.
 
2022-11-30 8:27:29 PM  

mistahtom: Griftocurrency is such a scam that even the scams are scams.


Scamception
 
2022-11-30 9:20:28 PM  

The Headless Horseman's Headless Horse: I'm still shocked there were people (who should know better, at least) who considered this dude legit.
I hadn't heard his name until about a year ago, and that was only because another fraudulent asshole I knew of was continually kissing his ass. That was enough for me.


I read the article about this guy's company, and I don't even care anymore.  If you're stupid enough to give someone your life savings who isn't even keeping the books right, you deserve whatever you get.  All of them.  Fark it. I hope al the money in the world turns  into digital shiny things, and then evaporates somehow.
 
2022-12-01 7:25:13 AM  
Oh man, he should invest that $100k in crypto! BuY thE dIP
 
2022-12-01 10:13:45 AM  
He can just release the sex tape with his goblin girlfriend and make a few thousand, at least.  From the morbidly curious.
 
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