European Central Bank says bitcoin is on the ‘road to irrelevance’
https://www.cnbc.com/2022/11/30/eur...ys-bitcoin-is-on-the-road-to-irrelevance.html

The same prediction they keep repeating every few years.

“Prediction is very difficult, especially if it's about the future!”

 

I've heard this before.

"I'm just a poor boy nobody loves me. He's just a poor boy from a poor family"

https://www.businessinsider.com/sam-bankman-fried-ftx-bahamas-house-parents-name-for-staff-2022-12

Reuters reported last week that a $16.4 million house in a gated community with beach access in the Bahamas listed Bankman-Fried's parents, Joseph Bankman and Barbara Fried, as signatories and was described in property records as a "vacation home."

A spokesperson for his parents, both Stanford University law professors, previously told Reuters that they had been trying to return the deeds to the company "since before the bankruptcy proceedings."

 

I've heard this before.

"I'm just a poor boy nobody loves me. He's just a poor boy from a poor family"

https://www.businessinsider.com/sam-bankman-fried-ftx-bahamas-house-parents-name-for-staff-2022-12

• Sam Bankman-Fried says a Bahamian house in his parents' name was meant to be for FTX staff.
• "It was not intended to be their long-term property," he said. "It was intended to be the company's property."
• Reuters had reported that the $16.4-million house listed Bankman-Fried's parents as signatories.

translation:
Attorney, "Sam, buying your parents a house with company money is a clear example of fraud".
Sam (with John Lovett's "liar" intonation), "oh, um, that was never supposed to be in their name."

 

https://www.reuters.com/article/idUSL8N3321X6
U.S. Justice Dept is split over charging Binance as crypto world falters - sources

The investigation began in 2018 and is focused on Binance’s compliance with U.S. anti-money laundering laws and sanctions, these people said. Some of the at least half dozen federal prosecutors involved in the case believe the evidence already gathered justifies moving aggressively against the exchange and filing criminal charges against individual executives including founder Changpeng Zhao, said two of the sources. Others have argued taking time to review more evidence, the sources said.

 

https://www.reuters.com/article/idUSL8N3321X6
U.S. Justice Dept is split over charging Binance as crypto world falters - sources

Others have argued taking time to review more evidence, the sources said.

The "others" were opposed until they had a chance to sell their shares in Binance.

 

Sam Bankman Fraud was arrested in the Bahamas.
The US has requested extradition.

 

Sam Bankman Fraud was arrested in the Bahamas.
The US has requested extradition.

I suspect the former girlfriend/former Alameda Research CEO Caroline Ellison is cooperating with the feds.

https://cointelegraph.com/news/alam...lison-spotted-in-new-york-twitter-users-claim

The coffee shop in question is only a short walk away from the U.S. Attorney’s Office and the New York FBI office, some have pointed out.

 

https://www.cnbc.com/2022/12/13/us-...ud-securities-fraud-and-money-laundering.html


Sam Bankman-Fried criminal charges unsealed: Conspiracy to defraud the U.S., wire fraud, securities fraud, and money laundering
https://www.sec.gov/litigation/complaints/2022/comp-pr2022-219.pdf

COMPLAINT
Plaintiff Securities and Exchange Commission (the “Commission”), for its complaint
against Defendant, Samuel Bankman-Fried (“Bankman-Fried”), alleges as follows:
SUMMARY
1. From at least May 2019 through November 2022, Bankman-Fried engaged in a
scheme to defraud equity investors in FTX Trading Ltd. (“FTX”), the crypto asset trading
platform of which he was CEO and co-founder, at the same time that he was also defrauding the
platform’s customers. Bankman-Fried raised more than $1.8 billion from investors, including
U.S. investors, who bought an equity stake in FTX believing that FTX had appropriate controls
and risk management measures. Unbeknownst to those investors (and to FTX’s trading
customers), Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of
dollars of the trading platform’s customer funds for his own personal benefit and to help grow
his crypto empire.
...
5. But Bankman-Fried did not stop there. Even as it was increasingly clear that
Alameda and FTX could not make customers whole, Bankman-Fried continued to
misappropriate FTX customer funds. Through the summer of 2022, he directed hundreds of
millions more in FTX customer funds to Alameda, which he then used for additional venture
investments and for “loans” to himself and other FTX executives. All the while, he continued to
make misleading statements to investors about FTX’s financial condition and risk management.
Even in November 2022, faced with billions of dollars in customer withdrawal demands that
FTX could not fulfill, Bankman-Fried misled investors from whom he needed money to plug a
multi-billion-dollar hole. His brazen, multi-year scheme finally came to an end when FTX,
Alameda, and their tangled web of affiliated entities filed for bankruptcy on November 11, 2022.

32. Bankman-Fried diverted FTX customer funds to Alameda in essentially two
ways: (1) by directing FTX customers to deposit fiat currency (e.g., U.S. Dollars) into bank
accounts controlled by Alameda; and (2) by enabling Alameda to draw down from a virtually
limitless “line of credit” at FTX, which was funded by FTX customer assets.
33. As a result, there was no meaningful distinction between FTX customer funds and
Alameda’s own funds. Bankman-Fried thus gave Alameda carte blanche to use FTX customer
assets for its own trading operations and for whatever other purposes Bankman-Fried saw fit. In essence, Bankman-Fried placed billions of dollars of FTX customer funds into Alameda. He
then used Alameda as his personal piggy bank to buy luxury condominiums, support political
campaigns, and make private investments, among other uses. None of this was disclosed to FTX equity investors or to the platform’s trading customers.

 

https://s3.documentcloud.org/documents/23450583/sam-bankman-fried-indictment.pdf

 

A nice advertisement for Quicken's Quickbooks, small business accounting software...
"So good, even a billion dollar company can use it"

FTX Did Its Invoicing, Expenses Over Slack and QuickBooks

https://finance.yahoo.com/news/ftx-did-invoicing-expenses-over-161232475.html

 

The CEO of FTX's sister company (Alameda Research) was spotted outside a U.S. Prosecutor's office in NYC - rumor has it she is cooperating.

I'm guessing she was given an offer because she'd get out of juvie shortly after her trial was over.

Spoiler: Photo

 

The CEO of FTX's sister company (Alameda Research) was spotted outside a U.S. Prosecutor's office in NYC - rumor has it she is cooperating.

I'm guessing she was given an offer because she'd get out of juvie shortly after her trial was over.

Spoiler: Photo

View attachment 282972

https://forum.allaboutcircuits.com/threads/anyone-invested-in-bit-coins.135867/post-1784902

I suspect the former girlfriend/former Alameda Research CEO Caroline Ellison is cooperating with the feds.

https://forum.allaboutcircuits.com/threads/anyone-invested-in-bit-coins.135867/post-1777080

I would not like to be this young woman. I wonder who will be the fall 'person'?

Most of the charges are conspiracies, it's hard to have a conspiracy with just one person so I expect to see more charges filed on other known conspirators.

 

https://forum.allaboutcircuits.com/threads/anyone-invested-in-bit-coins.135867/post-1784902


https://forum.allaboutcircuits.com/threads/anyone-invested-in-bit-coins.135867/post-1777080


Most of the charges are conspiracies, it's hard to have a conspiracy with just one person so I expect to see more charges filed on other known conspirators.

Am I to assume you didn't like my joke about her looking like a minor?

 

Am I to assume you didn't like my joke about her looking like a minor?

Not really. At this point the young lady is in serious trouble even if she is turning state's evidence.

 

Not really. At his point the young lady is in serious trouble even if she is turning state's evidence.

Queen Caroline’: The ‘Fake Charity Nerd Girl’ Behind The FTX Collapse

She'll be fine. It turns out she applied to be one of Forbes "30 under 30".

"[he] was asked if she had any advice for her younger self. Her reply was earnest and brief. "I would tell her to be less risk-averse and believe in herself more," she wrote in a previously unpublished application for Forbes’ 30 Under 30 list.

She made the list in 2021, by the way.

Caroline Ellison made Forbes ‘30 under 30′ list after urging her younger self to ‘be less risk-averse’: report
https://nypost.com/2022/11/18/carol...r-younger-self-to-be-less-risk-averse-report/

 

New FTX CEO: ‘This is old-fashioned embezzlement’

 

I can't wait for the movie.

 

I can't wait for the movie.

there was no documentation or business records. How are you going to write a screenplay?

 

there was no documentation or business records. How are you going to write a screenplay?

Just make it up like most writers do.

 

Anyone invested in bit coins?

Not a bit!