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User:MarioMario456/FTX
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WARNING: With Jews, you lose! |
FTX was a crypto exchange (the second largest exchange, behind Binance) run by Sam Bankman-Fried✡ (SBF), an American League of Legends player living in the Bahamas. Founded in 2019, it managed to scam investors out of billions of dollars; before suddenly filing for bankruptcy. With FTX's collapse happening almost overnight, detectives started to investigate the real cause as to why FTX went bankrupt.
Spoiler alert: it was fraud.
What Was Actually Going On
Behind the curtain, FTX was playing a game of "let's put customer funds wherever we want". Sam was using FTX customer funds to have orgies with the other FTX staff, but he was also using them to assist his own crypto hedge fund, Alameda Research. Sam was the founder and CEO of Alameda; but after starting FTX, he transferred ownership of Alameda to Caroline Ellison, his own girlfriend (yes, Sam doesn't know that women belong in the kitchen).
Most of FTX's value came from Sam's own shitcoin, the FTX Token (FTT). FTX could print more FTT whenever they wanted, which also ranked up the value of the company. Not only did FTX's value mostly consist of FTT, but Sam was also using Alameda as a secondary bank for FTT tokens.
Money Laundering
Not only was FTX playing with customer funds, they were also laundering money to the Democrats. The way they did it was quite simple: the US government would use American tax money to assist Ukraine (since they/are currently at war with Russia), Ukraine would deposit said tax dollars into FTX, and then FTX would deposit the Ukranian money into Democrat super PACs. At one point, Sam was the second-largest Democrat donor, just behind the globalist kike George Soros.
After getting away with fraud and money laundering for about 3 years, their main rival found out about their scam. Which brings us to the collapse of FTX.
The Collapse
On November 6, 2022, Changpeng Zhao, CEO of Binance, announced that Binance was liquidating its entire stock of FTT due to "recent revelations". Soon after, investors rushed to withdraw their FTT; not only causing the value of FTT to crash, but also causing FTX to crash. Hard.
With FTX crashing and burning, Binance pursued an acquisition of FTX; but after the company found out about FTX's scam, they cancelled the offer. On November 11, 2022, FTX, Alameda Research and related entities all filed for Chapter 11 bankruptcy. Sam stepped down as CEO of FTX and was replaced by John Ray III, a restructuring expert who was Enron's CEO post-bankruptcy. Since then, the actual exchange has ceased existing; and both exchanges (the international one, FTX.com, and the American one, FTX.US) now redirect to some boring restructuring site 
(archive).
SBF Gets Arrested
About a month after the collapse, the American government ordered John Ray III (FTX's new CEO post-bankruptcy) and Sam to testify about the fall of FTX. Soon after, Bahamian authorities arrested Sam; who is currently being extradited to the US in order to testify.
If Sam is found guilty, he could be facing 115 years in prison; which is effectively a life sentence, just like Bernie Madoff's.
See Also
- Bernie Madoff
- Bitcoin
- League of Legends - Sam's favorite game.
