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Wednesday, November 16, 2022

FTX founder’s cryto empire comes crumbling down

The saga of FTX founder Sam Bankman-Fried gets more bizarre and more disturbing, as competing narratives begin to clash. 

Bankman-Fried rose to prominence as the Democrats’ second-largest campaign donor after George Soros over the past couple of years, as well as the darling of the glitterati who always are taken in by hucksters who promote virtue signaling over basic reality. 

Bankman-Fried was a huge donor to Joe Biden’s campaign in 2020, and continued his giving spree in 2022 through major campaign contributions both to candidates and dark money Super PACs [Hot Air].

The Democrat Party is in the middle of the biggest financial fraud case in U.S. history [Jesse Watters: Twitter]  Tainted money leads to tainted politics.

Ken Griffin, CEO of Citadel, highlighting one of the darkest details of the entire FTX situation. How deep does the rabbit hole go [Luke Martin: Twitter]?

As crypto prices tanked this year, Bankman-Fried bragged that he and his enterprise were immune. But in fact, the sectorwide wipeout hit his operation quite hard. Alameda borrowed money to invest in failing digital asset firms this spring and summer to keep the industry afloat, then reportedly siphoned off FTX customers’ deposits to stave off margin calls and meet immediate debt obligations. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme [CNBC].

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