BANKRUPT: Crypto Whiz Resigns in Disgrace as Firm Collapses (second biggest Democratic donor)

[Celerity]

Sam Bankman-Fried’s FTX went into a shockingly fast death spiral this week.

https://www.thedailybeast.com/sam-bankman-fried-resigns-as-crypto-exchange-ftx-files-for-bankruptcy



The fall of crypto poster boy Sam Bankman-Fried is complete: The ex-billionaire resigned from his exchange FTX on Friday, as the company declared bankruptcy. The 30-year-old was once hailed as a pioneer of responsible crypto investing, and trust in FTX helped make it the third-largest exchange in the world.

Now Bankman-Fried is slinking off in disgrace, leaving little but questions and investors who will have to fight for what’s left through the bankruptcy court system. In a Twitter thread expressing his “shock” over how things unraveled, Bankman-Fried said he was “really sorry, again, that we ended up here.”

Link to tweet

“Hopefully things can find a way to recover,” he wrote. “Hopefully this can bring some amount of transparency, trust, and governance to them. Ultimately hopefully it can be better for customers.” John J. Ray, who is replacing Bankman-Fried as CEO, said in a statement that filing for bankruptcy is “appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders.”

“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contact party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness, and transparency.

snip

[Brother Buzz]

1. In my small world that shuns this crypto shit, I'll be happy to see MLB umpires....

dropping the totally inappropriate logo from their uniforms

[The Magistrate]

2. Glad We Got It While He Had It, Ma'am

All money is in a sense imaginary, of course, but this stuff abuses the privilege. A South Sea Bubble for our times....

[nycbos]

3. To me always seemed something shady about Crypto.

I am a value-based equity investor myself. Or to be more accurate I have an investment manager choose my stocks for me but you got the idea.

[Atticus]

4. I am shocked---shocked, I tell you!---that "something" that never was "anything" turned

out to be "nothing"!

[sanatanadharma]

6. Damn! That sounds like the conclusion of a 12-year study at the Advaita Acadamy

Wherein the students' search for escape from the terrors of drowning in the middle of an ocean of misery
Ends in the understanding that the ocean never was

[The Unmitigated Gall]

5. Well...this was unexpected.

And, it escalated quickly.