To be honest, it’s kind of hard to try and entertain the innuendo and rumors that Democrats and the media are working to do damage control on behalf of Sam Bankman-Fried, the founder of now-bankrupt crypto exchange FTX, because the idea is just so reprehensible.
But they sure do keep giving us ammunition to make that suggestion, don’t they?
Bankman-Fried – the second biggest donor to Democrats behind George Soros – has all but admitted that he squandered billions of dollars of other people’s money carelessly, writing “I fucked up” on Twitter in a mea culpa about two weeks ago, days after a run on his exchange exposed it to be a shell of what many perceived it to be.
Institutional investors in FTX have written their stakes in the firm to $0.
The $5 billion bank-run on FTX that started it all has many everyday crypto investors worried that their “investments” with FTX are total losses. For many, it was their life savings.
Since then, Bankman-Fried’s former company continues to be at the center of extremely shady circumstances. It has seen a “substantial amount” of its assets go missing in the days after its blowup.
The lawyer hired to oversee the liquidation of FTX, who also was in charge of the same task for Enron, has said “he’s never seen a company in worse shape than FTX.”
“I have over 40 years of legal and restructuring experience. I have been the chief restructuring officer or chief executive officer in several of the largest corporate failures in history. . . . Ne