The hedge fund's finances appear to rest on the same scheme that destroyed Celsius Network. Will it work out any differently for Sam Bankman-Fried?
Really great piece
Interesting article, but you don't mention at all how soon their loans need to be paid back, which is the key detail to understand. An entity isn't insolvent just because its liabilities exceed its liquid assets, otherwise by that definition any individual with a mortgage would be considered insolvent.
Today, November 16, I just found out about this Substack . It is great being able to read after the fact all the comments that are posted here refuting the main article. Truly an education.
Thanks for taking some of the pain out of this mess. Great reporting.
A fantastic article! Thanks for sharing !
Outstanding, new reader 👏
Can anyone here explain how Tether managed to exit over $30B of commercial paper in such a short period of time? Was it all above board, or does anyone suspect that SBF and CZ moved some assets around just long enough to satisfy the accountants performing the attestation?
Insane. The loop of FTT tokens being traded (probably to show fake volume) is ridiculous.
Since cryptocurrency is a giant Ponzi/Nakamoto scheme and a steaming pile of horse shit, yes. It’s all BS of the highest order and this generation’s scam. SBF actually stands for Scam Bank-Fraud.
Great article. Thank you. I personally support a complete boycott of anything to do with FTX. I am happy with the deep, balanced and time tested experience I receive at BnkToTheFuture.com👍🙏
The same scheme that destroyed Celsius network
Excellent article. The next obvious question, can we analyze Binance's balance sheet?
You are aware that over a dozen of the largest banks in the world have been insolvent for over a decade, right? The trick of not being simultaneously insolvent and illiquid has been a perpetual chore for the Fed, the IMF, the World Bank and the BIS. We're talking about Deutsche bank and the five or more major banks in the US etc.
Boy o boy
Another Ponzi Scheme as SBF will be going to jail