From its founding in 2017, the one-man company rose to a “partner organisation” of the WEF and second largest donor to Biden and the Democrats’ mid-term election. It has now gone bust.
by Craig Murray, craigmurray.org
The FTX story seems truly remarkable. From being founded only in 2017 it rose to be a “partner organisation” of the World Economic Forum and the second largest donor to Biden and the Democrat’s mid-term election campaign. It has now gone completely bust, taking every penny of its depositors money with it.
That is some trajectory.
I suppose it is inevitable that dodgy chancers would create derivatives markets for gambling on crypto, but I confess I had not given the matter much thought. It goes without saying that in those five years the founder of FTX had managed to take a huge personal fortune out of the company before it went bust.
FTX was a one man company belonging to Sam Bankman-Fried. The board consisted of him, an employee and the company lawyer. Over US$20 billion of investors’ funds from FTX were funneled to a fund management company, Alameda Research, also owned by Sam Bankman-Fried.
Recent Posts
Feeding The Warfare State
Take Action Now We Lose, the Weapons Makers WinBy William D. Hartung, Tom Dispatch The Senate is on the verge of passing the distinctly misnamed…
The Rage Of Billionaires And The Frenzy To Stop Zohran Mamdani From Becoming New York’s Mayor
Take Action Now The constellation of forces now regrouping with a vengeance includes titans of Wall Street, enormous real estate interests,…
It’s Not Just The Cities. Extreme Heat Is A Growing Threat To Rural America.
Take Action Now The urban heat island sits in a rural heat ocean.By Umair Irfan, Vox Summer has officially begun with a blast of scorching…
Mamdani’s Massive Victory Should Show Democrats Where The Party’s Future Lies
Take Action Now NYC mayoral candidate Zohran Mamdani has thrown the drowning Democratic Party a life vest. Will its leaders use it?By Sam…