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
Years of Meddling in Cuba and Nicaragua
Take Action Now The National Endowment for Democracy is willing to go rogue in pursuit of regime change.Edward Hunt, Foreign Policy in Focus The…
“A Sense of Despair”: Many Iranians Fear a Prolonged War — and What Comes After
Take Action Now It’s not just about environmental rollbacks: Trump and Lee Zeldin have presided over a striking decline in the EPA enforcing existing…
Workers Are Leaving the Trump Coalition
Take Action Now New survey data show that many of Donald Trump’s 2024 working-class voters are already wavering. But most aren’t turning to Democrats…
The Billionaires’ War
Take Action Now The ultrawealthy put Trump in power but other people will pay the priceBy Paul Krugman, Substack It becomes clearer with each…