FTX IMPLODES – BITCOIN FOLLOWS SUIT CASCADING DOWN TO $15,000

Collapsed crypto exchange FTX owes top 50 creditors over $3 billion, new filing says

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Ryan Browne@RYAN_BROWNE_
KEY POINTS
  • A list of FTX’s top 50 unsecured creditors shows the largest lender of the bunch is owed more than $226 million.
  • In total, the unsecured claims amount to $3.1 billion.
  • FTX filed for Chapter 11 bankruptcy protection earlier this month.

Embattled cryptocurrency exchange FTX owes its creditors north of $3 billion, according to a new filing over the weekend.

A list of FTX’s top 50 unsecured creditors, which excludes their names and other identifiable information, shows that the largest of them all is owed more than $226 million. The second-biggest unsecured creditor is claiming over $203 million in unpaid debts from FTX.

Will they find Sam Bankman-Fried sleeping with the fishes? BTW he donated $50mm to Democrats.

In total, the unsecured claims — labeled as such as they were not secured by collateral — amount to $3.1 billion. FTX may have more than 1 million creditors, according to an earlier bankruptcy filing.

FTX’s disgraced founder, Sam Bankman-Fried, stepped down as CEO earlier this month as the company filed for Chapter 11 bankruptcy protection.

FTX, once valued at $32 billion, collapsed in a matter of days after the CEO of Binance, a rival firm, said his exchange would liquidate its FTT tokens. FTT, the native token of FTX, plunged as a result, leading to a liquidity crunch at FTX.

The Securities and Exchange Commission and the Department of Justice are reportedly investigating what happened.

Bitcoin and other cryptocurrencies were trading lower Monday. More than $260 billion has been wiped off the value of the crypto market since Zhao’s Nov. 6 tweet.

Bankman-Fried has been accused by his peers in the crypto industry of flagrant mismanagement and fraud.

His exchange allegedly used customer funds to make risky trades, according to earlier CNBC reporting.

In a damning account of FTX’s demise last week, its new CEO, John Ray III, said in a filing that many of the FTX group companies “did not have appropriate corporate governance.”

https://www.kitco.com/news/2022-11-18/FTX-bankruptcy-battles-loom-between-Bahamas-and-United-States.html

Previous post from May 2022 &  March 2022

BITCOIN GOES COLD – STOCK MARKET IMPLODES

Mark Twain supposedly said, that the coldest winter I ever spent was a summer in San Francisco. That could be also said about Bitcoin this past week. After touching a low of $25,000 it surprisingly came to life via a ‘DEAD CAT BOUNCE.’

Will it continue on its upward trajectory or will it resort to its downward trend is the question on trader’s minds. The merchants of Bitcoin saw their wealth implode to the tune of two trillion large. OUCH!

ONLY GOLD CAN PROTECT YOU NOW – JOE BYE-DEN SELLS OUT AMERICA

In case you haven’t been looking, the stock market has has a tough time of late. Even Bitcoin has imploded, latest count $30,000, down from $65,000. In fact over 50% of the stocks traded on Nasdaq are down over 50%. One hell of a bull market.

 
PREVOUS POST

THE SUPERGENE CYCLE IS UPON US. EXPERTS ARE NOW PREDICTING 10% INFLATION BY THE THIRD QUARTER; THE FIRST QUARTER MOST LIKELY WILL BE CLOSE TO 7%, LED BY 8-9% FOR THE MONTH OF MARCH. AT FIRST IT WAS SUPPLY CHAIN THAT WAS BLAMED, THEN COVID-19, NOW THE WAR IN UKRAINE. BUT THE REAL CAUSE IS JOE BYE-DEN, A SKELETON FIGURE COLLAPSING ON THE WORLD STAGE. 

When they say “break a leg” on Broadway, they mean, “Good Luck” when the curtains rise. Joe Bye-den took the phrase literally, breaking more than a leg. A failure by any measure.

https://youtu.be/3gcQrFsUFzQ