How Bad is FTX? How Far Does it Go? What Are the Repercussions?

28 November

Posted by James Madison of American Media Periscope

Sam Bankman Fried was initially thought of as another tech ‘wunderkind’ who, after graduating from Massachusetts Institute of Technology, was hired by the New York trading firm Jane Street Capital. While employed there, he discovered a loophole in the cryptocurrency trading world. He would buy Bitcoin in the US and then resell it in Japan where the cost was higher.

Mr Bankman Fried used the profits to found his own company, Alameda Research, which was comprised of some of his former MIT friends and some co-workers from Jane Street Capital. They based their operations in the Bahamas and enticed investors with an impossible to perpetuate 15% guaranteed return on their assets. Two years later, Mr Bankman Fried started the trading platform FTX which was a forum where cryptocurrencies could be bought, sold and stored.

In an extremely short time frame, Sam Bankman Fried’s personal wealth grew to an estimated $26 billion but he deliberately hid his opulence behind a facade of a used car, casual clothing plus feigned altruism and humility. He used his image to form connections with famous people who were drawn in by his carefully cultivated persona despite him owning a $30 million mansion in the Bahamas.

But, on election day 2022 in the USA, FTX collapsed, leaving investors unable to retrieve their assets. The extent of FTX’s corruption was not initially known but the platform had been used to launder money for politicians as well as the Ukraine war. This is the story of how it all went wrong and the potential fallout which is yet to come.

Gabriel Bankman Fried, Brother of Sam

More to the story: Alameda Research and FTX attracted hundreds of grants and investments but, disturbingly, a substantial amount of assets were earmarked for use in developing new bioweapons, so called ‘vaccines’ and other chemical and biotechnology projects. Notice Mr Bankman Fried’s brother Gabriel is listed above as being ‘Director: Guarding Against Pandemics’. When FTX collapsed, hackers stole about $477 million and quickly began to launder the funds into Bitcoin and other digital assets. It is more than doubtful investors will be able to recoup their monies but the use and destination of these funds may prove to be a much darker story.

https://drrichswier.com/2022/11/27/video-the-ftx-disaster-is-deeper-than-you-think-by-coldfusion/

A reader offered the following commentary:

If you have not watched this video, do take the time to watch it, I don’t guarantee the accuracy, but I will guarantee you will not turn it off. What a boring life we lead, but, I can sleep at night and they probably can too, because they all are sociopaths.

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