Posted on 11/09/2022 9:10:17 AM PST by Twotone
The man who has cast himself as one of the Democratic Party’s emergent power players found his company in shambles—forced to sell to its biggest rival—on Election Day.
Suffering from a liquidity crunch after a run in which users pulled nearly $6 billion from the company, according to Reuters, Sam Bankman-Fried was forced into an emergency sale to a rival company, Binance. The announcement of FTX’s acquisition prompted Bitcoin to plummet to two-year lows.
It's a stunning reversal for the 30-year-old who donated over $5 million to Joe Biden's campaign in 2020 and who just three months ago was vaunted as a potential savior for Democrats in the midterm elections. "Some Democrats see Bankman-Fried’s investments and engagement as the thing that could help them hold back a red midterm wave," Politico reported in August.
Bankman-Fried had suggested he might donate as much as $1 billion in the midterms and 2024 election, a figure that would have made him the largest political donor in American history. While he started the 2022 election season doling out $37 million to liberal groups and candidates—he was the second-largest Democratic donor of the midterm elections behind liberal financier George Soros—he closed his wallet in October, telling reporters that his plan to spend $1 billion was "a dumb quote on my part."
Tech reporter Eric Newcomer referred to the sale as a "dot-com bust level event."
(Excerpt) Read more at freebeacon.com ...
Some more good news.
Karma is a bitch.......................
was he able to make good his mega donations to the libs before closing down in October????
Bankman-Fried’s net worth plummeted from $15.6 billion in the early hours of Tuesday morning to just $1 billion by Tuesday afternoon
Good for Him!!!
If only Gyorgy could suffer the same fate.
The leaches sucked him dry and not one of them could care less. Their lives will not change one bit.
crypto = Magic Internet Money = Easy Come, Easy Go = Stupid, Greedy People Hurt the Most ...
FTX crypto “exchange” bites the dust: phony “assets” shown to be phony; customer “account” withdrawals halted; crypto crash; AC3/Celsisus/Terra/Luna deja vu all over again ...
but no problemo: withdrawals from FTX by the punters was halted “temporarily”, but hey folks, all is well, it’s just a little Itsy Bitsy Teenie Weenie “liquidity” problem that will clear right up shortly ...
btw, what started this implosion was leaked documents published 11/2/2022 that showed the claimed equity value of the FTX exchange and sister Almaneda Research was pretty much nothing but holdings of their own proprietary “coin”, FTT ...
when that was exposed, the whales (binance among others) bailed on FTT and the priced collapsed, resulting in the collapse of the FTX & Almaneda ...
but hey, we just gotta work the kinks outta crypto and do it right ... right now, they’re doing it wrong, and if we can just do it right, then it will solve all the world’s problems ... you know, just like socialism ...
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