I know.
Posted on 11/12/2022 4:37:46 PM PST by Enterprise
What about the liquid assets? Well, the FT report goes on to notes that until Friday afternoon, Bankman-Fried was looking to sell the $472MM of Robinhood shares, the largest liquid asset listed for FTX Trading, in privately negotiated deals he was arranging on the messaging app Signal, according to an FT source. As a reminder, SBF acquired a 7.6% stake in Robinhood in May, a transaction which delayed (but did not halt) the company's collapse into oblivion. As part of the attempted firesale, Bankman-Fried was entertaining offers at a 20% discount to Robinhood’s VWAP price, or about $9 per share, said an FT source, who ultimately declined to buy due to perceived legal risks.
But what is remarkable, is that the proceeds from the HOOD stock offering would not have gone to the now bankrupt FTX estate to satisfy prepetition claims; instead the Robinhood shares were held by an Antigua and Barbuda entity called Emergent Fidelity, which is personally controlled by Bankman-Fried, according to US securities filings. Emergent Fidelity is not among the entities listed in Friday’s bankruptcy filing.
In other words, SBF - who is most certainly on the run at this moment - was hoping to fill up his personal bank account by dumping his HOOD holdings, while giving FTX creditors the finger.
(Excerpt) Read more at 12ft.io ...
He says he is still in the Bahamas. He wouldn’t lie would he?/s
Madoff was a piker compared to these crypto scams.
Frauds and Democrats go together like horses and carriages.
This one is in the billions.
The next one will be in the trillions!
The Financial Times noted in 2013 that in Argentina corruption is widely considered to be “engrained”, and “there is the sense that public officials are untouchable”. In May 2013, sociologist Atilio Borón lamented that “the Argentinian is very accustomed to the idea that governments are corrupt...
This one is in the billions.
The next one will be in the trillions!
~~~~~~~~~~~~~~~~~~~~~~~~~~
Yup.. and then there was The Great Train Robbery in 1963 with Ronnie Biggs and his gang that netted a paltry grand total of £2.6 million in used banknotes. Mind you I suppose that this was about $85 million in today’s dollars.
Alameda and FTX haven’t yet detailed what happened to the missing money, though Mr. Bankman-Fried has promised to share more information
I know.
p
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