Posted on 11/16/2022 8:17:06 AM PST by Oldeconomybuyer
One FTX executive vomited when he learned that the crypto exchange was missing billions of dollars of customer money. A company lawyer quit via a harsh text message to then-Chief Executive Sam Bankman-Fried. A top salesman who had bet big on FTX equity saw most of his wealth evaporate overnight.
What started as a dream job turned into a nightmare for employees of FTX. The Wall Street Journal spoke to more than a dozen current and former employees, many of whom said they were shocked by the alleged misuse of customer funds.
For its roughly 300 staffers, FTX seemed like an opportunity to reap financial rewards at one of the world’s fastest-growing cryptocurrency firms while fulfilling a sense of moral mission. Mr. Bankman-Fried pledged to give 1% of the exchange’s fee revenue to charity, and he appeared to be a paragon of ethics in an industry plagued by scams.
The implosion of FTX was financially ruinous for some employees. Outside the U.S., many staff were paid via direct deposit to their accounts on the cryptocurrency exchange, so when FTX froze customer withdrawals last week, these employees couldn’t access their funds.
It was also common for employees to hold FTX equity or get part of their pay in the exchange’s FTT tokens. Last fall, Mr. Bankman-Fried offered employees the opportunity to buy shares in FTX at a 50% discount to what venture capitalists had paid in a recent funding round. Now that equity is worthless and the price of FTT has crashed.
As FTX disintegrated last week, many of the expatriate employees said they left the island for Hong Kong or New York. Those who left earlier were able to book flights on their FTX credit cards. Those who waited longer said they found their credit cards declined.
(Excerpt) Read more at wsj.com ...
I’m sure Madoff’s employees were upset their gravy train turned out to be a scam as well. Go learn to code.
Accomplished in months what took Burney Made-Off decades...
Sounds a lot like what happened at Lehman Bros.....................
EVERY penny should be repaid by all the Democrats who benefited from this malfeasance.
This guy has “friends in high places”. The FBI won’t go after him more than they have to to keep up appearences.
There will NOT be a serious investigation into the FTX-Ukraine-DNC connection.
Ponzi Scheme goes Boom
Film at 11
Wonder how long the USA debt clock ⏲️ will keep ticking?
Has that been proven?
Has it not been disproven?
Not only has it not been proven, its not even a serious allegation at this point.
unfortunately you are probably right.
Now there is an idea.... some US republican billionaires form Crypto exchange.... offer crypto currency to foreign holders of US debt, promising double digit annual returns.... crypto for the debt notes.
Investigations of this are appropriate, however there are multiple people in power who will squash any attempt to expose “the truth” of this mess. Let’s start with “Joe” “Team Mitch” Kevin, Nanzi, ChuckU, and the rest of the Cabal “Leadership...”
...or get part of their pay in the exchange’s FTT tokens. Last fall, Mr. Bankman-Fried offered employees the opportunity to buy shares in FTX at a 50% discount
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We’ll give you 50% off on a digital bauble that were created from thin ether. Cool.
LOL
they actually thought that Pajama Boy CEO was going to save the world?
LMAO
nope! just steal it all and split like all liberals!
What is the over/under on him “committing suicide.”
It depends whether or not Hillary was getting “commissions...”
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