Posted on 11/17/2022 3:23:20 PM PST by Enlightened1
The collapsed cryptocurrency exchange platform FTX claims former CEO Sam Bankman-Fried 'hacked' its systems after filing for bankruptcy to transfer 'digital assets' to Bahamian regulators.
FTX lodged the motion in the US Bankruptcy Court in Delaware on Thursday saying it had evidence to suggest the Bahamas government ordered Bankman-Fried, 30, to gain 'unauthorized access' while in custody.
'In connection with investigating a hack on Sunday, November 13, Mr. Bankman-Fried and [FTX co-founder Gary] Wang, stated in recorded and verified texts that 'Bahamas regulators' instructed that certain post-petition transfers of Debtor assets be made by Mr. Wang and Mr. Bankman-Fried (who the Debtors understand were both effectively in the custody of Bahamas authorities) and that such assets were 'custodied on FireBlocks under control of Bahamian gov't,' the filing states.
'The Debtors thus have credible evidence that the Bahamian government is responsible for directing unauthorized access to the Debtors' systems for the purpose of obtaining digital assets of the Debtors—that took place after the commencement of these cases.'
FTX, which is based in the Bahamas due to is relaxed tax laws, collapsed on November 11 in a scandal that has cost its investors more than $11billion.
(Excerpt) Read more at dailymail.co.uk ...
Courts in “DELAWARE” who else is from Delaware?
surprise surprise.
Of course he’s making that “admission”
Tons of companies incorporate in Delaware due to the law that if they incorporate there, but do not do business there pay no tax in the state.
Laughable.
SEC is involved ... case will go nowhere against SEC incompetence.
The corrupt Deep State is pulling the walls in around itself....
Forbes: Profile: Gary Wang
Net worth at 11/17/22 $4.2Bn
An MIT grad, Wang worked at Google, building systems to aggregate prices across millions of flights, before linking up with Bankman-Fried to launch trading firm Alameda Research and FTX.
Most of his fortune was tied up in a 16% stake in FTX and a share of its FTT tokens.
https://www.forbes.com/profile/gary-wang-1/?sh=7d4be96e519d
worth noting some of the details in the following:
18 Nov: Malaymail: REUTERS: FTX’s new CEO assesses the exchange’s failings
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” (John J. Ray III, the new chief executive of bankrupt cryptocurrency exchange FTX) said in a declaration filed with the US Bankruptcy Court in Delaware...
FTX filed for bankruptcy on November 11, with an estimated US$10 billion to US$50 billion (RM45.5 billion to RM227.7 billion) in both liabilities and assets...
https://www.malaymail.com/news/money/2022/11/18/ftxs-new-ceo-assesses-the-exchanges-failings/40369
worth noting some of the details in the following:
18 Nov: Malaymail: REUTERS: FTX’s new CEO assesses the exchange’s failings
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” (John J. Ray III, the new chief executive of bankrupt cryptocurrency exchange FTX) said in a declaration filed with the US Bankruptcy Court in Delaware...
FTX filed for bankruptcy on November 11, with an estimated US$10 billion to US$50 billion (RM45.5 billion to RM227.7 billion) in both liabilities and assets...
https://www.malaymail.com/news/money/2022/11/18/ftxs-new-ceo-assesses-the-exchanges-failings/40369
11 Nov: CoinGape: New FTX CEO John J. Ray III Facing SEC Charged For Insider Trading?
by Anvesh Reddy
https://coingape.com/new-ftx-ceo-john-j-ray-iii-facing-sec-charges-for-insider-trading/
President Gilligan made me do it, and the Skipper looks pretty tough./GMAFB
Tune in next week for another exciting episode of...
not easy to find out much about FTX co-founder Gary Wang.
there is this:
14 Nov: Crypto News (from The Block): Who is billionaire FTX co-founder Gary Wang and why is he still committing code?
Benjamin Robertson and Frank Chaparro contributed reporting for this story.
But while SBF, as he’s universally known, was appearing on podcasts and testifying before Congress, a quieter personality was beavering away behind the scenes: Gary Wang, FTX’s co-founder and chief technology officer...
A deleted page on FTX’s website described him as a software engineer who used to work at Google and graduated from the Massachusetts Institute of Technology with a degree in mathematics and computer science. Uniquely among his colleagues, Wang’s profile picture didn’t show his face. His LinkedIn page has been similarly deleted and the website of FTX investor Sequoia simply lists Wang’s name with a picture of the back of his head.
For people who worked with Wang in the past, such reticence is typical. Speaking on condition of anonymity, four of them painted a picture of a quiet personality who liked to get lost in coding...
Marc Cohodes, a short seller famed for doing deep dives into the companies he targets, has been publicly warning people about FTX since May.
“Gary Wang doesn’t have any digital presence. He doesn’t have a searchable email, a phone number, and doesn’t talk to anyone that I could find,” Cohodes in a statement to The Block.
“That kind of behaviour raises more questions than answers. No one supposedly worth $11 billion hides like that.”
https://cryptonews.net/news/finance/16131729/
Makes Jon Corzine look like a piker.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.