FTX and SBF BREAKDOWN (Thread)
MIT:
- Glenn Ellison, Dept. Head of Economics
- Gary Gensler, SEC Head and former Prof. of Economics
Family:
- Caroline Ellison, CEO of Alameda, daughter of Glenn
- Sam Bankman-Fried, CEO of FTX, son of Joseph Bankman and Barbara Fried
- Joseph Bankman, Federal Tax law creator
- Barbara Fried, Head of “Mind The Gap” - biggest Democrat PAC
- Linda Fried, Sam’s aunt and member of World Economic Forum
Follow the Money:
- Sam raises a total of $1.7B for FTX
- 2nd Biggest donor to Biden 2020 campaign
- Investors include Blackrock, Sequioa, SoftBank and Tiger Global
- FTX covers Alameda losses with $10B of users funds
bloomberg.com/news/articles/…
Regulations:
- Gary Gensler wants regulations
- SBF testifies in front of Congress discussing regulations, trashing #Bitcoin in the process
- Two days after collapse, Digital Commodities Consumer Protection Act 2022 (DCCPA) bill is up for a vote
cointelegraph.com/news/us-senato…
TL;DR:
1. Sam Bankman-Fried was a patsy used by VC funds to launder money through FTX for political influence and a stadium in Miami
2. FTX collapse gives excuse for GG to push regulations on entire market
3. Sets stage for “trustworthy” CBDCs
whitehouse.gov/briefing-room/…
The Gentlemen of Crypto #FuckBitcoinFriday show explained all this and more on todays show 🏆
FULL BREAKDOWN HERE:
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