FTX Cryptocurrency Exchange files for bankruptcy after collapse

BTW, forget about my comments about so called stable coins. Even those are crap, just look at what happened with TerraUSD from Do Kwon, another crypto idiot. And now he accuses SBF of playing a role in the collapse of TerraUSD. The second article is also quite interesting and explains why SBF should be in jail like yesterday.

https://cryptopotato.com/sbf-could-...involved-in-terras-collapse-do-kwon-chips-in/
https://www.coindesk.com/layer2/2022/11/30/ftxs-collapse-was-a-crime-not-an-accident/

 

And if it wasn't clear by now that this whole crypto industry is complete crap, then read this article about how much money has been stolen so far in 2022 alone, LOL.

https://decrypt.co/111876/stolen-cr...ckers-reemerge-after-quiet-summer-chainalysis

 

More trouble for Sam Bankman-Fried and the crypto industry in general. Turns out that FTX was being used to manipulate AMC stock by short shellers. And accounting firm Mazars Group wants to stop working for many crypto firms, which is probably not a good sign LOL.

https://www.thestreet.com/memestock...ers-may-have-used-ftx-to-manipulate-amc-stock

https://www.cnbc.com/2022/12/16/maz...ypto-clients-including-binance-cryptocom.html

 

Beware the ‘pig butchering’ crypto scam sweeping across America
https://www.cnn.com/2022/12/26/investing/crypto-scams-fbi-tips/index.html

 

BTW, I found some more info about this subject and turns out that in the past there was a fixed exchange rate when it came to the dollar (Bretton Woods Agreement) and even till this day there are still countries who make use of this system, so I'm not crazy after all.

Of course crypto currencies are a complete joke with their wild price swings, so I don't see how they will ever become a replacement for currencies like the Dollar, Euro and Pound. In link 2 you will see how much crypto currencies got hammered. Stocks and bonds got hammered too in 2022, but at least they are not based on thin air.

https://www.thebalancemoney.com/fixed-exchange-rate-definition-pros-cons-examples-3306257
https://twitter.com/AyeshaTariq/status/1607270741812154373

 

LOL, so this ***** SBF purchased $500 million dollar worth of Robinhood's stock, with money that he ''loaned''. So he's a bad investor as well, because everyone already knew that Robinhood was going to tank on Wall Street.

https://decrypt.co/118041/sbf-filing-details-546-million-purchase-of-robinhood-shares

 

Awesome stuff, let's hope he will get quite some jail time. On the other hand, can't believe that people are so dumb to blindly trust all of these crypto wizards.

 

I must say that 25 years is a bit harsh, on the other hand they need to make an example out of him, that you can't get away with financial crimes. What I found interesting is that his lawyers asked for a 6 years sentence because they said that now that bitcoin is almost at an all-time high, they would be able to payback most customers. I don't know if this is entirely true though, and people who lost their crypto money would now be very rich. So simply getting their money back isn't fair enough.