The plane of Democrat megadonor and FTX founder Sam Bankman-Fried was seen en route to Argentina.
This comes after the collapse of FTX earlier this week.
Bankman-Fried denied that he has flown to Argentina — saying he was in the Bahamas.
FTX founder Sam Bankman-Fried told Reuters on Saturday that he was in the Bahamas, denying speculation on Twitter that he had flown to South America after the exchange filed for bankruptcy and he was removed as chief executive.
When asked by Reuters whether he had flown to Argentina, Bankman-Fried responded in a text message: “Nope”. He told Reuters he was in the Bahamas.
The disaster at FTX is getting even worse.
At least $1 billion in customer funds have vanished, according to a new report.
At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
The exchange’s founder Sam Bankman-Fried secretly transferred $10bn of customer funds from FTX to his trading company Alameda Research, the people told Reuters.
A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7bn. The other said the gap was between $1bn and $2bn.
Layah Heilpern said that “FTX was the crypto arm of the establishment.”
She claimed Sam Bankman-Fried “was about to establish a regulatory monopoly on crypto worldwide.”
But it looks like it could have been a Ponzi scheme.
Here’s one take on what happened (partial transcript below):
From the video above:
“This is Sam Bankman-Fried people call him SBF. He is the founder of FTX. He also controlled the crypto hedge fund called Alameda Research but that is all gone now. He wants you to think he is this sweet guy. He even brought in a famous Youtuber who called him the most generous man in the world. Yup, that happened. Truth is Sam Bankman-Fried is a liar and a crook. His personal crypto FTX token was basically a Ponzi scheme hidden below layers of jargon. He even went on Bloomberg’s podcast and bragged about it. Yup, that happened. He used his Ponzi token as collateral to borrow billions of real dollars that he couldn’t pay back and used those dollars to buy an empire of dying companies like voyager and BlockFi. This led Jim Cramer to call him the new JP Morgan. That’s weird, it is not like Jim Cramer to promote a billionaire con artist. FTX sold people crypto’s like bitcoin…or so they thought. What they really bought from SBF was an IOU. But as long as everyone didn’t cash in their IOU at the same time the scheme worked. Until it didn’t. This other ahole who hates SBF came along and engineered a bank run with some passive-aggressive tweets. It worked. SBF didn’t have enough money to pay everyone at once and now his customers have lost everything. He’ll be happy to know this is actually how every bank in the world operates. So, where did all my money go? He misappropriated four million dollars trying to save his failing hedge fund. Whoops that’s a felony. He spent $21 million dollars on Super Bowl commericals. $5 million for the big guy(Joe Biden). $40 million dollars in campagin donations. I wonder what he wanted in return?”
Sam Bankman-Fried talked a lot about his plans to give away to charity and donate to fight global warming.
Meanwhile, he was running what could have been a Ponzi scheme.
Will Democrats give the money back?