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DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
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Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
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I love writing about FTX only because it is so amazingly, whimsically fantastical.
Its like a Hollywood movie.
As more revelations surrounding FTX unveils, the stories coming out are juicier and more ridiculous.
Over $900 million in “Cash Payments,” a yacht purchase, and a cast of characters straight out of a financial thriller.
Welcome to the crypto soap opera of the decade.
To recap the whole FTX saga about.
The central figure in this drama is Sam Bankman-Fried (SBF), the former CEO of FTX and the majority owner of Alameda Research, a trading firm with deep ties to FTX.
The recent filing from FTX’s Debtors revealed that company funds were used for some weird stuff.
Here’s the kicker: over $900 million was transferred to SBF simply labeled as “Cash Payment”
No elaborate explanations, just cold, hard cash.
Why did nobody notice?
No one questioned?
Was it even allowed?
The list also shows a $2.5 million payout to the American Yacht Group for none other than ex-Alameda co-CEO Samuel Trabucco.
It seems that Mr. Trabucco, shortly before announcing his resignation from the company, decided to indulge in the high seas with a yacht purchase.
How did these C-level executives move such astronomical sums of money without raising any eyebrows?
I always thought financial transactions are scrutinized down to the last penny.
Cryptocurrency, which was supposed to bring transparency and decentralization to finance, sometimes seems to operate in a realm of shadowy deals and hidden agendas.
It’s a classic case of the new world of finance mirroring the old.
But honestly, is it possible to do so much wrong without anyone calling it out?
In a world where whistleblowers and investigative journalists have uncovered major financial scandals, how did these transactions slip through the cracks?
We only started asking questions about FTX when it self-imploded.
The truth is, the cryptocurrency space is still largely unregulated, and while that can lead to innovation, it also opens the door to abuse.
It’s a double-edged sword that crypto enthusiasts have been grappling with for years.
As for SBF and his associates, the consequences might be severe.
Justice department prosecutors have alleged that SBF “misappropriated and embezzled FTX customer deposits” for various purposes, including personal enrichment and political donations.
The legal storm clouds are gathering, and it’s possible that SBF and his gang of “crypto cowboys” may face some extended stays in less-than-luxurious accommodations like prison cells.
It will take years before SBF and his gang of thieves finally shake hands with justice.
I am still amazed how $900M in “cash payments” can be transferred so blatantly and openly without anyone asking anything.
-
Would you whistle-blow your boss?
-
#Cryptocurrency #FTX #SBF #CryptoDrama #FinancialTransparency #Regulation #Innovation #CryptoScandal #900M #millions #cryptoland #scandals #embezzlement #yacht
I love writing about FTX only because it is so amazingly, whimsically fantastical.
Its like a Hollywood movie.
As more revelations surrounding FTX unveils, the stories coming out are juicier and more ridiculous.
Over $900 million in “Cash Payments,” a yacht purchase, and a cast of characters straight out of a financial thriller.
Welcome to the crypto soap opera of the decade.
To recap the whole FTX saga about.
The central figure in this drama is Sam Bankman-Fried (SBF), the former CEO of FTX and the majority owner of Alameda Research, a trading firm with deep ties to FTX.
The recent filing from FTX’s Debtors revealed that company funds were used for some weird stuff.
Here’s the kicker: over $900 million was transferred to SBF simply labeled as “Cash Payment”
No elaborate explanations, just cold, hard cash.
Why did nobody notice?
No one questioned?
Was it even allowed?
The list also shows a $2.5 million payout to the American Yacht Group for none other than ex-Alameda co-CEO Samuel Trabucco.
It seems that Mr. Trabucco, shortly before announcing his resignation from the company, decided to indulge in the high seas with a yacht purchase.
How did these C-level executives move such astronomical sums of money without raising any eyebrows?
I always thought financial transactions are scrutinized down to the last penny.
Cryptocurrency, which was supposed to bring transparency and decentralization to finance, sometimes seems to operate in a realm of shadowy deals and hidden agendas.
It’s a classic case of the new world of finance mirroring the old.
But honestly, is it possible to do so much wrong without anyone calling it out?
In a world where whistleblowers and investigative journalists have uncovered major financial scandals, how did these transactions slip through the cracks?
We only started asking questions about FTX when it self-imploded.
The truth is, the cryptocurrency space is still largely unregulated, and while that can lead to innovation, it also opens the door to abuse.
It’s a double-edged sword that crypto enthusiasts have been grappling with for years.
As for SBF and his associates, the consequences might be severe.
Justice department prosecutors have alleged that SBF “misappropriated and embezzled FTX customer deposits” for various purposes, including personal enrichment and political donations.
The legal storm clouds are gathering, and it’s possible that SBF and his gang of “crypto cowboys” may face some extended stays in less-than-luxurious accommodations like prison cells.
It will take years before SBF and his gang of thieves finally shake hands with justice.
I am still amazed how $900M in “cash payments” can be transferred so blatantly and openly without anyone asking anything.
-
Would you whistle-blow your boss?
-
#Cryptocurrency #FTX #SBF #CryptoDrama #FinancialTransparency #Regulation #Innovation #CryptoScandal #900M #millions #cryptoland #scandals #embezzlement #yacht
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