UAE has the capacity to become the actual incubator of the post-fiat world with the right diligence and enough capital. Dubai is now emerging as a new crypto power center and may anchor crypto bailout fund.
Sam Bankman-Fried's parents bought Bahamas vacation home with $121 million in FTX money. Professors of law Joseph Bankman and Barbara Fried from Stanford University were identified as signatories on a property in Old Fort Bay that was allegedly utilized as a vacation home.
Sam Bankman-Fried, the founder of FTX, which was, until last week, the world’s second-largest cryptocurrency exchange, is today facing prison time for allegedly defrauding his customers of billions of dollars. Bankman-Fried, 30, donated to many progressive causes allied with the “effective altruism movement,” including pandemic prevention and response.
IRS Criminal Investigations has seized $3.4 billion in bitcoin stolen from the Silk Road by a man named Zhong, who appears to have discovered a weakness in that dark-web market that in 2012 allowed him to somehow pull more coins out of accounts he made there than he had placed.
A cashless society would be the nail in the coffin for liberty and freedom, offering centralization, the likes of which Marx could only dream. The existence of a government backdoor or spyware becomes a real possibility, and given the State’s track record, a real likelihood. Then, of course, the ability to track, freeze, and even set expiry dates on money, will be marketed as “features” to protect the public.
FTX’s bankruptcy filing in the federal bankruptcy court on Thursday revealed many crazy things, like that most of FTX’s digital assets have not been secured.
The collapse of Sam Bankman-Fried and his fraudulent cryptocurrency empire at FTX is news at its most entertaining. Who doesn’t love the story of a bigshot billionaire revealed to be an outright fraud? It’s black-and-white. FTX owes billions in debt and doesn’t actually own a dime of the assets it claimed. Game over.
Many people believe that the government will shut down Bitcoin, but the chances of the government being able to ban it are low.
Breaking news throughout the first half of November has been dominated by coverage of the sudden collapse of FTX, one of the world’s biggest cryptocurrency exchanges.
Aseries of revealing texts and tweets by Sam Bankman-Fried, the disgraced CEO of FTX, the once high-flying but now belly-up crypto exchange, had the following to say about his image as a do-gooder: it is a “dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us.”
