“This is just taking money from customers and using it for your own purpose, not sophisticated at all.” – John Ray caretaker CEO of FTX
I’m going to explain why people should be MORE outraged at SBF losing $8 billion dollars of individuals money as I am. Here is my understanding of what happened, correct me where I’m wrong.
FTX had 5 million international clients who deposited billions of dollars into FTX to buy shit coins. He took their money and bought the naming rights to the Miami Heat Stadium, did Super Bowl commercials with Tom Brady & Larry David, bought a 60 million mansion to house employees in the Bahamas, and donated millions to political parties and “charities” for reasons that will slowly come to light who is criminal.
Here he is with Maxine Waters, the Chairwoman of the House Financial Services Committee.
Here he is with Bill Clinton, Tony Blair, Katy Perry, and the prime minister of the Bahamas at a private function FTX held to give you some idea of who is involved in this fiasco.
He also spent hundreds of millions on terrible investments bailing out more shit coin cronies in the crypto space. Essentially, a terrible business owner practicing “effective altruism” which is what fooled people. Effective altruism is donating all the money you make because you’re completely selfless but in reality it’s code for stealing individuals money and squandering it on bad investments in an amphetamine blaze of glory.
They even have Mr. Wonderful behind them!
Where’s the Money?
To put this in perspective to a normal person and why I’m outraged. If you owe the IRS $1 million, they’ll email you daily and you’ll go to jail. If you owe them $10 million, they’ll knock on your door and take you to jail. If you owe them $100 million, you’re top priority and going to jail. Most people don’t even know what a billion dollars is and this is 8! This guy lose 8 billion dollars and is now playing the dopey I didn’t know anything.
It’s incredible that anyone believes this smart, MIT grad, guy didn’t know what he was doing. Sam (Stortz) made the comment that he heard or thinks that SBF genuinely thought he was doing good but that’s inane because it’s like saying, “I’m running my business, and I think it’s doing good, but these numbers just aren’t adding up”. I get that $8 billion dollars can get away from you in a hurry when everyone is telling you you’re a god, but this guy is a piece of shit who is WAY smarter than he’s letting off. He knew what he was doing, it spiraled away from him, he probably didn’t just double down, but tripled and quadrupled, and up to who knows how many times and he deserves to go to jail for a long, long time. All the people who were on his side deserve to be punished too and that goes up to the very top of this corrupt government. Pfizer is probably laughing their ass off right now and thanking the heavens for SBF. For the love of god let’s make an example of this clown.