FTX Wallets Just Got Emptied
Whoever was emptying the wallets at the bankrupt crypto exchange was taking everything.
FTX’s general counsel Ryne Miller didn’t know why the money was moving…
Why This Might Have Been An Inside Job
Could this be the getaway plane?
Update: apparently not. Reportedly, SBF is “under supervision” in the Bahamas.
As it turns out, both of Sam Bankman-Fried’s parents are law professors. Knowing good lawyers may come in handy for him.
In any case, this seems like terrible news for the whole crypto complex. In my previous post (“Fading The Post-CPI Rally“), I mentioned buying puts on the bitcoin miner Riot Blockchain, Inc. (RIOT). I wouldn’t want to be long any name associated with crypto on Monday.
Saturday Evening Updates
A good summary of the FTX saga prior to Friday night’s brazen theft:
Our correspondent Anatoly Karlin, who predicted the Russian invasion of Ukraine and, before that, the COVID crash, predicted FTX’s downfall too (although it didn’t require Bitcoin to drop as low as he thought).
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