Tag Archives: Coinbase

Athletes Sued Over FTX Fraud

November 19, 2022EconomizingAbu Dhabi Finance Week, Alameda Research, Binance, BlockFi, Brain Armstrong, Changpeng Zhao, CNBC, Coinbase, con artists, corruption, cryptocurrencies, CZ, David Ortiz, Doctor Doom, Edwin Garrison, Florida, FTT token, FTX, Gisele Bundchen, Glenn Beck, Golden State Warriors, Kevin O'Leary, Mark Cuban, Marty Bent, Miami, Naomi Osaka, Nouriel Roubini, ponzi scheme, Robert Gouveia, Sam Bankman-Fried, Shaquille O'Neal, Stephen Curry, Tom Brady, Udonis Haslem, VoyagerCall Me Stormy

NFL quarterback Tom Brady and Shark Tank host Kevin O’Leary are among the celebrities named in a class-action lawsuit filed in Miami, Florida. The celebrities all had endorsed FTX, a cryptocurrency firm whose multi-billion dollar bankruptcy has sent shock waves rippling across the globe.

Current estimates are that FTX lost at least $11 billion, although some analysts believe the final tally could be as much as four to five times higher. Coinbase CEO Brian Armstrong wonders how everyone was fooled.

Edwin Garrison of Oklahoma and other FTX investors filed the lawsuit against the celebrities. Those named include not only Brady and O’Leary, but also NBA stars Stephen Curry, Shaquille O’Neal and Udonis Haslem, the Golden State Warriors, high-fashion model Gisele Bundchen, MLB’s Shohei Ohtani and David “Big Papi” Ortiz, and No. 1 women’s rated tennis player Naomi Osaka, as well as the comedian Larry David. More from Robert Gouveia, Esquire.

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Cryptocurrency expert Marty Bent describes FTX’s scandal in an interview with Glenn Beck. “Sam Bankman-Fried [SBF]… a wunderkind, that is going to be the next trillionaire and it seems that he was just running a big fraud Ponzi scheme in the literal sense for many years. I’ve been suspicious of SBF and FTX specifically for a bit over a year… Their whole origin story is a bit odd and that starts with Alameda, the trading company. Then FTX spun out of that.”

He continues, “…exchanges will launch what they call an exchange token by Binance has BNB, FTX has FTT… they premine a token… they’ll release that to their users and their users can buy that token… they’ll only release a certain amount to market to freely float and then the hold the rest so they’re able to inflate the value of those tokens pretty easily with some spoof trading… that is what FTX did…” More from Red Voice Media.

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Economist Nouriel Roubini has denounced the cryptocurrency market as an “ecosystem that is totally corrupt,” and described some of its big players as “con men” after a major exchange collapse. Speaking at Abu Dhabi Finance Week, he criticized Binance CEO Changpeng Zhao, known as CZ, and called for his crypto exchange to become the subject of careful scrutiny from regulators.

There were “seven Cs of crypto: Concealed, corrupt, crooks, criminals, con men, carnival barkers, and finally, CZ,” Roubini said at a panel hosted by CNBC. Roubini, a New York University professor and chief executive of Roubini Macro Associates, came to prominence after predicting the financial crisis of 2008-09. Wall Street dubbed him ‘Doctor Doom.’

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FTX Explained In 99 Seconds

November 18, 2022EconomizingAlameda, Balaji Srinivasin, Barbara Fried, Barstool Sports, Bernie Madoff, Classic Kev, clawback, Coinbase, cryptocurrencies, David Portnoy, David Solomon, Democrats, fraud, fraudulent conveyance, FTX, Gary Gensler, Genco Capital, George Soros, Goldman Sachs, Hillary Clinton, Irving Picard, Joe Biden, Joseph Bankman, law professors, lookback, Nobody Special Finance, ponzi scheme, Robert Gouveia, Sam Bankman-Fried, slush fund, Stanford University, U.S. Securities and Exchange Commission, unjust enrichment, voidable preferenceCall Me Stormy

The collapse of Sam Bankman-Fried’s FTX/Alameda empire has been swift and spectacular. I could talk about it for hours. But there’s no time for that. Here’s a mountain of crypto-fraud mayhem crammed into 99 seconds. More from Nobody Special Finance.

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Now, if you have a bit more time — about 20 minutes — you can watch this second video that dives into more detail on this sordid scandal. Learn about Sam Bankman-Fried’s connections, not only with heavyweight politicians but also with financial leaders, including Gary Gensler, the chairman of the U.S. Securities and Exchange Commission.

Are these connections the reason Bankman-Fried hasn’t had his ass hauled into jail? After all, the Biden administration FBI can raid Donald Trump’s Mar-A-Lago home, but these agents lack the energy or focus to arrest a fraudster who ripped billions of dollars off American investors in a ponzi scheme rivaling that of Bernie Madoff?

Even if you don’t have 20 minutes, you should catch Barstool Sports’ founder David Portnoy’s tirade near the opening of this video. It’s a mouthful! More from Classic Kev.

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More evidence surfaces that FTX Founder Sam Bankman-Fried may have been using customer funds to support Democrats across the country. Balaji Srinivasin assembles the data. In 2020, the vegan SBF was the second largest donor to the campaigns of Joe Biden and other Democrats. Only George Soros ponied up more lavish outlays to the leftist rats.

Robert Gouveia provides the breakdowns, concluding that SBF and his FTX Foundation might have donated as much as $190 million to politicians, leaf-leaning non-profits, think tanks, academics, journalists and assorted riffraff. Gouveia draws heavily upon rabbit-hole research done by Genco Capital. who tweeted “When you realize that SBF was likely a left-wing agent, it all makes sense as to why SEC Chair Gary Gensler was working with SBF to obtain a ‘regulatory monopoly.’ Makes sense why Gensler has been going after Coinbase – FTX’s competitor. Gensler was finance chair for [Hillary] Clinton.”

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Cryptocurrencies Taking Off

April 16, 2021Consumer Chatterbitcoin, cashless society, Coinbase, cryptocurrencies, Ethereum, Josh Sigurdson, Nasdaq, World Alternative MediaCall Me Stormy

We are witnessing an historic time period for cryptocurrencies that will linger for many years. World Alternative Media’s Josh Sigurdson reports on the massive move for Bitcoin, as the resistance has been broken and the price has skyrocketed to nearly 65,000!

Meanwhile, another cryptocurrency, Ethereum, has hit an all-time high and Coinbase has gone public on NASDAQ. As governments push forward a centrally planned cashless society with social credit scores, millions of people appear to be moving toward the cryptocurrencies as a hedge against surveillance. Here’s more from the Sigurdson, who explains the difference between a decentralized cashless alternative and a centrally planned cashless society.