FAT JEW RAT: crypto firm FTX – Jew rat might have stolen $1-$2 billion from customers – JEW BACK DOOR ACCOUNTING SOFTWARE
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[The young fat Jew rat with the Afro-hairstyel Sam Bankman-Fried may have stolen billions of dollars. Ah! A Jew stealing BILLIONS? That's old hat! (The real Jews, steal TRILLIONS OF DOLLARS). But the young fat rat certainly did well for himself. If you read this carefully, he even had back doors in the accounting software so that he could move $10 billion WITHOUT IT TRIGGERING ANY ALARMS!!!!! Now that alone should show you, how these Jewish creeps are thinking ahead about the massive amounts of money they know they will need to steal in the future!!!! So he had all these weird changes made to the software! It seems that they can't account for $1-$2 billion. But the Jew rat seems to have been moving huge amounts around. Did the Jew rat really lose 94% of his wealth? I doubt it. They always ensure they "throw the money bags ahead" (to quote the excellent Brit David Irving). Jews don't need to throw the money bags ahead when they now merely press a few buttons on a computer. Now they can steal FASTER on a BIGGER scale. The Jew rat also talked various claptrap when they cornered him. So let's see how the Jew rat lies. But clearly he has stolen money and the money is gone. Did he steal his own company into bankruptcy? Or was it that the dodgy Jew company was going down and he then just stole to ensure that his fat Jew ass will be ok? At the moment the evidence suggests the latter. Just remember, here in the 2020s we're reliving 1920s-1930s Germany! Same old game. The only difference is the Jews are stealing on an even grander and more magnificent scale than ever in their demented history. I think, that eventually there won't be a White on this planet who hasn't been scammed multiple times by Jews. Just be aware, the collapse of FTX does not mean Bitcoin is finished. Bitcoin and other crypto run using their own independent methods. This has nothing to do with Bitcoin or other crypto. This has to do with this "exchange" company run by the Jew rat born in the 1990s. Let's see what happens, and if they ever manage to recover any of this money or whether the Jews have hidden it away so it can never be found. That is very likely. The Jew rats know how to play and cheat all the systems in all nations. Jan]
At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters.
The week that took down a crypto behemoth
A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.
While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time.
The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources. The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company’s finances by top staff.
Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto’s highest-profile collapse in recent years.
In text messages to Reuters, Bankman-Fried said he “disagreed with the characterization” of the $10 billion transfer.
“We didn’t secretly transfer,” he said. “We had confusing internal labeling and misread it,” he added, without elaborating.
Asked about the missing funds, Bankman-Fried responded: “???”
FTX and Alameda did not respond to requests for comment.
In a tweet on Friday, Bankman-Fried said he was “piecing together” what had happened at FTX. “I was shocked to see things unravel the way they did earlier this week,” he wrote. “I will, soon, write up a more complete post on the play by play.”
CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC.
Crypto’s white knight lost 94% of his wealth in a single day
At the heart of FTX’s problems were losses at Alameda that most FTX executives did not know about, Reuters has previously reported.
Customer withdrawals had surged last Sunday after Changpeng Zhao, CEO of giant crypto exchange Binance, said Binance would sell its entire stake in FTX’s digital token, worth at least $580 million, “due to recent revelations.” Four days before, news outlet CoinDesk reported that much of Alameda’s $14.6 billion in assets were held in the token.
That Sunday, Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX’s shortfall, the two people with knowledge of FTX’s finances said.
Bankman-Fried confirmed to Reuters that the meeting took place.
Bankman-Fried showed several spreadsheets to the heads of the company’s regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.
The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda’s assets, the sources said. The spreadsheets did not indicate where this money was moved, and the sources said they don’t know what became of it.
In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a “backdoor” in FTX’s book-keeping system, which was built using bespoke software.
They said the “backdoor” allowed Bankman-Fried to execute commands that could alter the company’s financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022. This year’s conference theme is "The Search for Stability in an Era of Uncertainty, Realignment and Transformation." Photographer: Ting Shen/Bloomberg via Getty Images
What’s next for crypto as FTX collapse triggers ‘Lehman moment’?
In his text message to Reuters, Bankman-Fried denied implementing a “backdoor.”
The U.S. Securities and Exchange Commission is investigating FTX.com’s handling of customer funds, as well as its crypto-lending activities, a source with knowledge of the inquiry told Reuters on Wednesday. The Department of Justice and the Commodity Futures Trading Commission are also investigating, the source said.
FTX’s bankruptcy marked a stunning reversal for Bankman-Fried. The 30-year-old had set up FTX in 2019 and led it to become one of the largest crypto exchanges, accumulating a personal fortune estimated at nearly $17 billion. FTX was valued in January at $32 billion, with investors including SoftBank and BlackRock.
The crisis has sent reverberations through the crypto world, with the price of major coins plummeting. And FTX’s collapse is drawing comparisons to earlier major business meltdowns.
On Friday, FTX said it had turned over control of the company to John J. Ray III, the restructuring specialist who handled the liquidation of Enron Corp – one of the largest bankruptcies in history.
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