SBF BEGGED INVESTORS - page 2. | Bitcointalksearch.org

ultrloa

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Quote from: Rofiat10 on November 16, 2022, 07:37:41 PM

SBF Begged Investors for $7 Billion FTX Rescue Package In Final Days

FTX founder Sam Bankman-Fried is ready to save his crypto exchange from catastrophe by begging global investment big guns including Sequoia Capital for $7 billion, having splurged $10 billion in customer funds to prop up his trading firm Alameda.

Although Bankman-Fried insisted FTX and Alameda were separate entities, investor presentations showed the same assets appearing on both simultaneously - enabled by an aide tweaking FTX accounting software to hide transfers of funds between them.

Financial records also showed over $400 million in “software royalty” payments made by FTX to Alameda that were used to buy up the platform’s FTT digital coin to reduce supply and bolster its value.

After all things bad happen to FTX provably SBF cannot gain trust to big investors anymore because they will get a doubt on his management also with his credibility. Its clear right now that FTX is totally done and SBF is just finding ways to save his ass for the anger of people who still have balance on his platform. They really get a huge mess here and I believe alameda and ftx is controlled by same entity.

o48o

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Quote from: TravelMug on November 17, 2022, 03:59:42 AM

Again, it's SBF fault, he should have taken this very seriously, as he admitted that it was his own fault.

And then he is asking big investors to help him and salvage is FTX? for what assurance? his reputation has been damage and even if he says that he is willing to pay in the next 10 years, I doubt that huge investors are going to take his word as he has lost everything in this game.

The timing as well, the world is shambles, everyone is losing money right now so I doubt that they are investors willing to take that risk.

Well we bail banks out all the time and they wouldn't be able to pay either if we panicked and withdrawed our money. I totally understand that he wanted people to lend him money. Current financial system is based on everyone lending huge amounts to each other and claim they have money they actually don't have. I just listened to CZ interview about FTX and he was assuring that binance doesn't have loans and they are doing fine. I think i am trusting him at least when he is going to prove that.

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Quote from: goaldigger on November 17, 2022, 04:19:24 PM

Quote from: Jating on November 17, 2022, 02:11:22 PM

I don't think that begging will be enough from SBF to be able to salvage his FTX, he has caused a lot of money from investors, so I highly doubt that anyone is willing to lend him a hand right now.

Alameda did already, they will lend SBF a huge $1B and this is a good play for them after SBF investing to Alameda, it looks like this move is already planned before. Not sure about this but if FTX will come back, this is a good opportunity for everyone who lose their money to get away and take their money. FTX should compensate all the loses, what ever manipulation they are doing right now, I know it wont last and the truth will always prevail.

seems that SBF also wanted to save his face from all this drama. but in my opinion, SBF may have the chance to revive his platform. comparing it to DK of Luna, this one, i believe is hopeless. SBF is a known personality in crypto industry, and it seems that he wants to redeem himself on his latest move.
we will see in the coming days how he can make this strategy works. can he get out of this situation and at least prove one more time that he has the capability to manage this business.

Johnyz

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Quote from: el kaka22 on November 17, 2022, 04:46:32 PM

I do not really understand what happened, I mean I get it, it’s said that there was some hack or something but come on, it can't be hacked for 7 billion dollars, there is something bigger going on in here.

Definitely, there are big players controlling SBF with regards to this. It seems that he has a lot of connections and probably he will not face jail time at any moment. Alameda just approve the loan of SBF worth $1B, if that company still trust SBF or this is just a return of favor, we’ll find out. SBF should pay the damages, I don’t believe on those hacking incidents, something is going on with their system and SBF knows that.

el kaka22

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I do not really understand what happened, I mean I get it, it’s said that there was some hack or something but come on, it can't be hacked for 7 billion dollars, there is something bigger going on in here.

For an exchange, people deposit their money into the exchange, you just hold it, and the more they trade the more of their deposit they give to you as profit, from the trading fee. That means even if there was a hacking, it can't be that big, how would people withdraw it from your accounts, and even if they do, at some point you will stop them or move the money out. So, it doesn't make sense on HOW they lost this much money, they must have done something stupid for sure.

serjent05

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Quote from: tbct_mt2 on November 16, 2022, 10:45:28 PM

Quote from: DanWalker on November 16, 2022, 10:19:43 PM

FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

Talented is good but trusted is more important.

SBF being talented is now in question. He may be not be financially literate but he should have appointed someone who has the talent to run a financial organization. Though I agree being trust worthy person is way better than being talented.

Quote from: tbct_mt2 on November 16, 2022, 10:45:28 PM

Trust itself is not easy to achieve and it takes a lot of time as well as efforts to gain it. However, to destroy your trust, it is more easily and can be done quickly. Sam Bankman-Fried and FTX are very good examples on how trust can fall to zero in a short time.

It takes some time for the client to know the truth behind the activity of SBF. CZ was ready to take over the FTX since he trust that there are no irregularities that are happening in the exchange but when they look in depth of the exchange, they discovered all the mismanagement that made the exchange bankrupt, the reason why they back off at the last minute.

wheelz1200

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Quote from: DanWalker on November 16, 2022, 10:19:43 PM

FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

No one in theor right mind would bail Sam out on this one. Sam is NOT a smart business man. Who would have "loaned" Alemdea that money in the first place and at what point is ethics not talked about. This is still the wild west I love it lol. And honestly why do people use exchanges like a wallet service for him to even have access to that kind of dough. Shame on people for not learning. This WILL happen again.

goaldigger

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Quote from: Jating on November 17, 2022, 02:11:22 PM

I don't think that begging will be enough from SBF to be able to salvage his FTX, he has caused a lot of money from investors, so I highly doubt that anyone is willing to lend him a hand right now.

Alameda did already, they will lend SBF a huge $1B and this is a good play for them after SBF investing to Alameda, it looks like this move is already planned before. Not sure about this but if FTX will come back, this is a good opportunity for everyone who lose their money to get away and take their money. FTX should compensate all the loses, what ever manipulation they are doing right now, I know it wont last and the truth will always prevail.

DeathAngel

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The stench of absolute desperation. He is going to get what he deserves, hopefully a long jail sentence for ruining so many peoples lives. What him & his accomplices did is unforgivable, so many people trusted him & he betrayed them.

I know it’s dumb to store your wealth on exchanges for too long but that’s no excuse. He committee one of the biggest acts of fraud documented in modern financial history.

Throw him in jail & throw away the keys, his ugly gf & the others too.

$crypto$

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Quote from: TravelMug on November 17, 2022, 03:59:42 AM

Again, it's SBF fault, he should have taken this very seriously, as he admitted that it was his own fault.

And then he is asking big investors to help him and salvage is FTX? for what assurance? his reputation has been damage and even if he says that he is willing to pay in the next 10 years, I doubt that huge investors are going to take his word as he has lost everything in this game.

The timing as well, the world is shambles, everyone is losing money right now so I doubt that they are investors willing to take that risk.

Investors have lost their trust in SBF because of their own blunders, while begging for this they are not sure that there will be a help to save FTX, and chapter 11 has been filed, meaning that bankruptcy will still be felt by FTX and all customers will feel disappointed because their funds may be withheld, but That's how the trial will be decided.
I also don't believe in it It's all a mess at first they really believed in it and now they hate it.

Jating

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I don't think that begging will be enough from SBF to be able to salvage his FTX, he has caused a lot of money from investors, so I highly doubt that anyone is willing to lend him a hand right now.

It's his own wrong doings, he mismanage everything, he didn't have the money to begin with, all is running on fractional reserves and so when withdrawals happens, those who left their money behind can't withdraw and the messed started. For me it's time for SBF to be not delusional, but man enough to face the consequences of his actions.

asriloni

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It must be a shame for him. I personally think that if his attitude has been reflecting the true SBF. I meant he bet for investors to help him but he doesn't even care about the money got hacked a few days ago from FTX global. that being said that if this scenario already prepared by him.
He may securing remaining amounts of money and called that as a hacking incident. He was writing all of scenario for sure. SBF must be jailed as he was the true evil in the crypto. I do believe if there will be a relationship with the hacked case that happened a few days ago.

If investors gave him that big amounts of money to help FTX and im sure that he will be sending it again to the caroline. Called FTX and alameda was separated but both were having very close connection.

Any token invested by alamda listed on FTX instantly. What a joke from SBF. That guy was a clown.

Coyster

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I'm afraid there is no rescuing FTX/FTT, this was the same situation when terraform labs collapsed, there were quite a lot of talks of attempts at rescuing/resuscitating their collapsed ecosystem through LUNC/Terra Classic and the rest of them, but all of that was nonsense and doomed to fail which it did. Once you've lost customer/community trust, i am afraid there is no way to regain it, and Sam Bankman-Fried already lost every atom of faith and trust people in the crypto network have for him, remember that they didn't only go insolvent, but they were also hacked, no responsible business is going to put their money in a bid to rescue the dead exchange. SBF may try all he likes, but it is definitely going to be fruitless, and i can see him facing legal charges sooner rather than later, just like Do Kwon.

livingfree

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Quote from: Rofiat10 on November 16, 2022, 07:37:41 PM

SBF Begged Investors for $7 Billion FTX Rescue Package In Final Days

FTX founder Sam Bankman-Fried is ready to save his crypto exchange from catastrophe by begging global investment big guns including Sequoia Capital for $7 billion, having splurged $10 billion in customer funds to prop up his trading firm Alameda.

Although Bankman-Fried insisted FTX and Alameda were separate entities, investor presentations showed the same assets appearing on both simultaneously - enabled by an aide tweaking FTX accounting software to hide transfers of funds between them.

Financial records also showed over $400 million in “software royalty” payments made by FTX to Alameda that were used to buy up the platform’s FTT digital coin to reduce supply and bolster its value.

He's going to sell bonds to his new potential investors. I know that it could be hard for him but there will be people who likes betting and want to gamble with his company.

Maybe there could be friends of his friends that would still be willing to still trust him with their money.

But if he has done some things that shouldn't be done by a CEO to his company, he's likely to do it again.

TravelMug

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Again, it's SBF fault, he should have taken this very seriously, as he admitted that it was his own fault.

And then he is asking big investors to help him and salvage is FTX? for what assurance? his reputation has been damage and even if he says that he is willing to pay in the next 10 years, I doubt that huge investors are going to take his word as he has lost everything in this game.

The timing as well, the world is shambles, everyone is losing money right now so I doubt that they are investors willing to take that risk.

zasad@

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Quote from: Rofiat10 on November 16, 2022, 07:37:41 PM

SBF Begged Investors for $7 Billion FTX Rescue Package In Final Days

FTX founder Sam Bankman-Fried is ready to save his crypto exchange from catastrophe by begging global investment big guns including Sequoia Capital for $7 billion, having splurged $10 billion in customer funds to prop up his trading firm Alameda.

Although Bankman-Fried insisted FTX and Alameda were separate entities, investor presentations showed the same assets appearing on both simultaneously - enabled by an aide tweaking FTX accounting software to hide transfers of funds between them.

Financial records also showed over $400 million in “software royalty” payments made by FTX to Alameda that were used to buy up the platform’s FTT digital coin to reduce supply and bolster its value.

This is another circus from SBF. Sequoia Capital is a very large investment company in the market that has been in business for over 50 years and they have made billions. Look at which companies he invested in before the advent of cryptocurrencies.They won't give money to a junkie in shorts with hairy legs

tbct_mt2

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Quote from: DanWalker on November 16, 2022, 10:19:43 PM

FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

Talented is good but trusted is more important.

Trust itself is not easy to achieve and it takes a lot of time as well as efforts to gain it. However, to destroy your trust, it is more easily and can be done quickly. Sam Bankman-Fried and FTX are very good examples on how trust can fall to zero in a short time.

Quote from: GreatArkansas on November 16, 2022, 10:37:09 PM

It's really difficult to gain trust after what happened with FTX Exchange now. Some investors already accepted the reality and started to move on.

FTX is dead and in future, if Sam opens another company, another exchange, it is very difficult for him to raise fund and regain trust from cryptocurrency users.

Quote

But Sam Bankman-Fried seems still positive after all that happened, we still don't know what will happen in the future, they just filed Bankruptcy Chapter 11, and they told us that they will still cater to customers. As most affected here for me are those customers, retail customers, or small customers that used FTX Exchange for their live saving.

In paper, go bankruptcy with Chapter 11 is not the end of FTX and customers likely won't lose all their capitals. But how much will they be compensated is still unknown and how FTX can come back is very vague.

GreatArkansas

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Quote from: Rofiat10 on November 16, 2022, 07:37:41 PM

SBF Begged Investors for $7 Billion FTX Rescue Package In Final Days
(....)

It's really difficult to gain trust after what happened with FTX Exchange now. Some investors already accepted the reality and started to move on.
But Sam Bankman-Fried seems still positive after all that happened, we still don't know what will happen in the future, they just filed Bankruptcy Chapter 11, and they told us that they will still cater to customers. As most affected here for me are those customers, retail customers, or small customers that used FTX Exchange for their live saving.

DanWalker

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FTX's death was because SBF used user funds from FTX to transfer to Alameda, Alameda used that money for investment and mortgage lending, from that very reason led to the collapse of FTX. It makes me wonder if anyone will trust a man like SBF enough to support him and invest in him again. He is a really talented guy but with such a lack of transparency in his work, it is not worth trusting anymore and a debt of up to 8 billion is a very large number, this has caused Binance to refuse to buy back FTX because if they buy back FTX, it will also have to pay FTX's debt of 8 billion.

Rofiat10

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SBF Begged Investors for $7 Billion FTX Rescue Package In Final Days

FTX founder Sam Bankman-Fried is ready to save his crypto exchange from catastrophe by begging global investment big guns including Sequoia Capital for $7 billion, having splurged $10 billion in customer funds to prop up his trading firm Alameda.

Although Bankman-Fried insisted FTX and Alameda were separate entities, investor presentations showed the same assets appearing on both simultaneously - enabled by an aide tweaking FTX accounting software to hide transfers of funds between them.

Financial records also showed over $400 million in “software royalty” payments made by FTX to Alameda that were used to buy up the platform’s FTT digital coin to reduce supply and bolster its value.

Topic: SBF BEGGED INVESTORS - page 2. (Read 270 times)