[☕️ C&C NEWS ☙ Sunday, November 13, 2022 ☙ ALICE IN CRYPTO LAND 🦠 You're not going to believe this FTX story. It's a covid pandemic wrapped in Epstein's Island. Jeff Childers]
...Now, let’s get to the big story. Maybe the biggest story this year.
Unregulated crypto was nice while it lasted. Meet Sam Bankman-Fried, 30, the youthful nouveau-riche “founder” of a bizarre Ponzi scheme concealed behind stacks of opaque buzzwords and constructed on a mountain of lies, political shenanigans, deep-state hanky-panky, and of course Ukrainian mega-fraud.
Late this week, the unkempt 30-year-old went from boasting about his $15.6 billion net worth to having “no material wealth,” in about two days.
That was two months ago. To answer Fortune’s question, no, Bankman-Fried is not the next Warren Buffet. He’s more like the next Elizabeth Holmes, or maybe Bernie Madoff, except stupider. But, through his parents, he was politically well-connected, and he constantly babbled a lot of confusing high-tech words that dazzled reporters and investment advisors who had no idea what Sam was actually talking about.
Neither did Sam.
Sam admittedly has a short attention span. In a September 2020 interview published in full on Sequoia Capital’s website, Sam told investment analysts that, “I would never read a book.” Questioned by the interviewer, Sam explained, "I'm very skeptical of books. I don't want to say no book is ever worth reading, but I actually do believe something pretty close to that. I think, if you wrote a book, you f**ked up, and it should have been a six-paragraph blog post."
He wouldn’t like C&C, obviously.
Sam also bragged about his unusual work style. In a series of tweets in February 2021, Sam admitted “I’m famous for playing League of Legends while on phone calls. I’ll also try to avoid restarting my RAM (*sleeping) if possible. One side advantage of [sleeping on] the bean bags: if I sleep in the office, my mind stays in work mode, and I don’t have to reload everything the next day.”
As you read this, Sam is busily trying to get out of Dodge, take a powder, make himself scarce...
...He might not be as broke as he makes out. The UK Telegraph ran a story this morning headlined, “At Least $1bn in Investor Assets Missing After FTX Collapse – Reports.” It’s just missing! The story claims the money was transferred into Sam’s hedge fund.
Not only that, but yesterday, media reported that another $370 million was just stolen from FTX by “hackers.” In other words, by people with access and technical skills. Like maybe a skedaddling founder.
Anyway, Sam Bankman-Fried should be okay, in case you were worried about him.
Sam got his hyphenated last name from his parents, Joseph Bankman and Barbara Fried. Barbara is a Standard law professor who writes on topics like “distributive justice,” a code word for marxist anti-Constitutionalism. Barbara launched a democrat PAC in July 2018.
Joe Bankman also a Stanford law professor, a clinical psychologist as well as a lawyer, who has testified before Congress about the “problems” posed by a “cash economy.” In other words, Joe Bankman is often the government’s expert on how getting rid of cash would help crush tax avoiders.
Unconfirmed reports suggest that Sam’s entire family is part of the democrat machine. For example, I saw claims that his brother, Gabe Bankman-Fried, is the founder of "Guarding Against Pandemics,” was a Legislative Correspondent for the US House of Representatives, and is an advisor to large political donors in the Democrat party. Other commenters said Sam’s aunt Linda Fried is a WEF member on the Global Agenda Council on Aging.
Sam Bankman-Fried started FTX in May, 2019, a few months after his mother started her own PAC, and thirteen days after Joe Biden announced his presidential campaign. The new company would become so successful so quickly that Bankman-Fried would become the second-largest Biden donor, right behind our good friend George Soros.
FTX is headquartered in the Bahamas, where Sam lives in a luxury penthouse suite with ten roommates. Or, “lived” until quite recently.
Fox News reported that Bankman-Fried was the second largest democrat donor in this election cycle, blasting at least $38 million at leftist causes, PACs, and candidates. Earlier this year, Sam told reporters he planned to spend between $100 million and $1 billion on the presidential election in 2024, to help keep democrats in the White House.
Politico reported that Bankman-Fried was a “top resource” who democrats went to when lawmakers first began considering how to regulate cryptocurrencies, because of Sam’s “willingness to write multimillion dollar checks to boost Democrats.” Blockchain Association Executive Director Kristin Smith described book-hater Bankman-Fried as “the darling of Washington policy circles.”
Of course. The dumber they are, the easier they are to manipulate.
Both Sam and his company FTX are completely broke. FTX filed for emergency Chapter 11 bankruptcy protection late Friday afternoon. The collapse appears to have been precipitated by a failed attempt to sell the defunct company to one of its competitors, Binance, which backed out earlier last week after getting one look at FTX’s horrible financials.
FTX had two products. It created a brand-new cryptocurrency, called “FTT,” created a cryptocurrency exchange (like the stock market), and traded in “cryptocurrency derivatives,” a highly-complicated type of investment that almost nobody understands. Very few people understand cryptocurrency either. So it was an inscrutable product multiplied by an incomprehensible investment vehicle.
In an investment call that somehow dazzled heavyweights like Blackrock, Sam told analysts, “I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. You can send money in whatever currency to any friend anywhere in the world. You can buy a banana. You can do anything you want with your money from inside FTX.”
Bananas! Sounds great! In fact, it sounds a lot like failed startup Theranos’ literally unbelievable “blood tests on a microchip.” But pre-election investors slurped FTX up without question. For some reason.
The enigmatic nature of what FTX actually sold must be the reason everybody thought Sam Bankman-Fried was a financial genius, or at least an expert. He must have been a genius, if he could understand how all that stuff worked, books or no books. Exactly how the illiterate 30-year-old sold his fake wares to unquestioning investors is currently unclear.
What we know for sure is that Sam went from being an unread but politically-connected zero in May 2019 to a billionaire in a few months, just in time to donate a metric ton of politico-bucks and help Biden (and other democrats) win the 2020 election.
Bankman-Fried’s instantaneous success sort of reminds one of Jeffery Epstein’s dramatic rise from high-school teacher to international mystery man of finance, doesn’t it? I wonder if there’s a black-ops procedure sheet on this type of thing.
Apparently raising no red flags at all, Sam staffed his skyrocketing companies with friends and paramours. For example, the “next Warren Buffet” hired a nerdy 28-year-old and co-girlfriend to run FTX’s investment arm, Alameda Research. At least she’s read a book.
In this next interview clip, Alameda’s CEO Caroline Ellison, who was handling over $20 billion, admits she’s not very good at math.
She might not be good at math, but she does have good connections. The current head of Biden’s SEC is Gary Gensler. Gensler used to work for Glenn Ellison at MIT. Glenn Ellison is Caroline Ellison’s dad. So.
In April, Biden’s SEC gave FTX a clean bill of health.
FTX got customers to buy its FTT currency, deposit their money into the crypto exchange, and purchase its derivative products as an “investment.” Quite successfully, too. According to an industry report, over the last three years, the exchange grew to handle nearly 11% of about $2.4 trillion in derivatives traded globally every MONTH.
Somehow, FTX’s reported revenues grew by 1,000% to $1.02 billion in 2021, from just $89 million in 2020 and of course, $0 in 2018. By the time it filed bankruptcy last week, FTX had over 1 million customers.
Believe me, that’s the short version. But everything I just shared are the facts we know for sure right now. This is where things start to get REALLY weird.
Let’s go down the FTX rabbit hole.
Everything after this point is assembled from independent researchers, not confirmed media sources, but looked credible. I’m not vouching for anything. Consider this next section to be a discussion of “developing facts.”
Sam Bankman-Fried first started his research company, Alameda Research, in 2017. Here’s its logo:
Notice the pizza-slice-shaped figure in the middle? So have a lot of Anon folks, who learned a few years ago that the wound-up triangle shape resembles notorious pedophile imagery.
Maybe it’s just a coincidence. But also coincidentally, Sam’s self-selected avatar’s t-shirt features a double-heart shaped image that ALSO resembles a known pedophilic symbol:
Apropos of nothing, Sam has been described as one of Bill Clinton’s newest friends:
The crypto world is breaking rumors of unsavory activities at Sam’s swanky Bahamian penthouse, where he lived with 10 of his closest friends and co-workers.
And some folks are wondering about this next story, which broke about a week before FTX’s implosion. The founder of one of FTX’s competitors died suddenly and unexpectedly, right after darkly tweeting about a CIA-run pedophile entrapment ring being run out of the “Caribbean islands.”
The Bahamas are “Caribbean islands.”
Back in March, Ukraine officially “partnered” with FTX to launch a crypto “donation website,” but it appears that Ukraine has also invested money into FTX, or at least, directed money into FTX.
The Ukraine-FTX partnership was announced on March 6th. A few days later, Nancy Pelosi and Chuck Schumer announced that former comedian Zelensky would be allowed to address the entire U.S. Congress:
The next month, in April, Pelosi personally visited Mr. Zelensky — right in the middle of the war zone. For something that couldn’t be accomplished with a zoom call.
Let me spell it out for you. In other words, it looks like the U.S. sent military-aid money to Ukraine, Ukraine sent money to FTX, and then FTX sent money back to democrat politicians, PACs, and nonprofits for the elections.
You get the idea.
What can I tell you? You will be completely unsurprised to find out that the World Economic Forum was also promoting FTX.
