FTX’s money isn’t insured, FDIC says

JackMorgan · Aug 22, 2022

GlobalMacro90 said:
This fuktard is worth 12 billion, is 30 years old, and promised to give it all away to benefit society.

What have you ever done except for continually post messages on this forum with no substance?
More...

give away his ill gotten gains by running a massive con game ?

lol, you drank the k00l aid , cherry or grape ?

ph1l · Nov 30, 2022

Ignore this post (browser hung, and I requested it be deleted)

ph1l · Nov 30, 2022

The news is not all bad for Sam Bankman-Fried because his money might be FDIC-insured (assuming he's not one of those crypto bros that doesn't use banks).
https://nypost.com/2022/11/30/sam-bankman-fried-claims-he-only-has-100000-left-in-his-bank-account/

FTX’s Sam Bankman-Fried claims he only has $100K left in bank account
By
Thomas Barrabi
November 30, 2022 9:24am
Updated

Sam Bankman-Fried said FTX's implosion has drained his bank account.Bloomberg via Getty Images
SAM BANKMAN-FRIED
The crypto bro has gone crypto broke.

Disgraced FTX founder Sam Bankman-Fried claims he has just $100,000 left in his bank account after the implosion of his cryptocurrency empire.

The remarks Monday marked Bankman-Fried’s first attempt to explain his current personal wealth during intense scrutiny over his handling of FTX’s finances. The firm’s new leaders have condemned Bankman-Fried’s management of the company as they navigate a disastrous bankruptcy.

“Am I allowed to say a negative number?” Bankman-Fried told Axios regarding his personal finances. “I mean, I have no idea. I don’t know. I had $100,000 in my bank account last I checked.”

“It’s complicated. Basically everything I had was just tied up in the company,” Bankman-Fried added.

Sam Bankman-Fried’s net worth was valued at nearly $16 billion earlier this month.
CQ-Roll Call, Inc via Getty Imag
The paltry sum would be a dramatic plunge from Bankman-Fried’s estimated net worth of $16 billion before FTX collapsed this month. Bloomberg placed the value of FTX’s US branch at just $1 and removed Bankman-Fried’s $575 million stake in the retail stock trading platform Robinhood from its math after Reuters reported it was held by the now-defunct firm Alameda Research.

The extent of Bankman-Fried’s personal wealth will face constant review as officials seek to recover FTX funds. In a recent court filing, FTX said it owed its top 50 creditors a whopping $3 billion, while Reuters previously reported that at least $1 billion in client funds – and potentially much more – is still missing.

Bankman-Fried secretly transferred $10 billion in FTX client funds in a failed bid to prop up Alameda Research and its risky bets, according to Reuters. Alameda, FTX’s sister company, has since been shuttered.

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The luxury penthouse at the Albany Club in the Bahamas has been put on sale after Sam Bankman-Fried stepped down as CEO.
Seaside Real Estate/ Bahamas MLS

He listed the penthouse on the market for $40 million.
Seaside Real Estate/ Bahamas MLS

The luxury penthouse is located in Albany, Bahamas.
Albany Bahamas

The complex is considered "ultra-exclusive."
MEGA
Bankman-Fried’s interview with Axios did not address claims in bankruptcy court that the FTX founder treated the company as if it were his “personal fiefdom.”

FTX’s new legal team alleged that Bankman-Fried and his close associates at FTX pillaged the company’s coffers, spending some $300 million on Bahamas real estate – with most of that money used to acquire mansions and beachfront property.

Separately, the Wall Street Journal reported that Bankman-Fried cashed out $300 million last year just after FTX closed a $420.69 million fundraising round. At the time, Bankman-Fried reportedly told FTX investors the money was a partial reimbursement because he bought out rival platform Binance’s stake in the firm.

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A townhouse in DC is also linked to Bankman-Fried.
Bright MLS

Gabe Bankman-Fried is SBF's younger brother and head of the nonprofit.
Bright MLS

The townhouse is located on 3rd Street, NE, Washington ,DC.
Bright MLS
What do you think? Post a comment.
The allegations cut against Bankman-Fried’s attempts in recent years to portray himself as a humble, T-shirt-and-shorts-wearing benefactor to handpicked progressive causes and Democratic political candidates.
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Pekelo · Nov 30, 2022

ph1l said:
The news is not all bad for Sam Bankman-Fried because his money might be
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...Democrat and Republican insured. Also in real estates.

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FTX’s money isn’t insured, FDIC says

JackMorgan

ph1l

ph1l

Pekelo