07-20-2022, 10:54 AM
TIL That Sam Bankman-Fried is a Top Level Predator in the Cefi Liquidations Scheme
<!-- SC_OFF --><div class="md"><p>You might have thought that these crazy cefi yield/lending schemes blowing up left and right are just risky/mismanaged business models, or at worst, independent frauds. But TIL that they appear to be (legalized?) layered schemes in which SBF is an apex predator. </p> <p><a href="https://www.youtube.com/watch?v=BMGr4yyE1uc">https://www.youtube.com/watch?v=BMGr4yyE1uc</a></p> <p>A collaboration of SBF, FTX, Alameda, (others?): Are masquerading as an independent broker/MM/LP; who receive crypto and USD from intermediate fraudulent shell corporations; then ... - mark it as collateral/margin on behalf of these fraudulent corporations<br/> - transparently see the irresponsible leverage these entities are taking;<br/> - in fact <em>provide</em> that leverage to them;<br/> - have full knoweldge that these are circularly backed shell assets;<br/> - valued almost entirely based on the leverage that SBF himself is providing;<br/> - And assumes beneficial ownership after the inevitable margin call / liquidation. </p> <p>SBF and FTX then use those exact same assets to provide "emergency capital" to ... - a gain a beneficial position in a restructured version of the collapsed shell;<br/> - lock the the victims out of any ability to receive back their underlying assets;<br/> - convert the victims' claim into some derivate product of the shell company;<br/> - where they will promise to "create value" on an "improved and sound business model" ... </p> <p>... Which is really just corporate euphamism for: <em>"Just wait a few years until we can jumpstart a new cycle of leveraged fraud with a combination of central bank money printing and unbacked stablecoins"</em></p> <p>Cherry on top: He admits that FTX could backstop the market by just buying it all with the assets acquired in their layered fraud ... but that they won't because ... <del>they haven't liquidated enough victims assets yet</del> a responsible price has not been achieved per their economic models.</p> <p>Sorry to all of you that lost money to these scumbags. Hope you can get some of it back.</p> <p>Edit: <a href="https://www3.weforum.org/docs/WEF_AM22_Official_List_of_Participants.pdf">Did I mention he's part of the WEF</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/bawdyanarchist"> /u/bawdyanarchist </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w38cch/til_that_sam_bankmanfried_is_a_top_level_predator/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w38cch/til_that_sam_bankmanfried_is_a_top_level_predator/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>You might have thought that these crazy cefi yield/lending schemes blowing up left and right are just risky/mismanaged business models, or at worst, independent frauds. But TIL that they appear to be (legalized?) layered schemes in which SBF is an apex predator. </p> <p><a href="https://www.youtube.com/watch?v=BMGr4yyE1uc">https://www.youtube.com/watch?v=BMGr4yyE1uc</a></p> <p>A collaboration of SBF, FTX, Alameda, (others?): Are masquerading as an independent broker/MM/LP; who receive crypto and USD from intermediate fraudulent shell corporations; then ... - mark it as collateral/margin on behalf of these fraudulent corporations<br/> - transparently see the irresponsible leverage these entities are taking;<br/> - in fact <em>provide</em> that leverage to them;<br/> - have full knoweldge that these are circularly backed shell assets;<br/> - valued almost entirely based on the leverage that SBF himself is providing;<br/> - And assumes beneficial ownership after the inevitable margin call / liquidation. </p> <p>SBF and FTX then use those exact same assets to provide "emergency capital" to ... - a gain a beneficial position in a restructured version of the collapsed shell;<br/> - lock the the victims out of any ability to receive back their underlying assets;<br/> - convert the victims' claim into some derivate product of the shell company;<br/> - where they will promise to "create value" on an "improved and sound business model" ... </p> <p>... Which is really just corporate euphamism for: <em>"Just wait a few years until we can jumpstart a new cycle of leveraged fraud with a combination of central bank money printing and unbacked stablecoins"</em></p> <p>Cherry on top: He admits that FTX could backstop the market by just buying it all with the assets acquired in their layered fraud ... but that they won't because ... <del>they haven't liquidated enough victims assets yet</del> a responsible price has not been achieved per their economic models.</p> <p>Sorry to all of you that lost money to these scumbags. Hope you can get some of it back.</p> <p>Edit: <a href="https://www3.weforum.org/docs/WEF_AM22_Official_List_of_Participants.pdf">Did I mention he's part of the WEF</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/bawdyanarchist"> /u/bawdyanarchist </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w38cch/til_that_sam_bankmanfried_is_a_top_level_predator/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/w38cch/til_that_sam_bankmanfried_is_a_top_level_predator/">[comments]</a></span>