Remarkably, among the assets listed in the document was $4.1bn of related party loans extended by Alameda, $3.3bn of which was to Bankman-Fried both personally and to an entity he controlled. Bankman-Fried previously said that FTX had “accidentally” given $8bn of FTX customer funds to Alameda.>
(a) a group composed of Debtor West Realm Shires Inc. and its Debtor and non-Debtor subsidiaries (the “WRS Silo”), which includes the businesses known as “FTX US,” “LedgerX,” “FTX US Derivatives,” “FTX US Capital Markets,” and “Embed Clearing,” among other businesses;
(b) a group composed of Debtor Alameda Research LLC and its Debtor subsidiaries (the “Alameda Silo”);
(c) a group composed of Debtor Clifton Bay Investments LLC, Debtor* Clifton Bay Investments Ltd*., Debtor Island Bay Ventures Inc. and Debtor FTX Ventures Ltd. (the “Ventures Silo”);
(d) a group composed of Debtor FTX Trading Ltd. and its Debtor and non-Debtor subsidiaries (the “Dotcom Silo”), including the exchanges doing business as “FTX.com” and similar exchanges in non-U.S. jurisdictions. These Silos together are referred to by me as the “FTX Group.
Each of the Silos was controlled by Mr. Bankman-Fried. Minority equity interests in the Silos were held by Zixiao “Gary” Wang and Nishad Singh, the co-founders of the business along with Mr. Bankman-Fried.
And, as Bryce Weiner adds, there was also no record of any chats which were set to auto-delete, so there is no record of any internal communications.
Translation: if SBF avoids prison it is only because his tens of millions in (stolen) "donations" to Democrats have bought him a get out of jail for life card.
First of all, I doubt SBF has any real knowledge about how to set up and run a valid corporation, but I doubt that bothered him since he must have intended it to be a money laundering operation from the get-go, or his overlords did (whomever they are). Secondly, such a big mess makes unraveling what happened when and how extremely difficult, which SBF and overlords might have felt was to their benefit. Interesting, though, that their records seem to be at least somewhat (or maybe completely) accurate in terms of who got funds and, in light of the rest of the mess, isn't that odd.
Enron was a deep state money laundering scheme as well.
...how did that turn out...
Helped fund 9/11...
...howls...
...a billion here...
...and a billion there...
...pretty soon you're talking about REAL money....
Do we know who Alameda LTD is?
https://www.bloomberg.com/profile/company/1872413D:HK
https://www.crunchbase.com/organization/alameda-research
This is legit bonkers.
...valid observation...
The daughter of SEC chairman Gary Gensler
Not quite. Daughter of Gensler's old boss & friend.
Some names we can delve into:
(a) a group composed of Debtor West Realm Shires Inc. and its Debtor and non-Debtor subsidiaries (the “WRS Silo”), which includes the businesses known as “FTX US,” “LedgerX,” “FTX US Derivatives,” “FTX US Capital Markets,” and “Embed Clearing,” among other businesses;
(b) a group composed of Debtor Alameda Research LLC and its Debtor subsidiaries (the “Alameda Silo”);
(c) a group composed of Debtor Clifton Bay Investments LLC, Debtor* Clifton Bay Investments Ltd*., Debtor Island Bay Ventures Inc. and Debtor FTX Ventures Ltd. (the “Ventures Silo”);
(d) a group composed of Debtor FTX Trading Ltd. and its Debtor and non-Debtor subsidiaries (the “Dotcom Silo”), including the exchanges doing business as “FTX.com” and similar exchanges in non-U.S. jurisdictions. These Silos together are referred to by me as the “FTX Group.
Each of the Silos was controlled by Mr. Bankman-Fried. Minority equity interests in the Silos were held by Zixiao “Gary” Wang and Nishad Singh, the co-founders of the business along with Mr. Bankman-Fried.
...you need to make this a stand alone post...
...some groovy stuff here...
Your dish was my demand
...where we howl 1, we howl all...
...doggy winks...
Stunning. From the end of the article:
To summarize:
No record of any bank accounts
No record of any cash accounts
No record of any signatories
No record of any employees
No record of any payables or receivables
No record of any investments
No record of any decision-making
No record of any board meetings
No record of anything
And, as Bryce Weiner adds, there was also no record of any chats which were set to auto-delete, so there is no record of any internal communications.
Translation: if SBF avoids prison it is only because his tens of millions in (stolen) "donations" to Democrats have bought him a get out of jail for life card.
...and those are very nice to have...
First of all, I doubt SBF has any real knowledge about how to set up and run a valid corporation, but I doubt that bothered him since he must have intended it to be a money laundering operation from the get-go, or his overlords did (whomever they are). Secondly, such a big mess makes unraveling what happened when and how extremely difficult, which SBF and overlords might have felt was to their benefit. Interesting, though, that their records seem to be at least somewhat (or maybe completely) accurate in terms of who got funds and, in light of the rest of the mess, isn't that odd.
...this will prove the fallibility of crypto....
Everything was fallible when the foxes are the ones guarding the henhouse.
link to (22-11068, U.S. Bankruptcy Court for the District of Delaware) is dead. Anyone care to retrieve, or have they already hidden this from us?
https://bkdata.com/business-bankruptcies/delaware-delaware/11-11-2022/ftx-trading-11068
https://s.wsj.net/public/resources/documents/FTXFILING.pdf
https://archive.ph/OOfB5
https://archive.ph/mMR6Z