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- SBF and his three trustfull associates ‘under supervision’ by authorities.
- The CEO of the largest exchange is the major hidden suspect to be involved.
- They are struck from everywhere.
Does SBF Reign Ends Here ?
Talks of SBF’s arrest at the pavement of Bahamas airport ignited new flames. SBF, founder of FTX, exchange’s co-founder Gary Wang and Director of Engineering Nishad Singh are said to be ‘under supervision’ in the hands of regional authorities.
The three executives and CEO of Alameda Research, are expected to run to Dubai.As unnamed sources- “Right now three of them, Sam, Gary, and Nishad are under supervision in the Bahamas. Which means it will be hard for them to leave”.
SBF was knowing that the FTX will crash and his exchange will bankrupt. He signals of fleeing from its HQ in a long Twitter thread as on 10 November-
“All of the stakeholders would have a hard look at FTX governance.
I will not be around if I’m not wanted.All of the stakeholders–investors, regulators, users–would have a large part to play in how it would be run.
Solely trust.”
According to CNBC, the crypto exchange in its 23 page long filing, it possesses 100,000 plus creditors and assets accounting for $10 billion to 15$ billion. Additionally, total liabilities ranging in between $10 billion to $50 billion.It is considered as the worst week in the crypto industry.
In comparison to Lehman Brothers Crash, which was held on September 15, 2008, due to degradation of pending credits and more than $600 billion of assets collapsed. They also filed Chapter 11 and even now stays the largest bankruptcy filing in US history.
‘Foes’ in Face of Friends
Rumors about the CEO of the world’s largest exchange’s involvement at the backend in the FTX crash are countered. He is also the real ‘Marcus Brutus’ in this conspiracy of downfall. The CEO announced the volume sellout of FTT tokens in the market openly
Then fake ‘Savior’ exchange suddenly pulls their leg out of the non-binding agreement of buyout of the sinking FTX.On Wednesday, they announced that they would no longer acquire stating it as a result of “corporate due diligence” and “news reports regarding mishandled customer funds”.
SBF is the main part of this biggest whole twist and turns. Was SBF really unknown from the collapse? According to the Coin Republic, on 10 November, 2022, the examination of the crash was announced by the State of California’s Department of Financial Protection and Innovation (DFPI).
Also the Securities Commission of the Bahamas freezed all the assets of the crypto exchange and suspended its registration in the United States.The case is going under serious investigation and new further suspicious facts are yet to come.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
