FTX – End of honeymoon for this “boy band” in the Bahamas

While the FTX platform continues to sink, tongues are wagging about the real situation of this company and its various offshoots. And the least we can say is that the deeper we dig, the less surprising the current situation seems. With the chief operating officer a “boy band” consisting of 10 people. at the center of all decisions. And the employees were kept in total ignorance until the last moment. Not to mention the pseudo bailout plan of Justin Sun…

It’s hard to talk about anything other than the FTX affair this weekend. It must be said that new discoveries and disappointments in this case follow one another at breakneck speed.. The latest official collateral damage is BlockFi, which is quick to blame its current difficulties on this ongoing disaster.

Meanwhile, a decision by the West Indies Securities Commission ordered the freezing of FTX funds deposited in the Bahamas.. For it is in a luxury penthouse in this paradisiacal territory that the epicenter of this carnage is located. And to speak of a strong centralization is an understatement in this case….

FTX – A “boy band in the Bahamas.

The announcement is official. The Bahamian regulator has just requested the freezing of FTX Digital Markets’ funds. in its territory. But it also the appointment by the Supreme Court of a provisional liquidator. to deal with this thorny issue. For it was from this part of the world that Sam Bankman-Fried and his team ran this digital empire. A group of ten co-tenants amassed by the former billionaire during his young life. Most of them during his tenure at quantitative trading firm Jane Street. And others at the time of his studies in the Massachusetts Institute of Technology.

” The Commission is committed to working with the provisional liquidator to seek the best possible outcome for FTX’s customers and other stakeholders. “

Bahamas Securities Commission

Nothing wrong with that. Except that only these 10 people were probably aware of the catastrophic state of the investment structure’s finances. Alameda Research, the first step in the collapse of this empire. With internal management that the Bahamian regulator cautiously describes as potentially illegal. Mainly due toa possible internal bailout of Alameda Research with FTX customer funds.. For the fact is revealed, on condition of anonymity, by former FTX employees: if the company’s managers “moved or entered their own numbers, I don’t know who would notice.”

But one would have to be blind not to have seen the aggressiveness of this “gang of kids” in the cryptocurrency business. However, it is clear that even their employees did not see it coming. So much so that they have told the media. Decipheralso on condition of anonymity, that ” when (they) saw CZ’s tweet saying that Binance was going to buy FTX, (they) honestly thought that it was wrong. But then Sam’s tweet came to confirm it.”

Justin Sun – A dubious “rescue plan.

An opacity worthy of the worst companies in traditional economics. And a still warm corpse over which other scavengers try to make more and more money. Like the sulfurous and often hated Justin Sun and his network. Tron (TRX). Another cryptocurrency billionaire behindA “bailout plan” only for token holders of his ecosystem tokens (TRX, BTT, JST and SUN).. And for good reason, its price immediately skyrocketed on the moribund FTX platform, which is currently cut off from the world.

” This means FTX customers get pennies on the dollar while Tron makes a ton of money. The TRX cryptocurrency will be auctioned on FTX because it is the only way out, but once people take it out, they will have to sell it back at market price with huge losses on their original holdings. “

Leo Glisic

Yes, that’s right, the TRX cryptocurrency is currently trading at a price of about $0.30 on FTX.while it costs only $0.06 on the official market. A price you have to pay multiplied by 5 to try to buy a ticket outside this FTX platform. But this unfortunately is not the worst, as other tokens of this ecosystem are exploding such as BTT, JST and SUN whose prices. sometimes skyrocket by more than 1000%.A rescue plan worthy of Justin Sun’s reputation!

So much for the twists and turns of the FTX collapse….