Disgraced FTX founder Sam Bankman-Fried is hiding out within the Bahamas, the place he’s allegedly trying to get better “misplaced” funds. “I hate what occurred and deeply want that I had been extra cautious,” Bankman-Fried passively instructed reporters at CNBC after inflicting his personal clients to lose billions in crypto. Nobody goes to lend that man a penny or contact FTX.

FTX filed for Chapter 11 on November 11, and John Ray III, the person who restructured Enron, is now CEO. Ray mentioned that he’s hoping for a bailout however mentioned the state of affairs is dire and the worst failure he has witnessed in his 40-year profession. FTX’s stability sheets have been “unaudited and produced whereas the Debtors [FTX] have been managed by Mr. Bankman-Fried,” in keeping with Ray. As there isn’t a correct bookkeeping, it could not be “applicable for stakeholders or the Court docket to depend on the audited monetary statements as a dependable indication of the monetary circumstances.” Ray believes a “substantial portion” of FTX’s holdings have been both stolen or lacking.

Sam Bankman-Fried mentioned he needs FTX didn’t file for chapter as he personally now not can management the corporate’s restructuring. FTX and 100 subsidiaries situated in Delaware are beneath chapter 11, however FTX Digital Markets, based mostly within the Bahamas, is separate and Bankman-Fried believes he has some shot at nighttime with these belongings. “F— regulators, they make every part worse,” the 30-year-old tweeted. Regardless, the cash is gone.

A deep pretend video started circulating over the weekend of Sam Bankman-Fried:

“Hiya everybody. As you understand our FTX alternate goes bankrupt,” the deep pretend of Bankman-Fried mentioned within the video. “However I hasten to tell all customers that you shouldn't panic. As compensation for the loss we have now ready a giveaway for you in which you'll be able to double your cryptocurrency. To do that, simply go to the location [redacted].”

The video tried to reap the benefits of victims by asking them to enroll in a pretend crypto giveaway. The video is a whole lie – that isn’t Sam Bankman-Fried, and the victims is not going to obtain compensation. What folks should perceive is that there isn’t a report of those funds present wherever. Nobody is aware of who labored for FTX, as all fundamental data has been shielded. These mysterious workers have been inspired to make use of software program that robotically deleted messages, and so they typically spoke in code. Alameda Silo, Ventures Silo, and Bankman-Fried’s different entities allegedly invested in holdings however didn’t maintain a report of their actions. There isn’t any checklist of financial institution accounts, signatories, or proof of debtors’ creditworthiness. Nobody is aware of how a lot cash FTX ought to have or the place the funds have gone.

Don’t imagine these deep fakes and don’t imagine something Bankman-Fried says, whether or not a deep pretend or not. As Ray defined, “Mr. Bankman-Fried shouldn’t be employed by the Debtors and doesn’t communicate for them. Mr. Bankman-Fried, at the moment within the Bahamas, continues to make erratic and deceptive public statements.”

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