Tom Brady and other celebrity promoters sued by crypto investors

Posted by Ed 18 days ago 

U.S. crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including NFL quarterback Tom Brady and comedian Larry David, claiming they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. 

The proposed class action filed on Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States. 

The lawsuit seeks damages from Bankman-Fried and 11 athletes and other celebrities who promoted FTX, including David, the creator of "Seinfeld" and "Curb Your Enthusiasm." 

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Ed 18 days ago
The Next Crypto Domino to Fall?

Major crypto player Genesis Global Capital suspended customer redemptions in its lending business on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action.


FTX filed for bankruptcy protection in the United States on Friday in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. After a flurry of tweets and interviews by Bankman-Fried, FTX said he "has no ongoing role" at the company and does not speak on its behalf. 

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Ed 17 days ago,c_limit,f_webp,q_auto:good,fl_progressive:steep/
Sam Bankman-Fraud: Game Planet Pavlovian Humans - FTX, Online Poker & Social Media Zero sum games where both the criminals and their victims all get dopamine fixes.

This substack has previously exposed the crimes of Sam Bankman-Fraud, who was nothing more than the crypto “genius” CEO version of Bernie Madoff meets Elon Musk.

FTX was always inextricably tied to the WEF, UN, Democrat party, Wall Street, and all of the other criminal One World Gov entities.

But an incredibly important and grossly underreported fact about FTX and their criminal chief regulatory officer further sheds light on their true origin story:
The FTX chief regulatory officer was Daniel Friedburg behind the Poker cheating scandals at UltimateBet and AbsolutePoker and instrumental in the cover ups. 

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Ed 15 days ago
Hong Kong's leading crypto retail operator says it ceases trading as FTX fallout roils sector

A leading cryptocurrency retail service provider in Hong Kong said it has ceased trading as the broader fallout from the collapse of FTX, and solvency issues at other major crypto firms, continues to roil the sector.

Genesis Block, which at one time operated one of Asia's biggest bitcoin ATM networks, said it would be closing down its over-the-counter trading portal on Dec. 10, according to an email to customers sent by its compliance department reviewed by Reuters.

"We have ceased trading, as we don't know which counterparties would fail next, so we would rather close out all our positions to regain some of our liquidity," chief executive Wincent Hung told Reuters this week.

The company is also asking customers to withdraw their funds, the email shows, and will not accept new customers. 

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Ed 14 days ago
Let's take a look at the 'Mastermind' behind FTX 

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Ed 14 days ago
Collapsed cryptocurrency exchange FTX had ties to Ukrainian government, WEF, and top Biden adviser

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Ed 13 days ago
An interesting explanation of Cryptocurrencies - watch

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Ed 13 days ago
CRYPTO KINKO: FTX bro's ex Caroline Ellison on BDSM, orgies, pills

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Ed 11 days ago
I Agree: Don’t Regulate Crypto, Let it Burn. Making Good Progress on its Own
By letting it burn, it won’t get big enough to cause major contagion outside of crypto.
Lose $1.7 billion on $519 Million in Revenue? Bitcoin Miner SPAC Core Scientific Shows How. Bankrupt a Year after Going Public?  Consensual hallucination was required to pull this off.

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Ed 6 days ago
BlockFi, 8 Subsidiaries File for Bankruptcy: Smooth & Efficient Crypto Contagion Continues
And it happens again. Crypto outfit BlockFi Inc., which was founded in 2017, and eight affiliates – BlockFi Trading, BlockFi Lending, BlockFi Wallet, BlockFi Ventures, BlockFi International Ltd., BlockFi Investment Products, BlockFi Services Inc., and BlockFi Lending II – filed for Chapter 11 bankruptcy today in the US Bankruptcy Court for the District of New Jersey.
BlockFi International Ltd., which is incorporated in Bermuda, filed for bankruptcy with the Supreme Court of Bermuda.
BlockFi had halted withdrawals when FTX collapsed, and at the time hired bankruptcy counsel. Any fiat and cryptos anyone had on these platforms is now part of the bankruptcy proceedings.
In the bankruptcy filing, BlockFi Inc. checked the box that said it has “more than 100,000” creditors, and it checked the box that said it owed those creditors between $1 billion and $10 billion.

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Ed 2 days ago
How FTX staff spent absurd amounts on food

The FTX crowd certainly don’t seem to have restricted themselves to a Swatch lifestyle – at the company headquarters, they were allowed free groceries, “pop-up barbershops and bi-weekly massages” and chartered planes to bring their purchases across because Amazon doesn’t deliver to the Bahamas. Employees in the USA were allowed a budget of $200 a day for DoorDash deliveries – that’s enough to feed seven Morgan Stanley juniors at the going rate for late working allowances.

What were they spending it on? Sam Bankman-Fried himself certainly doesn’t seem to have eaten out much – on December 30, he was posting slightly depressing recipes on social media and he doesn’t drink or eat meat. The Bahamas are a sandy group of islands which import most of their food and consequently have comparatively few vegan options.

But somebody ran up a $55,000 tab at the Margaritaville resort on the island; it’s the second biggest creditor listed in the bankruptcy filing. Looking through the food and drinks menu, cocktails there seem to be priced at about $15 a go and bar meals around $20. So a team of ten, having two drinks each and something to eat, would be charging a little more than $600 a visit, including tip. At that rate, they’d need to be going there every single evening, assuming that the resort wouldn’t let invoices go unsettled for more than ninety days.

Unless there’s another explanation – it’s possible that FTX used the resort as temporary accommodation for staff that weren’t invited to the penthouse – someone has been hitting the expenses like a TradFi banker.

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Ed 2 days ago
There's a major disconnect here -- Watch

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