Tag: ponzi schemes

‘FTX Has Been Hacked’: Crypto Disaster Worsens as Exchange Sees Mysterious Outflows Exceeding $600M

Submitted by: aka.attrition

Source: CoinDesk

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.

FTX bought the naming rights to the Miami Heat arena in March 2021. (Danny Nelson/CoinDesk)

The collapse of FTX, already one of the most spectacular disasters in financial history, worsened as hundreds of millions of dollars were drained from the cryptocurrency exchange hours after it filed for bankruptcy.

More than $600 million was siphoned from FTX’s crypto wallets late Friday. Soon after, FTX stated in its official Telegram channel that it had been compromised, instructing users not to install any new upgrades and to delete all FTX apps.

Continue reading “‘FTX Has Been Hacked’: Crypto Disaster Worsens as Exchange Sees Mysterious Outflows Exceeding $600M”

Crypto Crash Intensifies Amid Downfall Of Industry’s ‘White Knight’

Submitted by: aka.attrition

Source: https://www.forbes.com/sites/dereksaul/2022/11/08/crypto-crash-intensifies-amid-downfall-of-industrys-white-knight-bankman-fried/?sh=3b9e56225f9d

Crypto Crash Intensifies Amid Downfall Of Industry’s ‘White Knight’ Bankman-Fried

Bitcoin fell to a two-year low and the crypto market slid after a shocking run on billionaire Sam Bankman-Fried’s FTX cryptocurrency exchange and subsequent pact for an acquisition from rival Binance, as the crypto industry shook from the collapse of one of its foremost institutions.

Sam Bankman-Fried

Key Facts

Binance CEO Changpeng Zhao announced early Tuesday that his company signed a letter of intent to acquire FTX due to a “significant liquidity crunch” at Bankman-Fried’s firm.

Continue reading “Crypto Crash Intensifies Amid Downfall Of Industry’s ‘White Knight’”

Here’s Why Our Monetary System is a Giant Ponzi Scheme

Via International Man

Monetary System

Ponzi schemes keep going until the perpetrator is stopped from the outside. They never stop by of their own volition. Bernie Madoff kept going until it all blew up.

In the year 2000 the Nasdaq composite exceeded a P/E of 200 before collapsing 78% by October 2002. The more successful a Ponzi the more egregious the bubble and resultant pain. The granddaddy of Ponzi — far greater than anything we’ve seen before — is our monetary system.

Continue reading “Here’s Why Our Monetary System is a Giant Ponzi Scheme”