FTX’s Sam Bankman-Fried (SBF) Officially Charged With Conspiracy To Make Unlawful Political Contributions and Defraud the Federal Election Commission Update: Sam Bankman-Fried Charged on 12 Counts in the United States District Court for the Southern District of New York. In a related development, the unsealing of a superceding indictment in the the United States District Court for the Southern District of New York has revealed 12 charges, including eight conspiracy charges related to fraud as well as four charges for wire fraud and securities fraud. Bear in mind that SBF's original indictment in December 2022 contained eight charges. The superceding indictment also contained an additional charge for conspiracy to commit bank fraud. Source and full story - https://wccftech.com/ftx-sam-bankma...-and-defraud-the-federal-election-commission/
Next on the chopping list: Binance. And when Binance inevitably falls, Tether will go down with it. Possibly many others. Not really sure what's going to be left out of this mess when all the dust settles... not much, that's for sure.
BTC is back up at 22K-23K now... just saying it was like 13K last year... what a windfall... even with the sharp 1K drop today.
I cant see the masses of armchair investors jumping on it any time soon. As with (almost) all investments, only put in what you can afford to lose, and leave it for the long term.
Crypto bank Silvergate to close, return all deposits; becomes latest victim of 2022 crypto turmoil Silvergate Capital, which provided lending services to scores of businesses in the cryptocurrency industry, said Wednesday it will cease operations and liquidate its bank unit. https://finance.yahoo.com/news/crypto-bank-silvergate-close-return-040346693.html
^ they may be the latest "victim of crypto turmoil", but they might be the first to actually return deposits On a more serious note I get kind of irritated by the wording of "victim of crypto turmoil"... If the "turmoil" would have went the other way around, they'd be masterful and genius investors, if it doesn't work out they are victims? F that. They built their businesss model on highly speculative, non regulated assets with no inherant value in what they traded and worked with, and now they are a victim? They chose a business that came to an end, while it may not be clear it was far from unimaginable to end like this, and that's it. Nothing more to say, and actually, yahoo's editors should get a couple of PMs reminding them what they're actually talking about.
next few days will be interesting to watch. Does it bounce back and "business as usual", or it enters another panic stage...
Starting to see the aftershocks of the banking collapse. USDC (which should theoretically be ALWAYS at 1 USD) lost 5%* in basically hours, Tether goes up and down in market cap billions of $... rich holders are scrambling to avoid losses as much as possible by moving money around. Something somewhere has to give... *10% now, still going down, even accelerating. Looks like a full "bank run" is happening on this "stable"coin. 40 billion dollars about to evaporate. Note: I'm a poor person, basically living month to month. My bank account currently has less than €1000 which hopefully lasts me until the next salary... I follow markets and crypto for entertainment ;-)
Go usa go,banks failing 3 down,hope they do not lose usd dollar grip in the bond market to some asian country taking over the fake fiat dollar printing money like crazy in usa,This is actually mindboggling what the usa is doing. GOLD/SILVER/CRYPTO might be interesting
Like in previous financial crisis, the USA will pull their money from the rest of the world and make it global.
https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html Why regulators seized Signature Bank in third-biggest bank failure in U.S. history
Exiled Chinese billionaire Guo Wengui, an ally of Steve Bannon, arrested by FBI. Guo, 54, pitched three unregistered securities offerings to investors as a means of obtaining shares in GTV and a fourth offering as a means to obtain a crypto asset security called "H-Coin" that he falsely claimed was backed by gold reserves, the SEC said. "Since in or about April 2020, Guo has conducted fraudulent securities offerings that have collectively raised at least hundreds of millions of dollars from investors in the United States and around the world. Unbeknownst to those investors, Guo and his financial adviser, Je, misappropriated a large portion of the funds raised from certain of the Subject Offerings in order to enrich themselves and their family members," the SEC complaint said. Guo Wengui, an exiled Chinese billionaire with business ties to Steve Bannon, has been arrested on federal charges out of New York. Wengui owned the 152-foot-long yacht Lady May on which Bannon was arrested in August 2020. Guo and Bannon have been under investigation in connection with GTV Media Group, which the Securities and Exchange Commission previously accused of violating securities laws. MORE: Federal prosecutors looking into Bannon-backed cryptocurrency $FJB, say sources The FBI arrested Guo, also known as Ho Wan Kwok, Wednesday morning in New York on charges he orchestrated a $1 billion fraud. "Kwok is charged with lining his pockets with the money he stole, including buying himself, and his close relatives, a 50,000 square foot mansion, a $3.5 million Ferrari and even two $36,000 mattresses, and financing a $37 million luxury yacht," U.S. Attorney Damian Williams said. The SEC filed civil charges Wednesday that accused Guo and his financial adviser, Kin Ming Je, of "multiple offering frauds" that targeted retail investors through online and social media posts and videos. Another one bite the Dust ... Full Story and source - https://www.yahoo.com/gma/exiled-chinese-billionaire-guo-wengui-143532189.html
After some wild fluctuations, USDC is back to $1 where it should be... however, looking at the market cap, it still lost a lot customers: https://coinmarketcap.com/currencies/usd-coin/ The first deep well is caused by the depegging, but now it's just coin burning due to loss of value, and investors are getting rid of this 43.5 billion to 37.5 billion in just a few days is very AUCH. It might drop even further... seems that every day or so a whale cashes out 1B of them... --- Edit: Cap is now around 34 b, more than 3 billion lower than when I posted this.
Oh how the mighty have fallen , another miserable scum bag captured by the interpol... Interpol confirms arrest of crypto fugitive Do Kwon in Montenegro. Seoul/AtlantaCNN — Interpol says a man arrested in Montenegro is Kwon Do-hyeong, also known as Do Kwon, the disgraced founder of a collapsed crypto company who is wanted in South Korea and the United States on fraud and other charges. Kwon, a South Korean national, founded the blockchain platform behind the TerraUSD stablecoin and its sister coin Luna. Both coins lost their value in a matter of days in May 2022, wiping about $40 billion from the crypto market and setting off panic across the speculative sector. Kwon’s identity was confirmed through a fingerprint match, Interpol’s national central bureau in Seoul told CNN on Friday. Complete story and source - https://edition.cnn.com/2023/03/23/tech/south-korea-do-kwon-terra-fraud-arrest-hnk-intl/index.html
I remember this guy making the rounds of anti-commie news because he was also WANTED by them pesky commies for financial fraud, but the whole damn West propped him up as anti-commie. It's OK to defraud commies, not parasitic capitalists... Eff them fraudsters all and let them eat dirt and live poorer than the impoverished, whatever their currencies.
Y'know, I see all this crypto markets and specifically digital wallets as being the same as having all of your money in some tax haven somewhere in the world, but, someone can just withdrawn their money from the same bank and for some reason that makes your money worthless. If you own crypto currencies, in large amounts, the susceptibility of someone just being terrified of their multi-billon/million/trillion suddenly dropping in value to zero. If that is the case, I kinda get it, and I therefore must be honest in saying that if I had large quantities of money in crypto, I would be looking to cash out at the earliest opportunity, before someone else does the same and make my billions/millions/trillions become nothing. It is just not worth the hassle, so, if you want to 'invest' in something, invest in your own company that you own in part or full - or, perhaps leave the company you work for and put your savings into your own company. Maybe a tech website Just an armchair opinion on the side.
