/biz/ - Business & Finance

[Anonymous No.52485379]

This is the guy who restructured Enron, top fucking kek

[Anonymous No.52485425]

>>52485379
source?

[Anonymous No.52485448]

>>52485379
Makes sense since Enron was a calculated and controlled fraud and FTX is just college kids

[Anonymous No.52485505]

>>52485425
this has the same document number but i dont see that little quip in there
https://www.rkc.llc/post/ftxtradingltd

[Anonymous No.52485550]

hehe

[Anonymous No.52485682]

>such a complete absence of trustworthy financial information

Well duh, it's supposed to be trustlesa, this is the future of finance

[Anonymous No.52485727]

>>52485505
here
>https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf

[Anonymous No.52485950]

what a shit show

[Anonymous No.52486036]

liquidation for thee but not for me

[Anonymous No.52486175]

[Anonymous No.52486215]

Words, words, words.
All this effort to try to justify your antisemetism and bring down someone poor innocent soul who just happens to be one of the chosen people. Shame on you.

[Anonymous No.52486221]

>>52485379
Enron despite its faults was a real company and actually had some assets and some real business.

FTX is much more like Madoff so they should have appointed the guy who untangled that mess.

[Anonymous No.52486545]

>>52486221
Madoff underwent Chapter 7 liquidation. They're gonna try to restructure this turd under Chapter 11 cause it could be a company worth $100,000 in annual revenue, you never know.

[Anonymous No.52486569]

>>52486545

You gonna buy the dip?

[Anonymous No.52486644]

>>52486175
>Auto deleting business decisions
Holy shit take notes anons this level of kikery comes only every few centuries

[Anonymous No.52486778]

>>52486545
Imagine shorting the company after it leaves Chapter 11 to $0.
Seriously, what is there left to save from this shit?
FTX is radioactive and no one will ever want to touch it again.

Can they not switch it to Chapter 7 instead and just end this catastrophe?
Why keep alive the avatar of absolute Jewish corruption?

[Anonymous No.52486846]

>>52486221
>>52486545
This is far worse than madoff. Almost 90% of funds investors actually put in were recovered from madoff, because he just put the money into a bank. He didn't actually lose it all. Most of the loses were paper gains the clients supposedly had but didn't withdraw. And those that did withdrawal, a lot was clawed back.

In this case, there is nearly $14bn in liabilities, most USD and "real" crypto like BTC, against less than $10bn in assets, a big chunk of which are FTX minted shitcoins where they hold 90% of the supply, and many billions of completely illiquid VC investments.

FTX users will be lucky to get 20-30 cents on the dollar.

[Anonymous No.52486901]

WOW, ya're stupid af! Try Bspin. it is easy even for you.
>Online Casino with Bitcoin main currency
>Players deposit, play and withdraw BTC without any additional conversion.
>Many different deposit methods.

[Anonymous No.52486909]

>>52486778
They're trying to salvage SBF's reputation and blame CZ for everything.

[Anonymous No.52486916]

>>52485379
>unsophisticated
Why are these rats so damn stupid, where's their fabled IQ

[Anonymous No.52486917]

>>52486846
>FTX users will be lucky to get 20-30 cents on the dollar.
You mean FTT holders also? I converted 6 figures in crypto to stake in FTT on FTX to winter bear market

[Anonymous No.52486923]

>>52486846
10c if theyre lucky, i thinking zero realistically

[Anonymous No.52486964]

>>52486917
>You mean FTT holders also? I converted 6 figures in crypto to stake in FTT on FTX to winter bear market

[Anonymous No.52486976]

>>52485379
>>52485727
Looks like they really do have more assets than liabilities, 9 billion more according to those numbers. Could people actually be made whole?

[Anonymous No.52486981]

>>52486917
It’s gone lol

[Anonymous No.52486998]

>>52486917

Rip your portfolio bro

[Anonymous No.52487032]

>>52486976
>illiquid shitcoin valuations
It's why they were insolvent in the first place.

[Anonymous No.52487033]

>>52486976
And they don't even seem overexposed to crypto, it's mostly on Alameda's balance sheet and they have about the same amount of crypto liabilities. If their crypto assets as all FTT, that's just -4 billion, still 5 billion more than needed to cover liabilities

[Anonymous No.52487065]

>>52486917
I mean anyone who had an FTX intl account, all balances of USD, crypto, or otherwise will likely lose most of it.

[Anonymous No.52487074]

>>52487032
Look at the document. Alameda Silo is the big one and crypto is just a fraction of it

[Anonymous No.52487114]

>>52487074
Oh wait, that's still unaudited, those are just claims made by SBF

[Anonymous No.52487116]

>>52486976
>9 billion
in fully diluted ftt and serum and other sol garbage mostly, kek

[Anonymous No.52487202]

>>52486917
pls be joking

[Anonymous No.52487229]

>>52487116
And also that was recorded in September by SBF himself. Essentially irrelevant now.

[Anonymous No.52487248]

>>52487074
>$13,459,165
>amount shown in thousands of U.S. Dollars
Truly incomprehensible numbers..

[Anonymous No.52487283]

>>52487248
means 13 billions

[Anonymous No.52487289]

USA has no jurisdiction to restructure the company. It was founded and ran out of the Bahamas.

[Anonymous No.52487316]

>>52486976
Where are you getting that number? By the leaked balance sheets its seems like 9-something bn assets vs 8-somthing bn liability BEFORE they "found" the -8bn customer deposits. But also, they don't seem to know how much cash they actually have
>Because of historical cash management failures, the Debtors do not yet
know the exact amount of cash that the FTX Group held as of the Petition Date
Maybe they'll "find" another account with $8bn in it that they "forgot" about. If you used FTX I guess you still have some hope.

[Anonymous No.52487370]

>>52487289
The USA can basically do whatever it wants.

[Anonymous No.52487383]

peeps, throw away yar ideas. They're shit. take part in Bspin.

> Strong casino with a BTC as the playing currency.
> Huge Giveaway with 15,000$ Prize pool.
> Fast deposits with variety ways.

[Anonymous No.52487405]

>>52486976
Those numbers date back to September way before CZ launched his broadside, and the filing explicitly warns to not trust those numbers as they have a very good chance of being fudged.

[Anonymous No.52487429]

>>52487289
They don't, it was ftx that chose to file bankruptcy in the US

[Anonymous No.52487488]

>>52487316
The pdf
>>52485727
It's broken into 3 "silos" there, just add them up. Although this is self-reported and from September so not important

[Anonymous No.52487730]

>>52487488
it also doesn't seem to reflect the customer deposit hole
>The Dotcom Silo Debtors may have significant liabilities to customers through the FTX.com platform. However, such liabilities are not reflected in the financial statements prepared by these companies while they were under the control of Mr. Bankman-Fried

[Anonymous No.52487749]

>>52486036
lol, lmao even

[Anonymous No.52487783]

>>52486644
Yeah this is being run as a criminal enterprise. The auditing firm SBF used is about to face fraud charges as well I assume. The felony count is off the charts and this guy's dad is a fucking Stanford law professor!?!? Ross Ulbricht is doing life in prison for 1/10,000th of SBF's crimes.

[Anonymous No.52487823]

>>52486917
Well mtgox btc are getting disbursed, 10 years later. I think you're in for a long wait and should operate under that assumption.

[Anonymous No.52487946]

why wouldnt a govt appointed liquidator go in there and put more blame on immature clueless crypto culture as the reason for the failure? This guy is basically saying everything was put in a paper shredder, crypto is a scam, nothing to see here.

[Anonymous No.52488006]

>>52487946
Does he say much about crypto? All the stuff seems to be classic fraud/embezzlement stuff, nothing to do with crypto like
>I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas

[Anonymous No.52488060]

>>52486221
>>52486545
>>52486846
Both Enron and Madoff were fairly meticulous in their fraudulent record keeping. FTX is more reminiscent of Mt Gox in its complete lack of basic internal controls and accounting systems. However, unlike Karpelès, it appears that SBF was intent on committing fraud from day one. There have been many small-time investment advisors who gambled away client funds, but nothing at the magnitude of a $32 billion corporation with Superbowl ads. This sort of sloppy, blatant fraud has rarely been executed at such a massive scale.

[Anonymous No.52488087]

>>52486036
How have they not had a hack for so long?

There was one recently apparently, but still.

[Anonymous No.52488102]

>>52487823
> HODL Mode STATUS:
> ENABLED

[Anonymous No.52488147]

>>52488087
yeah lol imagine if you worked there and had access to those keys. I would have low key stolen those day one and been thinking how to pull off a heist.

[Anonymous No.52488235]

>>52485379
I'm curious how this works. Who appointed this guy John J Ray III? If it was SBF & co then that makes it even more hilarious.

[Anonymous No.52488349]

>>52488235
yes, when you declare bankruptcy to get creditors off your back and trying to sue you in the mean time while you liquidate. But once you do it you give up complete autonomy over your company, because chapter 11 involves a trustee assuming management and control of the estate. So SBF could have not declared bankruptcy and resigned, but then all the people trying to get their money out could start suing him, and they'd have to defend, or eventually get court judgements against them and assets seized. that's why you declare bankruptcy

[Anonymous No.52488668]

>>52487202
Not surprising, considering he made his wealth by cooking the books on his failing company and unloaded the dog turd on Mattel. It is still considered one of the worst acquisitions in business history.

[Anonymous No.52488731]

This whole thing basically proves that the engineers on /g/ don’t know shit about business. They always shit on accounting and finance. Guess what? If they had a halfway decent accounting and internal audit department, this probably wouldn’t have been such a shitshow.

>muh automation
>muh Python script can replace your accounting job

Tell that in court.

[Anonymous No.52489525]

>>52486909
Why would they do that when SBF himself is shitting on them on twitter now and stole user funds with his "hack" after that bankruptcy?
There is nothing to salvage.
He deserves a quick death penalty.

[Anonymous No.52489593]

>>52486644
literally every compliancy law the jew hoisted on us has been broken by these scum.

[Anonymous No.52489614]

>>52486846
the only ones that will walk away with any type of money will be the jew VCs.

[Anonymous No.52489632]

>>52488731
/g/ is engineers, they would never this cluster fuck like secret keys managed by an open admin account passed around.

This is a company run by academics who are all about theory, math, and not implementation combined with some extremist "effective altruism" world view, which is all about achieving maximum wealth so that when you are a trillionaire then you give it away, and this justifies any immoral means in the short term to achieve more personal wealth.

[Anonymous No.52489871]

>>52486846
>Almost 90% of funds investors actually put in were recovered from madoff
Not true kike. Madoff victims only received about 10% of their invested money, not the "gains" that was accounted for over the years.
So if a couple put in $100,000, and the account had a "value" of $1,000,000 ten years later, they MAY have had about $10,000 returned to them.
90-100% losses in most of Madoff's victims.

[Anonymous No.52489979]

>>52489871
this is where I got my figure:
https://www.justice.gov/opa/pr/justice-department-announces-total-distribution-over-4-billion-victims-madoff-ponzi-scheme
>In this distribution, payments will be sent to 27,219 victims across the globe, bringing their total recovery to 88.35%

but the madoff ponzi ran for decades so if you put in $100k or something you may have had like a mil in paper gains that wasn't recovered.

[Anonymous No.52490255]

>>52489979
Okay, I agree with that. The total fraud had a value of $65 Billion, and $4 Billion was recovered.
It's why Kevin Bacon is still pumping out as many movies and TV shows as he can:
https://ew.com/celebrity/kevin-bacon-lost-money-bernie-madoff-ponzi-scheme/

https://en.wikipedia.org/wiki/Kevin_Bacon_filmography

[Anonymous No.52490318]

>>52486917
If you're not joking, you will be getting much less than 1 cent on the dollar, not 20

[Anonymous No.52490361]

LOL. I can't believe the top product in this WORLD! So-called Bspin.

>Strong casino with a BTC as the playing currency
>On going giveaway with $15,000 prize pool.
>Huge amount of partnerships and funders.

[Anonymous No.52490424]

can someone tell me if pic related means SBF gave himself 1b of customer funds?

[Anonymous No.52490739]

>>52490424
Yes. Took the money out and when the trustee asked him wtf is going on, he said "it's a loan I just forgot to write down".

[Anonymous No.52490743]

>>52490424
Seems like it. Alameda was loaned customer funds from FTX with FTT as collateral, and then with that capital loaned SBF a cool billion dollars. We don't if this loan to SBF was with real or monopoly money, though.

[Anonymous No.52491733]

>>52486175
>>52486036
>>52485950
>>52485727
>>52485379
How the fuck are these people all not in jail right now?
>inb4 jewish + democrat donators + nepotism
Once upon a time people like this would be dragged out through the streets, stoned, and executed in public, deservedly so I might add.

[Anonymous No.52492144]

MRK makes Ebola stuff

[Anonymous No.52492264]

>>52489593
Jew just broke the jew pact of secrecy, and got excommunicated.

[Anonymous No.52492351]

>>52489525
>He deserves a quick death penalty.
But he is a jew.
They will find a way to jew his condemn, and change it for a lesser "bad-boy" pet. As long as from here he accepts to play whatever the higher ones say him to do.
But one thing is true. They will seek the destruction of cz for shooting down a jew member at his own game. They will never forgive this sacrilege.