Please try another search
Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames
Crypto exchange FTX’s former CEO, Sam Bankman-Fried publicly pledged to use his enormous and growing wealth to address global issues, stating that he wanted to prevent nuclear war and stop future pandemics. Bankman-Fried pledged in February last year.
The discovery precipitated the FTX collapse that Bankman-Fried had placed large sums of money into a risky Bitcoin investment called Bitcoin Cash which has since lost almost all its value.
Bankman-Fried claimed in a Forbes interview that he first got interested in crypto because it could be used to address global issues.
FTX’s failure and revelations have derailed those proclaimed lofty charitable promises that he combined FTX’s money with that of its customers.
As authorities look into FTX, the exchange’s lawyers claim that Mr. Bankman-Fried managed it as his own “personal fiefdom,” and new CEO John J. Ray has characterized a “complete failure of corporate controls” at the firm.
A few years later, after establishing Alameda Research in 2017, Bankman started FTX. FTX became one of the world’s top five crypto exchanges due to the rise in the price of Bitcoin and other digital currencies.
Although currently, the fall of the Bankman-empire has sent shockwaves through the halls of academia and cutting-edge labs worldwide.
Sam counterfeited billions in tokens via securities fraud, inflated that by billions more via accounting fraud, seized billions from customers via banking fraud, corrupted the establishment with the dirty money, then panic sold billions in stolen #bitcoin to crash the market.— Michael Saylor (@saylor) November 24, 2022
FTX’s other project, the Future Fund, awarded hundreds of grants totaling over $160 million to start-up businesses, “special people,” and organizations that promote effective altruism, according to its website.
The fund staff indicated in a letter of public resignation earlier this month that they were “devastated to say that it looks likely that there are many committed grants that the Future Fund will be unable to honor.”
Last week, Bankman-Fried communicated with a journalist at Vox, who said,
“You were really good at talking about ethics,”
Bankman-Fried responded that he had to be. He explained it as a dumb game woke westerners play using all the right shibboleths so that everyone likes them.
The post Sam Bankman Fried’s ‘Plans To Save the World’ Went Down in Flames appeared first on Coin Edition.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.