by Brian Shilhavy, Health Impact News:
Three years ago, in early November of 2022, one of the largest financial scams of all time was unfolding when the equivalent of a “bank run” happened when the crypto exchange FTX saw $6 billion of withdrawals in a 72-hour span.
Many investors, including Blackrock and celebrity athletes such as Stephen Curry and Tom Brady, lost hundreds of millions of dollars almost overnight.
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Tony Blair, Bill Clinton and Sam Bankman-Fried on stage at the Crypto Bahamas conference. Source.
Billionaire Sam Bankman-Fried, who was ranked the 41st-richest American in the Forbes 400, saw his fortune evaporate almost overnight, and now sits in a federal prison serving out his 25-year criminal conviction for fraud.
Here is an article about this that I published at that time:
Crypto Currency Billionaire Loses Fortune Almost Overnight as Crypto Ponzi Business Exposed – The Beginning of the Great Reset?
Excerpts:
November 8, 2022 will obviously be remembered in history as the day of the U.S. mid-term elections, but could another event that happened yesterday eclipse even the national elections?
Earlier this year I warned that cryptocurrencies were NOT safe havens to protect financial wealth, when Coinbase, the largest US crypto exchange service, announced that they had cut off 25,000 Russian wallets.
As I noted then, I have never felt comfortable putting major resources into cryptocurrencies for several reasons, the most obvious one being that it is dependent upon “the system,” which requires, among other things, electricity and a working Internet.
New problems with cryptocurrencies were exposed yesterday, when the equivalent of a “bank run” happened when crypto exchange FTX saw $6 billion of withdrawals in a 72-hour span, resulting in them reportedly stopping the process of withdrawals yesterday.
Some big investors, including Blackrock and celebrity athletes including Stephen Curry and Tom Brady, were heavily invested in FTX.
Sam Bankman-Fried, once featured on the cover of Fortune Magazine as potentially the next “Warren Buffet,” and has now reportedly lost 94% of his $16 billion fortune, may be better compared to Bernie Madoff, as ZeroHedge News found an interview he did a few months ago where he admitted that crypto yield farming is basically a Ponzi business.
Further reporting about Sam Bankman-Fried and FTX claimed massive corruption with things like money laundering occurring in Ukraine, as well as the lavish lifestyle of Sam Bankman-Fried and his FTX cohorts participating in sexual orgies.
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