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r/CryptoCurrency

4.0k

Posted by

Platinum | QC: CC 201

4 days ago

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FTX owned an $11.5 million stake in a tiny rural bank in Washington state with just 3 employees, bankruptcy hearing shows

msn.com/en-us/...

GENERAL-NEWS

569 comments

97% Upvoted

level 1

· 4 days ago

Tin

This isn't actually all that odd. It takes a lot of work to get a banking license, and you need your shit organized properly. Buying a small bank is often a back door to getting a license, which would be a natural part of a business plan for something like FTX.

1.0k

level 2

· 4 days ago

Bronze | GMEJungle 8 | r/WSB 231

Billions had an episode showing how annoying it was so they ended up buying a soon to Ben bankrupt check cashing place that had a license I think ? Or payday loans

Whatever the outcome is these people won’t get caught on basic fraud Reddit uncovers . They covered their ass on 99.9% of their actions . The governments job will be to find what that .1% is

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level 2

· 4 days ago

Bronze | QC: CC 19

What is odd is that FTX was organized enough to even attempt to get a banking license in the USA.

Farmington State Bank may have had legitimate bookkeeping, but all indications are that FTX and Alameda did not. Banking regulators would never have approved the sale. Shades of the Showtime series “Billions.”

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level 2

· 4 days ago

Sounds like the finance version of a startup looking to be bought out by Google or Facebook.

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level 2

· 3 days ago

Tin

While defending SBF is the last thing I’d do, I think it’s important to note that the $300M he cashed out was a legal, documented cash out as part of the previous $420M funding round.

That’s 100% on the investors for no oversight, due diligence, and giving him that option. (1/2)

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level 2

· 4 days ago

Tin | Startups 16

Cash deposits from weed sales dude.

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level 2

· 4 days ago

Platinum | QC: CC 646 | r/WSB 16

With the amount of political connections SBF had I would not be suprised either if he just got that license for no reason.

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level 2

· 4 days ago

Silver | QC: CC 307, ETH 41, BTC 25 | EOS 213

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level 2

· 4 days ago · edited 4 days ago

Platinum | QC: CC 34 | Buttcoin 16

Did you not read the article (I know the answer)?

First off, FTX only invested in the bank, they didn’t buy it. The bank was previously bought by a company whose chairman is also the chairman of Deltec, Tethers bank.

Second, FTX was an offshore company. The fact they invested in a bank with 3 employees for a huge multiple should have raised numerous red flags. It’s not something that they should have been allowed to do unchecked.

If after everything that’s happened with FTX you still think this doesn’t seem suspicious I have a ton of FTT tokens to sell you.

Edit: not surprised I’m being downvoted by a sub who rarely, if ever, actually reads the articles being linked to.

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level 1

· 4 days ago

Platinum | QC: CC 29

They didn't lose all that money in bad bets or high leverage. They stole it, they embezzled it.

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