FTX Fraud Gets More Ridiculous as More Layers are Revealed

Weeks later it’s hard not to talk about the sordid mess that is the $32 billion FTX collapse. The more layers get peeled back, the more ugliness is revealed. Given the contagion of FTX’s fall on crypto as a whole, and the way lawmakers are cynically using SBF’s grift as an excuse for regulatory overreach, it’s going to be on our radar for quite a while.

What makes it such a farce is that FTX is not a failure of crypto at all, but rather a base but complex swindle that gets more ludicrous with every reveal. Take for instance this latest:

So BlockFi is a creditor to FTX that lent to Alameda that lent to Emergent which is a shell company owned by SBF that bought Robinhood shares that were pledged as collateral to guarantee to BlockFi the loan to FTX that was used to bailout BlockFi itself. - @ayko2718 9:29 PM · Nov 28, 2022

It was an ouroboros of fraud that shouldn’t be used to tar the crypto community.

At Silvermint, we’re putting as much thought into innovation in our ethics and our legal structure as we are into our technology. We have a zealous commitment to radical transparency, distributed governance, aggressive compliance and distributed yields. We will create a network owned and operated by the world for the benefit of everyone that participates.