As the FTX massacre continues to count bodies in this crypto winter, FTX former boss Sam Bankman-Fried keeps getting roasted on Twitter. Firstly, El Salvador’s President Nayib Bukele remarked that “Bitcoin’s (BTC) protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s.”
FTX is the opposite of #Bitcoin #Bitcoin ’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…
…bailouts and wealth reassignments.
Some understand it, some not yet.
We’re still early.
— Nayib Bukele (@nayibbukele) November 14, 2022
On the other hand, SBF started his Monday morning with a couple of awkward tweets. “What” and “H.” It seemed like the notorious FTX founder got arrested in the middle of a sentence. On top of that, popular Twitter parody account “Greg” answered back with “When” and “D.”
The moral conduct of SBF was also questioned by Dogecoin (DOGE) founder Billy Markus, a.k.a Shibetoshi Nakamoto, who weighed in on the situation: “This sums the last week up”, only to be followed by Twitter CEO Elon Musk’s “Damn!”.
— Elon Musk (@elonmusk) November 14, 2022
Bahamas Police Goes Ballistic On FTX
FTX went quickly from the second largest crypto platform around the globe to ruins, with an economy in dire straits. Today, The Royal Bahamas Police Force joined forces with the Securities Commission of the Bahamas (SCB) to launch a probe on FTX and Alameda, right after SCB froze the digital assets of FTX on Thursday. Besides, the embattled FTX crypto exchange signed the papers for Chapter 11 bankruptcy on November 11th, 2022.
Crypto World Faces More Confrontation
As if that wasn’t enough, FTX platform’s native token FTX (FTT) hit the skids today with 24.4% in the red, right after being delisted by Binance and unranked on CoinGecko. However, the Estonian crypto platform WhiteBit did a number on Binance today by announcing their intention to delist BNB (BNB). Previously, Tallinn-based WhiteBit made a name for themselves when they bought the Eurovision Song Contest Trophy from Kalush Orchestra for a generous $900,000.
At press time, FTX (FTT) trades at $1.44 according to CoinGecko. This marks a 93.6% deficit in the last seven days, with the FTX breakdown resembling a scene from The Office. Addressing this, Sam Bankman-Fried dropped a few hollow apologies on Twitter and promised to “do right by users.”
10) So, right now, we’re spending the week doing everything we can to raise liquidity.
I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work.
— SBF (@SBF_FTX) November 10, 2022
On the Flipside
- Today, FTX received over $1 billion in USD Coin (USDC) from Crypto.com for relief, according to popular crypto influencer Mr. Whale.
- Vitalik Buterin, the co-founder of Ethereum (ETH), agrees that SBF deserves getting roasted, but also addressed emotional issues the fallen enterpreneur might be facing.
Why You Should Care
FTX filed for Chapter 11 bankruptcy on November 11th, 2022, citing $1.7 billion of clients’ funds missing. Many popular cryptocurrencies were affected by the breakdown, including Bitcoin (BTC), Solana (SOL), DOGE, and others, with another $477 of what was left of FTX’s funds hacked on Saturday morning.