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One thing to note is that FTX.us is an affiliated company that is onshore in the US, that does have compliance requirements, and FTX.us is currently not believe

One thing to note is that FTX.us is an affiliated company that is onshore in the US, that does have compliance requirements, and FTX.us is currently not believed to be insolvent/bankrupt. *This may not be true, there are rumors that I haven't looked into that FTX.us is halting withdrawals, which does not bode well.* FTX.com is some conglomeration of entities incorporated in Antigua, Bermuda, and the Bahamas[1]. FTX.com is the one that has blown up, and I won't pretend to know about the reporting requirements of such a complicated structure in multiple jurisdictions. Also, Sam Bankman-Fried owned 90% of Alameda Research as of last year. So unless that changed(I can't find evidence it has), it looks to me like he tried to bail himself out with customers' money. Presumably he thought he could return the money eventually and no one would be the wiser. So much for that. This is just my understanding and I am not an expert in these things. [1] https://help.ftx.com/hc/en-us/articles/360056976411 https://help.ftx.com/hc/en-us/articles/360056976411 [2] https://finance.yahoo.com/news/ftx-ceo-sam-bankman-fried-profile-085444366.html https://finance.yahoo.com/news/ftx-ceo-sam-bankman-fried-pro...

bogomipz 4y ago
Isn't it quite possible there might be contagion there though as well? For instance the NY Times had the following in a piece they just published: >"Mr. Bankman-Fried is also facing dissent from within the senior ranks of FTX. On Wednesday night, the general counsel for FTX’s U.S. arm wrote on an internal messaging system that he had “advised U.S. regulators of my instruction to founders to turn off functionality” of the websites for FTX and the U.S. arm, according to two people who saw the message and a screenshot that has circulated on Twitter. “Sam has a different perspective than me on this,” wrote the lawyer, Ryne Miller. He added that “we should not be optimistic for an outcome that is positive.” The post was swiftly deleted."[1] [1] https://www.nytimes.com/2022/11/10/technology/ftx-crypto-exchange.html https://www.nytimes.com/2022/11/10/technology/ftx-crypto-exc...

bogomipz 4y ago

Isn't it quite possible there might be contagion there though as well? For instance the NY Times had the following in a piece they just published: >"Mr. Bankman-Fried is also facing dissent from within the senior ranks of FTX. On Wednesday night, the general counsel for FTX’s U.S. arm wrote on an internal messaging system that he had “advised U.S. regulators of my instruction to founders to turn off functionality” of the websites for FTX and the U.S. arm, according to two people who saw the message and a screenshot that has circulated on Twitter. “Sam has a different perspective than me on this,” wrote the lawyer, Ryne Miller. He added that “we should not be optimistic for an outcome that is positive.” The post was swiftly deleted."[1] [1] https://www.nytimes.com/2022/11/10/technology/ftx-crypto-exchange.html https://www.nytimes.com/2022/11/10/technology/ftx-crypto-exc...