> This is a story of a corrupt CEO. The main crypto part of it is that FTT was seen as actual money on its balance sheets. The main crypto part is that it's th

> This is a story of a corrupt CEO. The main crypto part of it is that FTT was seen as actual money on its balance sheets. The main crypto part is that it's the person who dictated the upcoming crypto exchange legislation. That corrupt CEO was greasing politicians (to the tune of $40m), was using an ex-CFTC commissioner to lobby a law regulating exchanges (which, by chance, would have made FTX legal and Binance and decentralized exchanges illegal) --ex-CFTC commissioner who just deleted his Twitter account by the way--, had nomimated has CEO of his Alameda Research fund the daughter of a colleague of the SEC's chair, etc. Here what a US congressman has to say about the SEC's chair: Interesting. @GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this. Interesting indeed. There's much more to this story than: "we fucked up using leverage so we used a shitcoin of our creation as collateral to hide billions in losses". We're potentially talking about a little cabal trying to regulatory capture the cryptocurrency exchange market very likely with the intent to run an ever bigger scam.