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> Current estimates are at about $10 billion they lost gambling on crypto with customer money. I just don't understand the scale of it. Ten billion dollars is
by perryizgr8 4y ago
> Current estimates are at about $10 billion they lost gambling on crypto with customer money.
I just don't understand the scale of it. Ten billion dollars is huge. It takes months if not years, even to lose that much in gambling. Did nobody notice anything off? Was the entire company in on it?
- toomuchtodo 4y agoBernie Madoff ran his scheme for almost 20 years before being caught. https://en.wikipedia.org/wiki/Madoff_investment_scandal https://en.wikipedia.org/wiki/Madoff_investment_scandal
- muddi900 4y agoMadoff claims he was just a front-man for a conspiracy by large investors. Which is why he was supposedly not caught. The theory makes sense, but he refused to name names. It might be that the benefactors are too powerful, but probably he's lying.
- patrogizmo 4y agoThe new CEO of FTX just released a declaration: "Never in my career have I seen such a complete failure of corporate controls..." "In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors" Sam Bankman-Fried's hedge fund lent billions to... Sam Bankman-Fried (Paper Bird is his entity), so that's at least part of the answer where the money went.