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Today, we’re talking about FTX, the crypto exchange that saw its valuation implode from $32B to $0 in a single day. The entire drama unfolded on Twitter and I bookmarked 100+ memes and tweets over the past week (I tried to organize key ones below to give you a full-ish picture of what’s going on).

Let’s get to it.

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FTX’s $32B implosion

It was an insane week for crypto.

Bahama-based crypto exchange FTX saw its valuation plummet from $32B to $0 in one day. It’s founder Sam Bankman-Fried (everyone calls him SBF) saw his net worth evaporate from $16B to $0.

Trung Phan @TrungTPhan

FTX valuation history

The SBF/FTX implosion is drawing parallels to the infamous energy trading company Enron: a once high-flying firm taken down by criminal financial engineering f**ckery.

In the case of FTX, the criminal element is the misappropriation of ~$10B of customer deposits (as a teaser of what’s to come, SBF told Reuters that mis-handled funds were due to “confusing internal labeling”).

Meanwhile, people have been live-tweeting the news non-stop (Twitter memes and financial scandals go together like peanut butter and jelly).

The saga is still ongoing but here are key points:

The now 30-year old SBF is an MIT grad who worked at a quant trading firm (Jane Street) before founding a crypto hedge fund / market maker (Alameda Research) and a crypto exchange (FTX) in 2019
The relationship between Alameda Research and FTX has always been opaque (eg. some people believe that Alameda front runs trades based on information it has from the FTX exchange; SBF has denied this but…well, you’ll see)
One of the earliest investors in FTX was Binance, the world’s largest crypto exchange that is run by Changpeng Zhao (everyone calls him CZ). In 2019, CZ invested $100m into FTX for 20% of the firm.
FTX has an underlying token called FTT, which offers certain benefits for users of the FTX crypto exchange but — in reality — has no underlying value outside of what people believe it is worth (like most crypto tokens)
Over the past year, SBF’s profile has risen significantly as FTX raised >$2B from platinum investors and gained a valuation of $32B. SBF’s personal wealth swelled to $16B and he talked up his commitment to effective altruism (he only wanted to make money to “give it away”). SBF also became one of the Democratic party’s biggest donors.
FTX deployed $300m+ on marketing to woo retail investors including stadium naming rights (Miami Heat, which has since dropped FTX), sports partnerships (Steph Curry, Tom Brady) and Super Bowl ads (Larry David). The PR push worked with FTX becoming the 2nd or 3rd largest crypto exchange in the world (FTX also has a US-based firm called FTX US — once valued at ~$8B — which was ostensibly not involved in the financial shenanigans but…well, you’ll see).
CZ sells out of FTX. By the Fall of 2021, FTX had become a serious competitor to Binance and CZ wanted to sell his FTX stake. SBF bought CZ out for $2B+, but part of the deal included CZ receiving a lot of FTT tokens (remember this fact).
In March 2022, the Fed started raising rates to battle inflation. Speculative assets (*cough* crypto *cough*) started tanking. A number of crypto funds and brokerages blew up. SBF came in as a bailout “savior” (crypto lender BlockFi was saved apparently with the purpose of sweeping in depositor funds into FTX’s scheme). Some compared him to the banker JP Morgan, who propped up the banking industry after a crash in the early 1900s). As we now know, SBF’s hedge fund Alameda Research was also hit hard by the crypto drop…but SBF was able to temporarily hide the problem by “borrowing” (*cough* steal *cough*) customer deposits at FTX (between $5B to $10B) to plug the hole at Alameda. This move is a violation of the terms of service and is the crime.

Trung Phan @TrungTPhan

Timeline for how Fed rate hikes led to the crypto crash which led to SBF taking FTX funds to try and save Alameda Research:

SBF was the face of the crypto industry’s push for regulation. He appeared before Congress a number of times and lobbied to have clear regulation written (the latest lobbying efforts looked to knee-cap decentralized trading exchanges in favour of centralized exchanges…like FTX)

That’s the set-up for what happened last week, which started with this tweet from Binane’s CZ on Sunday:

CZ 🔶 Binance @cz_binance

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4

The “revelations” that came to light was likely a report from Coindesk that nearly half of Alameda Research’s assets were its own FTT tokens (~$6B of ~$15B).

Now, remember how we said the relationship between FTX and Alameda Research was opaque? Well, my friend Jon Wu explains how the game may have been played:

FTX creates FTT token
Alameda buys FTT at a super low price
FTX pumps FTT
Alameda posts FTT back to FTX as collateral, borrowing "real" assets from FTX's customer deposits

Here’s an even simpler explanation:

Lyn Alden @LynAldenContact

Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market. McDonald's then uses their remaining clown-bucks as collateral for actual loans. And then people remember clown-bucks aren't real.

The “value” of FTT relies entirely on the public’s perception of SBF and FTX (and the sky-high reputation was due to fawning press, famous partnerships and a seemingly strong business).

By early October, there were cracks in the pristine image (as outlined in a Twitter thread): 1) trading volume was down from the crypto crash; 2) competition from decentralized exchanges were rising; 3) top-level executives were resigning; 4) SBF was dabbling in random side projects (even trying to get into Elon’s deal for Twitter); and 5) the market manipulation allegations remained.

Back to CZ. He runs the largest crypto exchange in the world and is the industry’s richest person. If anyone could break faith in a crypto asset, it’s CZ. And that’s exactly what happened when he unloaded his FTT position ($500m+). He may have done it after seeing Alameda’s balance sheet but there are rumours that CZ initiated the FTT sell because SBF talked sh*t about CZ to US regulators.

Either way, SBF tried to calm the market after CZ dumped the FTT. A few of his claims — “FTX is fine. Assets are fine.” and “FTX has enough to cover all client holdings” — were later deleted (but the internet never forgets…and these will almost certainly end up in court).

SBF’s public pronouncements broke the famous dictum by British economist Walter Bagehot that once you have to convince depositors that their money is safe…they won’t believe you and will withdraw funds (that could kick off a bank run).

Between Sunday and Monday, FTX customers withdrew $6B — a much higher rate than usual. FTX soon throttled withdrawals and, by Tuesday, SBF and CZ tweeted out an announcement that Binance was acquiring FTX.

Meanwhile, thousands of users were tweeting and meme-ing the situation. It was surreal to watch.

On Wednesday, Binance walked away from the deal and SBF told investors that he needed $8B to make customers whole (clearly, FTX had commingled user deposits with the hedge fund).

Scrolling through Crypto Twitter, it’s clear that this is the worst few days in crypto history. Worse than every ridiculous scam and implosion before hand.

Why? There’s the broad crypto sell-off in BTC, ETH and every other asset, with concern for even more sell pressure for those exposed to FTX (eg. BlockFi paused customer withdrawals). Then there is the downfall of SBF, who was backed by so many platinum names and was positioned to mainstream crypto. Instead, he burned billions in customer deposits and destroyed faith in the industry. Confidence in crypto from retail — and the huge institutional money — is set back for 5-10yrs. And regulators will be clamping down hard.

All for a bit more return on his hedge fund.

And the scheme was very much not a “mislabeling” of funds. Per a Reuters report, SBF implemented a “back door” which foiled auditors:

In a subsequent examination, FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software.
They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.

Cobie — a legendary crypto trader widely followed by the industry for his hilarious and no-BS takes — said FTX’s meltdown was worse than the Mt. Gox crypto exchange hack in 2014 (at the time, Mt. Gox was handing 70% of Bitcoin trades).

Here’s why:

“When Gox happened, it sorta made sense. Everything was pretty new, when the rumours began it was very plausible.
Every exchange that rugged in the past felt kinda unsafe to use pre-rug.
I thought there was prob sub 1% chance of FTX insolvency.
The rumours for [the FTX blowup] seem so egregious and unnecessary to me. I can’t imagine running an exchange that does mid 8 fig PER DAY in revenue and thinking “how can we leverage this for more?”. I can’t imagine risking a 40+bn business to try & get a multiple on client deposits.
The biggest exchange rugs of the past were incompetence or tech bugs. This one just seems to be…… just stealing customer deposits? Seems completely insane to me, but I guess now I am calibrated better on the extents ppl will go for greed. Cheers Sam.“

Etheruem founder Vitalik Buterin shared a similar sentiment:

vitalik.eth @VitalikButerin

@Kdenkss MtGox "looked" sketchy and never tried too hard to whitewash itself. Luna too. FTX was the opposite and did full-on compliance virtue signaling (not the same thing as compliance) The second kind of fraud cuts deeper than the first.

On Thursday, SBF wrote an apology on Twitter (the thread hints at the co-mingling of customer funds but leaves a lot of questions unanswered). Then the next day he said that FTX, FTX US and Alameda Research — and 130+ related entities — were filing for bankruptcy (another thread).

Per CNBC, the bankrupt filing says that there are 100k+ creditors with “assets in the range of $10 billion to $50 billion, as well as liabilities in the range of $10 billion to $50 billion.” But a Financial Times analysis shows that FTX has $9B in liabilities against less than $900m in liquid cash…and the largest liquid position was a “$470mn of Robinhood shares owned by a Bankman-Fried vehicle not listed in Friday’s bankruptcy filing.” (If you’re wondering where the missing money is, a lot was invested in illiquid tokens and venture bets)

Hopefully, smaller investors will be prioritized in the bankruptcy proceedings but — as I write this email at 8am PT on Saturday — there’s been another absurd development: over $600m+ in customer deposits went missing from FTX accounts.

It was initially flagged as a hack. Then FTX’s general counsel said he’d look into out. Then the funds were flagged as hacked. Then the crypto community tracked the funds movements. Then the FTX general counsel said the fund movements were part of the bankruptcy proceedings. At the moment, it looks like $450m was stolen with $200m “saved” by a white hat hacker (follow this thread for the latest updates).

It’s been an insane week for crypto but the insanity doesn’t look like it will end anytime soon.

UPDATE (8pm EST on November 12):

Bitcoin Magazine @BitcoinMagazine

BREAKING: SBF and two FTX associates are currently being detained by authorities in the Bahamas, a source tells Cointelegraph

UPDATE (11pm EST on November 14)

The New York Times spoke with key FTX players include SBF and Alameda CEO Caroline Ellison. They admit to misappropriating FTX user deposits to pay back loans they had taken out to make crypto venture investments.

Trung Phan @TrungTPhan

In NYT article, Alameda CEO admits to misappropriating FTX customer deposits. Per FTX Terms of Service, the deposits are not FTX’s to use…and FTX can’t loan it. NYT writes it up FTX “used” and “lent” deposits. Think the appropriate words are: “wire fraud”, “stole”, “theft”.

Alameda needed to pay back those loan because it borrowed against its “assets”, which were really just inflated shitcoins (which FTX mostly controlled, including FTT). Here is a very thorough thread:

Jason Choi @mrjasonchoi

20/ This is likely how Alameda/FTX incurred the multi-billion dollar hole: Alameda pledging illiquid collateral to borrow money to finance bets, which get margin called as markets went down this year, leading to theft of FTX user funds to put out fires.

Luke Martin @VentureCoinist

6/ Last step? Getting too aggressive on the VC side & stealing customer funds to make the payments. Just insane...what a mess. https://t.co/ErHZEd81F5

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Links and Memes

So many FTX tweets and links:

What happens in bankruptcy? By filing for Chapter 11 bankruptcy, SBF could conceivably re-organize the business as a going-concern and pay back depositors that way. FTX’s former head of institutional sales floated such a plan that includes a new token. But since it looks exceedingly like a criminal terms of service violation, courts will have to sort through the 130+ FTX entities and try to scrape out value.

Tweets from Zach Weinberg™ @zachweinberg

FTX red flags are just insanely obvious if you've done company building before. If a founder of one of our investments showed me this pic as their org chart, we'd be on a call same day talking about single points of accountability and the need to *immediately* clean this up.

FTX’s newly appointed CEO John Jay Ray III is the same person that led Enron through its bankruptcy proceedings. Unfortunately, early analysis suggests creditors may only get $0.05 on the dollar:

Greg @B1ockGreg

1/ Our team did a deep dive into #FTX balance sheet revealed today by Financial Times and wow I’d be surprised if users are going to see more than 5 cents on the dollar after all of this is over

SBF’s inner circle: Based on very early evidence, it sounds like only an inner circle — less than 10 of the 200+ FTX employees — probably knew of SBF’s scheme. They were running like a $100B+ in crypto trading volume with 3 people living in a Bahamas house (with a major assist from stimulants provided by an on-site psychiatrist). Here is a must-read from CoinDesk: Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – and Dated. Other Employees Have Lots of Questions.
Meet Caroline Ellison: The mid-20s CEO of Alameda Research. She graduated from Stanford in 2016 with a BsC in Math then worked at Jane Street (the quant hedge fund where SBF also worked). In this wild clip, she explains how little math and risk management the day-to-day job entails.

Howie @HowieBTC

Absolute disbelief

She also tweeted this once:

Caroline @carolinecapital

reading Reminisces of a Stock Operator and it's disturbingly relatable "For years I had been the victim of an unfortunate combination of inexperience, youth, and insufficient capital." same tbh

SBF’s web of connections: A wild thread from @JagoeCapital highlighting all of the personal relationships SBF (and the FTX team) have to American academia, high finance, politics and regulatory institutions…some highlights:
- SBF’s dad is a Stanford law professor with research interest in “decentralized economy”
- SBF’s mom is also a Stanford law professor who runs a large Democratic political fundraising organization (in a notable coincidence, SBF launched FTX within two weeks of Biden announcing his presidential run)
- Caroline’s dad is Department head of economics at MIT. You know who else was an Economics professor at MIT? The current chair of the Securities Exchange Commission (SEC) — Gary Gensler.
- FTX’s General Counsel Ryne Miller was a former regulatory attorney working for … Gary Gensler.
At a minimum, these close ties are eye-brow raising. But when you consider the fact that SBF has given $40m to the Dems and said he wanted to spend $1B on the 2024 election…it’s something to definitely keep an eye on.
Want really technical breakdowns of FTX’s collapse? Read Byrne Hobart’s piece or Matt Levine’ series (here, here, here).
The media: SBF’s meteoric rise was driven in part by fawning coverage (I’ll admit that I found the scruffy MIT math whiz billionaire genius compelling and tweeted about him sleeping on a bean bag chair). Two quick lessons: the Forbes 400 cover is the financial equivalent of the Madden video game curse (players on the cover of Madden regularly have down years or get injured afterwards). The other “Finance Madden curse” is naming someone the “Next Warren Buffett”.

SBF admits he is in the Ponzi business: In April 2022, SBF famously went on the Odd Lots podcast and spoke with the Michael Jordan of finance writing (Matt Levine)…and basically admitted he was in the ponzi business (at the 23-minute mark…here’s transcript).

Bucco *Parody* Capital @buccocapital

Matt: You're just like, I'm in the Ponzi business and it's pretty good SBF: There's a depressing amount of validity Matt: Can you comment on the sustainability of that?

Other CZ stuff: The Binance CEO — who critics charge is also involved in shady activity — wrote in an internal email that he didn’t have a “master plan” to take down FTX (although, if he did, it would look pretty much identical to what happened). He also said of SBF: “Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don't use capital "efficiently…Have a large reserve.” … he also dropped this post-mortem:

CZ 🔶 Binance @cz_binance

FTX aside, avoid businesses/exchanges/projects that: - are not profitable (musical chairs) - survive by selling their own tokens - give high incentives for locking your tokens - have a large total supply, but only a small circulation supply - involves loans Stay #SAFU 🙏

A plausible conspiracy (?): The SBF/FTX saga has been so absurd that there’s a running joke that SBF was a plant by the US intelligence agency. Will Manidis — CEO of Science.io — has an interesting thread. The part that most resonates with me is the part about SBF’s supposed origin. The FTX founder claims to have built his initial fortune from exploiting a Bitcoin arbitrage trade between Japan and the US:

Crypto Super Bowl ads: In the year 2000, 11 dotcom startups bought ads in the Super Bowl. Within 2-3 years, 8 of the 11 companies had gone bankrupt or been acquired. This year, a number of crypto firms — including FTX, Coinbase, Crypto.com — splurged on ads. It’s been…all downhill since. And the $30m that FTX spent on a Larry David ad is the peak of comedy in hindsight (including a line where he says about FTX “nah, not for me”).
NFTNick.eth @allnick
Turns out Larry David was right about FTX 🤯
7:27 PM ∙ Nov 10, 2022
14,569Likes3,066Retweets

Sequoia Capital — one of the top VC firms — invested big into FTX and wrote a glowing article that bordered on parody. Here’s an excerpt where Sequoia partners were blown away by SBF’s pitch that FTX could become an everyday wallet that “you can [use to] buy a banana” and that the entrepreneur would be a “future trillionaire.”
delian @zebulgar
Its impossible to write comedies with this good of a script SBF pitches the sequoia partnership Vision? "Buy a banana with fake internet money" Blows the partnership away. Wow. During the partner meeting ? PLAY LEAGUE OF LEGENDS This is god-tier comedy
5:24 PM ∙ Nov 9, 2022
13,357Likes1,664Retweets
FTX itself was a big investor in other crypto companies and this venture portfolio — which have a paper value ~$8B — will be liquidated to make creditors whole)

Miles Deutscher @milesdeutscher

This is Alameda & FTX’s portfolio. The fallout from their collapse will be acute.

The biggest Schadenfreude: During SBF’s rise to the top of crypto, one of his most noteworthy Twitter moments was when he got into an argument with a trader named @Coinmamba over the value of a crypto asset called Solana (SOL). The conversation — which happened in January 2021 — ended with SBF telling @Coinmamba: “I'll buy as much SOL has you have, right now, at $3. Sell me all you want. Then go fuck off.” On Friday, @Coinmamba replied to that thread by writing the exact same phrase and adding a photo of SBF’s net worth being $0.

CoinMamba @coinmamba

@SBF_FTX I'll buy everything you have, right now, at $3. Sell me all you want. Then go fuck off.

Ontario Teacher’s Pension Plan (OTTP): Canada has a conservative investing reputation that extends to its massive pension funds. The OTTP manages $240B+ for — you guessed it — Ontario teachers. OTTP basically co-lead on FTX’s past two funding rounds.

The craziest part of the OTTP’s investment: Ontario deemed FTX too risky and it couldn’t even operate in the province. While FTX is a sliver of OTPP's $240B fund, it is still a total embarrassment (Here’s a full list of investors…all will get zero’d on FTX but still happily collect management fees #NoOneKnowsAnything).

Where were the regulators? Matt Stoller writes about why SEC Chair Gary Gensler has been unable to rein in crypto: 1) there hasn’t been an established crypto law so the industry operates in a grey area; 2) multiple regulatory agencies want authority (SEC wants crypto to be securities, CTFC wants crypto to be commodities, Fed/Treasury want jurisdiction over stablecoins); and 3) a lot of crypto-lobbying is going on (as evidenced by the millions that SBF was spending).

Critics of Gensler can point to his various relationships to FTX. Also, his big “win” was slapping Kim Kardashian with a ~$1m fine for pumping crypto while billion-dollar blow-ups keep happening (although the biggest ones — FTX, Terra Luna — are happening overseas).

In a video addressing FTX, SEC commissioner Hester Peirce made two key points: 1) the SEC has failed to create an adequate regulatory framework and needs to work with the industry; and 2) the current SEC approach of “enforcement after the crime” is too slow and reactive (vs. creating a clear framework that could prevent future crimes).
Where were the auditors? hahahahaaha

Trung Phan @TrungTPhan

Arthur Andersen walked, so Prager Metis could run

Reaction from other crypto exchanges: Coinbase CEO Brian Armstrong re-affirmed that it operates under US regulations (unlike FTX’s off-shore business) and that customer deposits are held dollar-for-dollar (eg. not loaned out or invested). Meanwhile, Kraken CEO wrote about the future of the crypto industry and why FTX/SBF was such a big blow…he mentions how many SBF red flags there were:
Jesse Powell @jespow
9/ Red flags: * acting like you know everything after showing up to the battle 8 years late * 9 figs buying political favor * being overeager to please DC * huge ego purchases, like 9-fig sports deals * being a "media darling", seeking out puff pieces * EA virtue signaling * FTT
9:19 AM ∙ Nov 10, 2022
6,226Likes782Retweets
Effective Altruism (EA): SBF wrapped his money-making motivation around the idea of Effective Altruism. He once said that if he could make as much money trading Orange Juice futures, he would (AKA he didn’t care about crypto itself). Those involved with SBF’s EA projects resigned en masse (as its not clear where the funds came from). Vitalik Buterin says “It's not a good look for EA or for ted talk do-gooderism, which SBF also leaned into heavily.”

And here is William MacAskill, a philosopher and one of the leading thinkers behind EA:

William MacAskill @willmacaskill

If FTX misused customer funds, then I personally will have much to reflect on. Sam and FTX had a lot of goodwill – and some of that goodwill was the result of association with ideas I have spent my career promoting. If that goodwill laundered fraud, I am ashamed.

Bernie Madoff parallel? When it comes to defrauding investors, nothing compares to Madoff. Two worthwhile things to flag: 1) the government has been able to claw back $14.5B of the $18B stolen Madoff funds: and 2) Madoff’s scheme was comically unsophisticated:

Trung Phan @TrungTPhan

Bernie Madoff's ponzi scheme was shockingly un-sophisticated. He essentially kept money in a single Chase checking account and paid out redemptions from it. Before blowing up, the checking (checking!) account held $5.5B.

Decentralized Finance (DeFi): What is DeFi? It’s a part of the crypto industry that settles financial transactions with no intermediaries (eg. brokerage, exchange or bank). The major crypto blow-ups in 2022 are most *centralized* financial institutions like FTX. The appeal of DeFi is that “code is law”. If you put in the code that user deposits can’t be intermingled with a hedge fund…then there’s no intermingling (as in no human intervention can override it). Many in DeFi viewed SBF’s Washington lobbying as a way to snuff out the DeFi industry and — to them — his downfall is good.

Former Coinbase CTO Balaji Srinivasan explains here why a truly decentralized financial system could instil financial discipline and prevent future regulatory capture:

Balaji @balajis

The US government-regulated system spent $787 billion of taxpayer money bailing out the banks. Connected bankers weren’t prosecuted. And that’s before they printed trillions. We’re now exploring the alternative timeline. What if no bailouts? https://t.co/K0UN2BuQPo

Erik Voorhees @ErikVoorhees

No, this isn't crypto's "Lehman Moment" There are no taxpayer bailouts coming nor money to be printed. This is capitalism, and the markets will work it out.

SBF tried to get in on Elon’s Twitter deal: In the leaked Elon texts, SBF was apparently floating a $3-5B investment in Twitter. Elon wasn’t very interested in the offer, saying “I don’t have to have a laborious blockchain debate” and, yesterday, said “[SBF] set off my bs detector, which is why I did not think he had $3B.” … below is Elon a Twitter Spaces chat on Friday night telling his SBF story:

Curb◎ @CryptoCurb

.@elonmusk on Spaces talking about his reaction when @SBF_FTX came to him trying to invest $5B in @Twitter: “My prediction I had to the investment banks regarding @SBF_FTX was - there is something wrong with that dude. He does not have capital.” Never had more fun on @Twitter😂

Some wild tweets:

Dr. Parik Patel, BA, CFA, ACCA Esq. @ParikPatelCFA

Leaked photo of the FTX “hacker”

Chris Bakke @ChrisJBakke

Crypto is over. Time to go get a real job. Like an analyst at a hedge fund that charges teacher pensions 3 and 30. Or a CMO of a Series C pill mill startup that sells adderall to 13 year olds. Or a program manager at Tik Tok. Real jobs that really move society forward.

Romano @RNR_0

The risk I took was calculated, but man I am bad at math

Trung Phan @TrungTPhan

FTX update

Shaan Puri @ShaanVP

Sam had become the main character you never want to be the main character

Aaron Levie @levie

Every time something explodes in crypto, I’m like “there’s no way it was actually structured as dumb as it sounds”. And always it’s worse.

Dare Obasanjo 🐀 @Carnage4Life

Tom Brady is going to have to play until he’s 50.

Fintwit @fintwit_news

@cz_binance Mission accomplished

Salmander 🦎 $85 @Salmander0

TΞtranodΞ 🦇🔊 @Tetranode

The bad guys like to claim they're good...

Wall Street Memes @wallstmemes

Netflix documentary producers watching this FTX shit unfold

Not Jerome Powell @alifarhat79

Douglas A. Boneparth @dougboneparth

I am utterly shocked that unregulated crypto exchanges trading billions of dollars in speculative digital assets are having financial issues.

This next one is for real btw:

Trung Phan @TrungTPhan

The FTX-branded condom NFT selling for $420,000 was def the biggest red flag

Part of SBF’s “do-gooder” image was a vocal stance on veganism….

Erik Voorhees @ErikVoorhees

On the bright side, veganism has been set back by years

Charlie Munger was right…

Compound248: FTX es Grande @compound248

That time Warren Buffett NAILED crypto cons: “It draws in a lot of CHARLATANS…who are trying to create various sorts of EXCHANGES, where people who are of less-than-stellar character…CLIP PEOPLE who are trying to get rich because their neighbor’s getting rich.” @SBF_FTX to a T

One of the biggest problems on Twitter are fake profiles of CZ (Binance CEO) replying to notable accounts with crypto scams. With that context, the following tweet from Barstool CEO Dave Portnoy is extremely funny:

On the day that CZ/SBF announced a potential deal, the UpOnly podcast (hosted by Cobie and Ledger) did a livestream that included Martin Shkreli and Terra/Luna founder Do Kwon…it was bonkers:

Kolten @0xKolten

Martin Shkreli telling Do Kwon that "jail isn't that bad" live on @UpOnlyTV was not on my crypto bingo card.

Peak FTX was probably when it held a conference in Bahamas and FTX hosted a bunch of really influential people (eg. Bill Clinton and Tony Blair) … while wearing a “19-year freshman I eat ramen 3x a day” outfit:

Axios reported that legendary author Michael Lewis (The Big Short) has been following SBF around for a potential book…which will obviously be amazing and hopefully lead to a much-needed sequel film…

…and we have the perfect actor to play SBF:

gainzy @gainzy222

calling it now, jonah hill plays sam in the subsequent movie made after all this shit unfolds

And a lead for Caroline?

yzy.eth @LilMoonLambo

These two are going to make the greatest finance movie ever made

SatPost by Trung Phan

FTX: The $32B implosion