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He must be taking the poor Paraguayans some effective altruism. Good for him, they need some!

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Does this mean crypto.com hold Shibu Inu or their customers hold Shibu Inu? I’m somewhat confused by the use of the word “reserves”.

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The dashboard shows the crypto that Crypto.com is holding on behalf of their customers. There’s nothing shady or suspicious about it: it’s just that Crypto.com was really, really good at convincing its customers to buy Shiba Inu coin back in 2021.

(So yeah, “reserves” is the wrong word - but it’s the word people were using in the Reddit thread I copied the link from.)

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Thanks! Yes, it’s somewhat depressing how people are led like sheep to buy these.

What makes my angry, however, are the “financial experts” who keep recommending cryptocurrencies.

I wish there were stronger regulations that would open these sites up to litigation in the event of loss.

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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.

The criming never stops.

4123

Clicking on that Flight aware link, it looks like the plane kept going and landed in Argentina.

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Amazing quote from the story:

Asked about the missing funds, Bankman-Fried responded: “???”

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If I’m understanding this correctly, FTX was propped up by another company started by this Sam dude. That company held a bunch of crypto that FTX created and arbitrarily assigned a value to. So it was a big fake circular reference. Binance also held a bunch of this FTX crypto. Then Binance decided to sell it, along with tweeting about how it was a bullshit coin, and FTX imploded.

Crypto is a scam from top to bottom. On the one hand I want to let these morons get grifted. On the other hand I want the grifters to all go to prison forever.

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And as for fortune, and as for fame
I never invited them in
Though it seemed to the world they were all I desired
They are illusions, they’re not the solutions they promised to be

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Don’t cry for me, bro.

4128

Patrick Boyle also has a video up. As is typical for his videos, it’s garnished with a healthy dose of dry snark.

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This is the same dude who openly explained his business as a pyramid scheme a year ago.

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image

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Edit:

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Hilarious

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Reminder that Larry David was right about this 8 months ago.

https://youtu.be/BH5-rSxilxo

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