Many crypto investors in FTX are worried that they will take a total loss. For many, it was their life savings.
FTX CEO Sam Bankman-Fried has all but admitted that he squandered billions of other people’s money, writing “I f—ed up” on Twitter.
The question is, why isn’t SBF in handcuffs?
That he is the second biggest donor to Democrats behind George Soros is a good place to start on answering that question.
“For a party that seems to absolutely loathe billionaires, Democrats and their friends in the media sure are taking it soft on Bankman-Fried”, the Quoth the Raven blog on substack.com noted.
The New York Times wrote a widely criticized puff piece on Bankman-Fried 3 days after FTX filed for bankruptcy. The Washington Post insisted that SBF should get a break because he was a pandemic fighter.
Bankman-Fried is still scheduled to appear at the New York Times DealBook Summit on November 30.
Instead of Bankman-Fried being brought to justice in the United States, Quoth the Raven noted, “we find out that ‘members of the House are requesting testimonies from Sam Bankman-Fried, top executives from FTX and Alameda at a hearing in December’”.
The SBF fraud has spawned several comparisons to Bernie Madoff and Enron.
But Madoff was arrested on December 11, 2008, two days after he admitted to his brother that he was running a fraud.
Between the beginning of December of 2008 and his arrest on the 11th, Madoff also confessed to his sons, who “turned him in.”
So, at the maximum, it was 11 days between Madoff being “turned in” and being arrested.
For reference, FTX collapsed around Nov. 8 and Binance turned down the company’s bailout on Nov. 9. Bankman-Fried admitted to “f—ing up” on Nov. 10 and FTX filed for bankruptcy on November 11, which means it has already been 11 days since the bankruptcy filing – and nearly 2 weeks since the firm’s collapse. And yet Bankman-Fried remains free in the Bahamas.
Quoth the Raven added: “I know I’m not the only one who can hear the drumbeat of potentially covering up for Bankman-Fried beating a little louder with every day that goes by and he isn’t shown being paraded off somewhere in handcuffs”.