When not everything is gold.
Along the story there have been a lot of Scammers in the World who have taken advantage of people who trusted in them. The most famous in the world could be Carlo Ponzi, the guy who had the honor to give the name to the Scam called “Ponzi Scheme”.
Ponzi Scheme consist in a Scam related to investment, where the owner of the investment business doesn’t invest the money they receive from the customer, instead of that what they do is ensure the customers great amounts of profits and get new investors, and with the money of the new investors, they pay back to the old.
This is a Pyramid Scheme, and it doesn’t matter that it works perfectly, because in future there will be a point where the market does not act as the scammers want and everything will be found out.
As example we can say the biggest scammer with the Ponzi Scheme, this man was called Bernard Madoff and he created the most successful scam in the history, stolen more that 68,000.00$ millions. He was discovering when the financial Crisis of 2.008 came out and he couldn’t find new investors and the old wanted to recover their money. In that moment is when the problems come.
Bernard Madoff died in prison last year, after one of his sons killed himself and the other died by cancer while he was in prison.
Well, in the crypto world a lot of people try to scam other, but the quantities are insignificant to affect the market until the “guru” of Crypto took off to show the world how to be a bad guy with a face of good guy.
The guy I have been introducing during 6 paragraph is Sam Bankman-Fried, the Founder of FTX (Crypto Exchange), Alameda Research (Other Exchange with more functions). A guy who had been introduced as a genius of the new era and century, someone special and a philanthropist. He has also been the cover of famous magazines like FORBES and FORTUNE a data that doesn’t show anything because those magazines have been wrong before, as well as this time.
Well, this guy became a villain last November, when it was released that the company didn’t have money to cover all the money of its customers, something that brought rumors of an acquisition by Binance, but when Binance studied the accounts, they didn’t want to buy and rescue the customers because the FTX accounting wasn’t clear. A few days later FTX was in bankruptcy and his former CEO travelled to Bahamas (Country where FTX was registered).
After that moment some funds of FTX were stolen from a Wallet (something very difficult to do), and he travelled to Bahamas, place where the Exchange was registered as a company some years before. From that place he tried to justified that he was innocent of everything and also said he only had 100,000$ in that moment (November).
Last December 13th he was arrested in Bahamas and extradited to USA to be judged. Yesterday, he paid a bail of 250,000,000$ (one month ago he said he only had 100k). After pay that amount, he has to be at his home (house arrest).
The day before to be arrested he said to BBC News “I didn’t knowingly commit fraud. I don’t think I committed fraud. I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was”.
I think that the fame overpassed this guy and the money conquest him and after the fall down in Crypto World he couldn’t justified the accounts of his business, so I think he knew everything and he is guilty but even if he didn’t know it, it is worst because he was the owner and CEO, so it is even more guilty for don’t be prepared to have the power he really had.
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Personally, I enjoyed the photojournalism aspect of it, as it just as easily could have been another paint-by-numbers war film. It also shows a potential future where each side reaches their breaking point and conflict does ensue.
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