We are not done talking about FTX! The corruption in this exchange is mind boggling. Here is one article and there are others. $42 million in donations from FTX direct to Democrats. Bankman Fried was second behind George Soros in funding for Democrats, click here to read more.
Here is an exerpt from the article that proves how FTX funded and bankrolled the agencies set to regulate FTX. When CZ of Binance got wind of these activities. He immediately droped out of bidding to buy the troubled exchange. Now FTX is under investigation and Bankman Fried was caught trying to fly to Argentina to escape over the last few days!:
Sam Bankman-Fried, prolific Democratic donor and ex-CEO of now-bankrupt cryptocurrency exchange FTX, funded the campaigns of members of Congress overseeing the Commodity Futures Trading Commission (CFTC), one of the key bodies tasked with regulating the crypto industry and the subject of Bankman-Fried’s aggressive lobbying.
Bankman-Fried’s FTX is currently under investigation by the CFTC and the Securities and Exchange Commission (SEC) after Bankman-Fried allegedly moved $10 billion in client assets from his crypto exchange to his trading firm Alameda Research, and a liquidity crisis at his exchange which prompted the company to file for bankruptcy. However, prior to the agency’s probe, Bankman-Fried aggressively courted the CFTC – and funded several key lawmakers charged with overseeing the agency, pouring cash into their campaign coffers.
But wait, there’s more. $42 million was donated to Democrats. How much was actually laundered? The losses are in the high single digit $ billions, according to Pantera Capital. That is yet to made public. It appears over a billion was stolen, and eventually it got back to Democrats, through non profit agencies. Sorry, we are incensed about this government corruption using a crypto exchange, that appears to have been created for money laundering! Here is a good primer on how money laundering works in this case:
This level of corruption cannot be allowed to continue. People died over Ukraine, and in this case, country A in the above tweet, is Ukraine. If undermining crypto currency and funding a proxy war in Ukraine is what this founding of FTX was all about. Heads need to roll, figuratively. These agencies charged with regulating exchanges need to remove the corruption and bribery going on to give one exchange special treatment! That would be the CFTC and the SEC. Here is another article from Daily HODL that details how much liability FTX had before it’s bankruptcy, click here to ready more.
$900 million in assets and $9 billion in liabilities! This company was created to launder money, how can any other conclusion be drawn? There will be more investigations, and hopefully charges will come out, eventually. This was a highly calculated, and well oiled criminal enterprise! All of these donations need to be tracked down as well, and publicized. From our research this was very serious fraud, and the consequences had long range impacts globally!
Yet, inspite of all this. We see Bitcoin droped over 30%, and is holding well above $16K. The last major bottom in June was $17.5K, and we really thought that would be the bottom. However, we are glad prices got down one last time, and we are buying this dip as best we can! Looking forward. We have the March 2024 halving to look forward to. We do not expect more significant Bitcoin drops unless there are unknown black swan events out in the future. Likely other exchanges getting hacked, or something similar. The rest of this year will be a waiting game for Bitcoin. What other black swans are out there? They will drop soon if they are there, that much we know! So looking into 2023 we see Bitcoin normally begins ascending 450 days before the halving and then really goes parabolic after the halving. See this Dan Moorehead (Pantera Capital) chart below:
March of 2024 is 15 months away. Expect Bitcoin to strengthen in 2023. We hope there are no more black swans about to be released this year, but there are no warnings when these things strike!
If Bitcoin gets back above $19K to $19.5K by November 30th, it will create a double bottom. If that happens, and time will tell if it does, Bitcoin will have the double bottom and likely will begin strengthening into next year.
We have more to say about FTX, we will address that on Wednesday. This is not financial advise and we are not financial advisors. Bitcoin is not at fault for the FTX fraud, and their ponzi scheme token FTT. Don’t invest in alt coins and the casino exchanges that host these coins. Take all Bitcoin off of exchanges, and wait for the halving. This is a war of attrition!
Neutral ATM is here to get everyone off of zero Bitcoin.
Give Neutral ATM a try. We have low rates, convenient locations and we are expanding. Contact Neutral ATM, we will answer all your questions about Bitcoin and using our ATM machines. Find a Neutral ATM Bitcoin machine location near you.