Understanding The Rise And Fall Of FTX, FTT And Alameda Research | Forbes

The fall of FTX and Sam Bankman-Fried revealed holes in the crypto space that industry peers, the media, and government officials either chose to overlook or refused to question further. Underneath FTX’s successful veneer was a fragile ecosystem led by young, ambitious founders determined to move mountains under the guise of Effective Altruism - an academic and social movement geared around maximizing wealth redistribution. But as Bankman-Fried’s operation continues to unravel and more damaging information comes to light - what is in store for the future of cryptocurrency, and is the loss in public trust irreversible?

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[bobpritham]

First of all, you media and Forbes have to answer this. You guys promoted and made him look big in your magazines.

[courtneyst.julian]

Remarkable how Forbes just brushes past its own role in propping up SBF as some sort of crypto messiah. I'm sick of everyone fawning over these 20-somethings. If a person is rich, it doesn't mean they're smart. If a person donates to charity, doesn't mean they're trustworthy. SBF is an average person born into an incredibly wealthy, privileged family. He had no experience in structuring or operating a business entity. He was just a rich person that got richer and that made him worthy of investing in -- according to the media. The downfall of Alameda/FTX is not due to CZ selling off his tokens. The downfall is due to inexperience and greed.

[gilligan]

Having followed this story very closely from the moment it broke, this coverage is so sugarcoated that I question Forbes' credibility at this point.

[REACTIONSUNLIMITED]

Do you think Forbes should have done more in terms of due diligence in terms of featuring this guy in their front page before?

[mustolourien]

The fact that a three year old company can command such wealth and trust shows the abnormality we're living in. It doesn't make sense.

[erichuff]

Sam Bankman was not a philanthropist.
Sam Bankman was buying protection.

[TheRumblewagon]

12:20 "FTX was regulated by the Bahamian authorities"...in other words: no regulation....

[TheOnlyGHOST]

"" The Mark we leave in the world is what matters"" Make sure you write that on the wall in JAIL

[bbsonjohn]

Nah, it is not just FTX depositing margin for Alameda . FTX set backdoors, with full intention and knowledge, for exclusively Alameda to withdraw arbitrarily from FTX's customers' funds as to avoid alerting other departments in the company. It is criminal to the maximum degree on SBF's and Caroline Ellison's sides.

[mikel]

nice Forbs, conveniently leaving out the connection between Alameda and its CEO to the SEC

[headlessfool]

Somehow, watching this feels like Forbes endorses SBF .

[doragary]

We are already in the big crash, inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops . The unfortunate issues is that the other market are being decimated. If you want to stay green, you have to rely on a lot of diversification.
Currently up 15% and being carful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.

[Thejellybaby]

Forbes, please be accurate and report in Sam’s own words via BuzzFeed’s reporting, admitting his Effective Altruism persona was all just for show, and he calls it all B.S.

[pingusadam]

We will rise with ON26AM and Matic!!! Just HODL

[berkememisoglu]

New week up as many FOMO in. But the ON26AM story isn’t over yet. The only strat that works under all circumstances is DCA all the time with solid, large companies (not hyped ones).

[jkee]

I'm suprised you left out the part where you and other media outlets felated FTX and SBF

[miracerenbaskin]

Super cool video ! Do you think amazons ON26AM will pump before ETH ? I ask myself if there is a pattern in the order of the altcoins pumps.

[Kebston]

It’s amazing that all these financial experts from the big power house (Forbes. CNBC. WSJ. Yahoo Finance etc.) all bought into the hype of FTX. Not one of them closed the glossy brochure and high value commercials and actually looked with some depth into the amount of money that was being thrown around.

[brad]

Youtube needs to start banning the amazon coin scam buzzword. Ffs they are like rats

[matthewgrumbling]

The parallels with Theranos are remarkable.