Wall Street Journal: FTX Founder Sam Bankman-Fried Says He Can’t Account for Billions Sent to Alameda

Wall Street Journal: FTX Founder Sam Bankman-Fried Says He Can’t Account for Billions Sent to Alameda . “FTX founder Sam Bankman-Fried said he couldn’t explain what happened to billions of dollars that customers of his failed cryptocurrency exchange sent to the bank accounts of his trading firm, Alameda Research. And he said he couldn’t rule out the possibility that money deposited by FTX customers who were told their money was theirs alone was in fact lent to Alameda.”

Washington Post: Inside Sam Bankman-Fried’s courtship of a Washington regulator

Washington Post: Inside Sam Bankman-Fried’s courtship of a Washington regulator. “Before his undoing this month, crypto magnate Sam Bankman-Fried aggressively pursued powerful allies in Washington. None was more important than Rostin Behnam. The chief of the federal agency that oversees commodities markets, Behnam holds a strategic perch among the nation’s financial regulators. And the 44-year-old Washington bureaucrat was indispensable in the boyish billionaire’s ambitious plans to reshape U.S. crypto regulation.”

Bloomberg: FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants

Bloomberg: FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants. “FTX was one of the first firms granted a license by Dubai’s Virtual Asset​s Regulatory Authority as part of the push to lure business, and the exchange set up its regional headquarters in the city…. With FTX and Bankman-Fried now facing investigations from the US to the Bahamas, officials have distanced themselves from that decision, even scrubbing its license details from the regulator’s website.”

New York Times: Inside Sam Bankman-Fried’s Quest to Win Friends and Influence People

New York Times: Inside Sam Bankman-Fried’s Quest to Win Friends and Influence People. “A network of political action committees, nonprofits and consulting firms funded by FTX or its executives worked to court politicians, regulators and others in the policy orbit, with the goal of making Mr. Bankman-Fried the authoritative voice of crypto, while also shaping regulation for the industry and other causes, according to interviews, email exchanges and an encrypted group chat viewed by The New York Times.”

CoinDesk: Senator Warren Demands Sam Bankman-Fried, FTX Execs Be Held Accountable to ‘Fullest Extent of the Law’

CoinDesk: Senator Warren Demands Sam Bankman-Fried, FTX Execs Be Held Accountable to ‘Fullest Extent of the Law’. “In the letter, Sens. Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.) reminded Garland and Assistant Attorney General Kenneth Polite of the DOJ’s recently renewed commitment to prosecuting white-collar criminals, and asked that they honor that commitment when investigating the behavior of former FTX CEO Sam Bankman-Fried and other executives ‘with the utmost scrutiny.’”

Vox: Crypto probably isn’t dead, but should it be?

Vox: Crypto probably isn’t dead, but should it be?. “For those who have been paying attention to the sector, this sort of feels like waking up from a worldwide hypnosis. The metaverse thing, which is basically Zoom meetings with legless cartoons, never made sense. Neither did this idea that images of pixelated punks and weird-looking monkeys were worth millions of dollars as NFTs. Thousands of crypto tokens and coins spun up out of thin air have been revealed to be nothing more than magic beans.” If you HAVEN’T been paying attention to the sector, this is a good overview of its problems with lots of links to backstory.

Wall Street Journal: FTX Crypto Customers Worry They Will Never See Their Money Again

Wall Street Journal: FTX Crypto Customers Worry They Will Never See Their Money Again. “Customers of beleaguered crypto exchange FTX are losing hope they will ever see their money again. The company’s massive financial problems began spilling into the open early this month, and FTX was quick to halt withdrawals from its international unit. American customers had hoped they might be luckier, but many of them haven’t been able to get their money out either.”

My bad: The YouTube financial influencer network paid to pump FTX (MarketWatch)

MarketWatch: My bad: The YouTube financial influencer network paid to pump FTX. “Kevin Paffrath, a 30-year-old YouTube star with 1.85 million followers to his real estate and financial tip page Meet Kevin, says he was paid $2,500 every time he mentioned FTX in one of his videos. And he believes he had one of the smaller deals with the crypto exchange; others have claimed six-figure deals with the firm.”

Coindesk: UC Berkeley Suspends Stadium Naming Rights Deal With FTX

Coindesk: UC Berkeley Suspends Stadium Naming Rights Deal With FTX. “The deal was originally planned for 10 years and lasted just 450 days. The sponsorship was inked in August 2021 for $17.5 million. It was paid entirely in cryptocurrency and was the exchange’s first partnership in college sports. With the deal, Cal’s football stadium was named FTX Field at California Memorial Stadium.”

New York Magazine: Where Have the FTX Depositors Gone to Panic? Distraught users — and scammers — are flooding Telegram.

New York Magazine: Where Have the FTX Depositors Gone to Panic? Distraught users — and scammers — are flooding Telegram.. “In the good times, FTX’s official presence on Telegram helped the company cultivate a reputation for responsive customer service. When things were falling apart at FTX, they fell apart here, too, as thousands of panicked users flooded its support channels.”

CNN: Singapore writes down $275 million in FTX, calls belief in Sam Bankman-Fried ‘misplaced’

CNN: Singapore writes down $275 million in FTX, calls belief in Sam Bankman-Fried ‘misplaced’. “In a statement on Thursday, state-owned investment company Temasek said it had decided to write down the value of its full investment in the exchange to zero, ‘irrespective of the outcome of FTX’s bankruptcy protection filing.’ Temasek said it had invested $275 million in the crypto exchange, which was once considered one of the biggest and most reputable players in the market for digital assets.”