Hey, do you remember that one of the world's largest and most trusted crypto firms crashed earlier this year, prompting plenty of assertions that crypto was ruined for good? It did and it did. But a mere four months later, when FTX went belly-up due to very similar business practices (i.e., embezzlement and fraud¹) it seemed like that had all been forgotten. It was just SBF and his pals who were ruining things.
We sure don't learn from the past, do we? When Binance cracks up I wonder what we'll think then?²
NOTE: I was aroused to write this post after noticing that the Three Arrows affair apparently didn't even draw much attention in real time. No wonder no one remembers it.
¹Alleged embezzlement and fraud, of course.
²I don't have any inside information. Or even an expert opinion. But I'll give odds on a bout of ill health with extreme prejudice before long.
My buddy's mother makes $50 per hour working on the computer (Personal Computer). She hasn’t had a job for a long, yet this month she earned $11,500 by working just on her computer for 9 hours every day.
Read this article for more details.. https://payathome.blogspot.com/
I follow this blog ( https://web3isgoinggreat.com/single/btccom-suffers-3-million-attack ), because of the hilarity.
Didn't SBF bail them out? Wasn't he playing the part of the White Knight?
It not with them, then with others--which is why it didn't make a bit splash. The contagion, i.e. the realization that is all could be a scam, was contained.
I admit I have no memory of Three Arrows, or Zhu or Davies. Those two apparently learned an important lesson from SBF:
The pair also told Bloomberg they were planning to go to Dubai “soon.” Their friends say they’re already there. The oasis offers a particular advantage, say lawyers: The country has no extradition treaty with Singapore or the U.S.
"Location, location, location": not just a mantra for real estate. Note to crypto titans, though: Dubai may offer escape from extradition, but not karma:
And last year, we said that a Russian businessman, the founder of the cryptocurrency exchange, Stanislav Drugalev, died in Dubai after falling off a bridge in a car.
Same article. More bad karma for Russian businessmen this week. Worst. Christmas. Vacation. Ever.
In the city of Rayagada in eastern India, a businessman and United Russia deputy from the Vladimir region of the Russian Federation Pavel Antov crashed to death. He fell out of the hotel window. ...65-year-old Antov fell from the third floor of the Sai International Hotel on December 25. A few days earlier, on December 22, Antov’s friend Vladimir Bydanov, a 61-year-old businessman from Yoshkar-Ola, became ill in his room “due to excessive amounts of alcohol” and died in the hospital. Both were in India on vacation.
Wait, he didn't die after falling from a 3rd story window?
Don't really follow this, but FTX and SBF were far more visible to the public, especially after last year's Superbowl ad with Larry David and all the celebrity endorsements. Also FTX lost $B's in customer funds, while Three Arrow's victims where mostly wealthy, "sophisticated" crypto investors and lenders. Folks parked a substantial portion of their net worth with FTX because of Tom Brady, Stephen Curry and others endorsement.
The two Three Arrow schmucks are also a whole lot smarter than the FTX schmucks, parking themselves (and I assume a whole lot of liquid assets) in jurisdictions that will make extradition exceedingly difficult.
Oh, this was tied to the fallout from Do Kwan's latest debacle. It's peripheral to the bigger Terra/Luna collapse.