Breaking News regarding the FTX CEO
- Today I saw three newstories from three major news outlets: The New York Time, Yahoo Finance and CNBC News. All announcing the arrest of Sam Bankman-Fried, the former CEO of FTX.US, FTX.International, and Alameda Research, three firms involved in cryptocurency exchange, trading and all part of the recent 60 billion dollar bankruptcy.
Yahoo Finance**
Sam Bankman-Fried arrested in the Bahamas.
The New York Times**
FTX’s Sam Bankman-Fried Is Arrested in the Bahamas
CNBC**
FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges.The cofounder and former CEO of bankrupt crypto trading firm FTX was arrested in the Bahamas after the U.S. attorney for the Southern District of New York shared a sealed indictment with the Bahamian government. His arrest is the first concrete move by regulators to hold individuals accountable for the multibillion-dollar implosion of FTX last month.
Sam Bankman-Fried is expected to be extradited to the United States.source
Government of Bahamas Statement
- The Government of the Bahamas released an official statement on the arrest, his detention and his probable extradiction to the US to be tried for alledged financial crimes.
!
Bahamas Government Statement:
- A statement by the government of the Bahamas said Mr. Bankman-Fried was arrested after prosecutors in the United States filed criminal charges.
Sad End to a metoric rise ..
- Sam Bankman-Frieds story was a great inspiration to young people everywhere.
- He rose from from Bitcoin Millionaire to Crypto Exchange Billionaire.
- Sadly, there are plenty of people angry with Sam Bankman-Fried.
- His story now is also a tale of how millions of investors lost billions of dollars.
- Cryptocurrency started with Bitcoin, and the promise to be your own bank, control your own money, and investors could achieve financial freedom.
- The promise of those things, plus quick riches, has led many an investor astray and down the path of financial ruin, as many lost everything.
Sadly in a tale as old as time...
...people deposited their money on FTX International after being given the promises of outsized gains, during an economic downturn.
- And not only did they not see those gains, but it appears their investment capitol may be lost for ever.
- Millions of investor accounts, and hundreds of institutional accounts like the Canadian teachers union lost all their funds.
- The resolution of the bankruptcy hearings is expected to take years. While the last cryptocurrency bankruptcy this size, Mt. Gox took 8 years.
Not your keys, not your crypto
- Perhaps the only silver lining of this latest tragedy, is the movement of over 20 billion dolars worth of cryptocurrency off the three biggest centralized cryptocurrency exchanges: Coinbase, Binance and Gemini.
- Cryptocurrency investors appear to have finally decided to hold their cryptocurrency themselves, in their wallets, protected by their private keys.
Proof of Reserves
- A fancy way of showing money deposited on centralized exchanges by investors is really their.
- This idea has been talked about, but never implemented, until now.
- Centralized exchanges are revealling new systems to reassure investors and steem th tide of bleeding from their coffers, as investors have no trust in anyone right now.
- If an Exchange as big and as famous as FTX can fail, the feeling is that no exchange is safe.
Last words
- We are living through the first years of life, of an entirely new technology, and it's infantile, and both a wonder to behold, and a monster to control.
- Fortunes are both made and lost. in a few days or weeks.
- This is the Wild, Wild, West of finance, and this is my journey, enjoy the ride along with me.
About 
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance for over four years.
He is also a project builder, with two current projects:
- No Loss lottery, a prize linked savings account here on Hive, which awards more the 100 Leo in prizes weekly, and which recent surpassed 5000 tickets sold.
- Easy DeFi, which creates a community investment pool allowing community members to invest in the Cubfinance DeFi project created by a known Hive Community member and whose code is audited and modeled after PanCakeSwap, the largest and perhaps safest project on Binance.
- This allows pool members to benefit from being liquidity providers and earning high APR yields as high as 128% on their investment capitol.
- Cubfinance is the Hive communities home grown Yield Farm and is audited by CertiK, a third party which certifies DeFi projects on Ethereum, Binance and polygon ecosystems.
