By Jim “Pappy” Moore
A major player in the world of cryptocurrency – Sam Bankman Fried – is at the center of a major failure of a cryptocurrency exchange. He is also the second largest contributor to Democrat candidates and causes in the just-concluded election cycle in the United States. In 2019 he made the second largest contribution to Joe Biden, second only to George Soros.
SBF – as he is known – was 27 years old when he made that large contribution. He is at the center of a failed cryptocurrency exchange known as FTX, which three days after the November 8, 2022 election filed for bankruptcy. Many people who had their cryptocurrency stored at FTX have not been able to get their money/assets out of FTX. It is believed FTX is underwater badly, unable to account for the cryptocurrencies of their customers valued in the billions of U.S. Dollars.
Many who warehoused their cryptocurrencies at FTX have been unable to get any funds out of it. Imagine a major bank failure where no one gets their life savings out. Imagine an entity which has no insurance which will cover theft, or embezzlement, of their funds by insiders at the bank.
In the past week was a reported hack of FTX in which hundreds of millions of dollars in cryptocurrencies were moved illegally and no one knows where they went.
Many, many holders of cryptocurrency have seen their access to their vast holdings disappear and are economically ruined. It is a catastrophe of worldwide dimensions.
Sam Bankman Fried is the son of two professors from Stanford University’s Law School. His mother is Barbara Fried, who is tied to a group of Democrat supporting tech millionaires and billionaires in the notorious Silicon Valley. She and they are committed to putting Democrats in federal and state offices.
Sam Bankman Fried gave almost $40 million in this election cycle to Democrats, including millions to Joe Biden. It has been reported he was trying to line up support for his notion to have FTX take a primary role in the handling of cryptocurrency exchange in the United States.
Sam Bankman Fried is a graduate of M.I.T (Massachusetts Institute of Technology) university. The head of the Securities and Exchange Commission (SEC) is Gary Gensler, a Biden appointment. Gensler is a former professor from M.I.T university in Economics, where he worked for Glenn Ellison, Professor of Economics. Ellison is the father of Caroline Ellison, who is the CEO of FTX affiliate Alameda Research, which is also badly in distress.
Gary Gensler has long and strong ties to Barack Obama, Hillary Clinton, and Joe Biden. He was the Chairman of the Commodities Future Trading Commission under Obama. He was the CFO of the Hillary Clinton 2016 Campaign. Biden made Gensler his Chairman of the Securities and Exchange Commission.
Now you have some information to understand that the failure of FTX is tied to major Democrat players – both contributors and major economic and financial players. Start paying attention to the news related to the failure of FTX. Look for the names Bankman-Fried, Gensler, and Ellison.
The world of cryptocurrencies is badly shaken by the recent events involving FTX and Bankman-Fried. It has affected the perceived value of Bitcoin and other cryptocurrencies. As it unfolds remember that players in both government regulation and FTX are tied to the same politicians who have piled trillions of federal debt onto the American people.
Copyright 2022, Jim “Pappy” Moore. All rights reserved.
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