Breakdown of FTX l ABCNL bankruptcy proceedings



ABC News’ Linsey Davis spoke with bankruptcy attorney Jim Baer about what we learned and what went wrong after cryptocurrency exchange FTX went bankrupt. ABC News Live Prime, Monday through Friday at 7EST and 9EST WATCH ABC News live here: https://www.youtube.com/watch?v=w_Ma8oQLmSM SUBSCRIBE to ABC NEWS: https://bit. ly/2vZb6yP See more at http://abcnews.go.com/ LIKE ABC News on FACEBOOK https://www.facebook.com/abcnews FOLLOW ABC News on TWITTER: https://twitter.com/abc #ABCNLPrime #FTX #cryptocurrency #CryptocurrencyExchange #bankruptcy

Original source (ABC/Youtube)

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38 comments

  1. Release Joe Biden's tax return

  2. Spot <on! You are getting good at being ahead of the trend. Good job man! You nailed it. Many people have lost their life savings as FTX fall but not me as I was warned by my crypto advisor Devin Reynold of the imminent doom that was about to happen, I was able to transfer my profits of 13 bitcoin before they stop all transactions form FTX. I always say this there are different ways of earning profits in crypto market but most people believe in buying and hold for a long term, me on the other hand divide my portfolio in 2, 1/2 is to hold and the other 1/2 is for trading, using accurate signals from my advisor I have profited multiple times therefore adding more coin to my cold wallet. I also advise my friends to stop holding your coin in exchanges they gamble with your coin.

  3. This thief's head should be on a pike. Or better yet just Fry-Bankman.

  4. This guy is hiding 1billion somewhere

  5. It was joe and his hoe and the camel toe and a FJB 2 U all lets go brandon2 U all

  6. FTX is a big democrat donor, so don't expect him to get any prison time.

  7. The market may continue to decline, but if you're an expert, generating significant gains during this downturn won't be a problem. It all depends on how long you're willing to hold.

  8. Let's play the "What If It Was Trump" game………..If Republicans/Trumps second largest donor behind the Democrats largest George Soros was in this kind of trouble how would the media be reporting on it? FTX/SBF stole money from investors and used it as a Slush Fund for The Democrats.

  9. There is no bag to hold. It's gone.

  10. Sam stole billions. How is he not in jail?

  11. The Senate investigating FTX is like Buffalo Bill investigating Jeffrey Dahmer. Next well find out from Darth Vader how the death star was funded right after he investigates himself.

  12. Tax dollars->Ukraine->FTX(donates)-> Politicians
    Money Laundering 101

  13. Why is the Bernie Madoff of crypto getting a free pass from the media?

  14. I have to say it….. BITCONNEEEEEECT!

  15. I bet these guys are still writing swaps and taking trades from brokers… piece of SH*TS. The 🇺🇸 GOVERNMENT allowed this to happen, they know we know they did. The whole stock market is a massive ponzi scheme. Pieces of Sh*t

  16. Good! Hope they lose everything! I mean everything!!!!

  17. "Crypto" = trying to make money without going to work. Uh, when somethin sounds too good to be true, isn't it, usually?

  18. Dear Reader:

    Grow the F*ck up people ! If you went' into Crypto not paying attention to the warnings that it is a speculative asset class, volatile or that you could lose some or all of your investment, than you should never have invested in the 1st place. You should never have more than 2% of your portfolio invested in something that you cannot afford to lose. Crypto, as most investor's know, is not even backed by the Fed, nor does the S.E.C. have any real governance in place, let alone even insure a portion of your investment in the case of losses. If you still want' to invest in s asset classes than pick an exchange that is on-shore, in the United States, and always keep the majority of your Crypto in a Hard Wallet !!! Nuff' Said !!!

    JSC

  19. BUY THE DIP !! Oh Hell Yes – Buy this Dip it is an opportunity of a lifetime !!! DO NOT MISS OUT !!

  20. Jim Baer – I wonder who's brought it to be the smart guy

  21. He says “they get a little careless “😂😂😂
    I say “ they never kept employees listed “😂😂😂

  22. GREED

    Is it better to give than it is to receive?

    Are you not blessed when you give to those in need?

    Is it not the man who has less, that value more, that which he cannot afford? While the man who has all, value nothing, but always seek to have more.

  23. No sympathy for anyone foolish enough to buy crypto. Same with NFTs.
    No government entity should be allowed to invest in crypto. Those that have and lost money should be dismissed and prosecuted if possible.

  24. Bankman-Fried will face serious criminal charges if and ONLY IF, the victims of this ponzi scheme are the super rich and powerful. Had his victims been working class people or state employee pension funds, he would walk with no consequences.

  25. It cost billions of dollars to learn a simple lesson…

  26. Hmmmmmm I definitely DONT think this he’ll be given a chapter 7, he will literally be left naked in the current predicament he is in.

  27. Where are the real journalists? Do they even exists,or are they just teeth bleached repeaters reading from a teleprompter?

    There seem to be no one investigating all these scam companies these days..

  28. SBF and his associates are crooks who should be in prison awaiting trial. The fact that these criminals are still free testifies to the corruption of the so called justice system.

  29. BNB win we need to celebrate for CZ who agree.

  30. Don't you just love how all of these bad economic news stories come AFTER the midterms election? It's like when Big Pharma waited to reveal their vaccines until a week AFTER the 2020 election. Corruption is rampant in corporate America and the news media.

  31. I think anyone investing in crypto and all of these "AMA550X" sham comments is delusional and should immediately seek professional help.

  32. Interesting how much he donated to democrats. Very interesting how that always works out

  33. Truly love your candidness, I DCAed today again for BTC AMA550X and ETH

  34. I've had the feeling BTC would be going to 3k as well. Clearing out all my Alts going into BTC and AMA550X only, maybe a little BNB.

  35. AMA550X has partnered with Nike and Binance, expecting huge gains on this one. Their ICO presale is currently ongoing.