Discover and read the best of Twitter Threads about #LedgerX
Most recents (2)
FTX GOVT SUBSIDIARY 🧵1/
Evidence is mounting that Sam Bankman-Fried's #FTX completely co-opted the US Commodity Futures Trading Commission - a situation that may be ongoing and include SEC Chair Gary Gensler. Was the CFTC a subsidiary of FTX?
Evidence is mounting that Sam Bankman-Fried's #FTX completely co-opted the US Commodity Futures Trading Commission - a situation that may be ongoing and include SEC Chair Gary Gensler. Was the CFTC a subsidiary of FTX?
FTX GOVT SUBSIDIARY 🧵2/
#SBF hired Ryne Miller (@_Ryne_Miller) the former Legal Counsel to US Commodity Futures Trading Commission Chairman Gary Gensler to serve as FTX's General Counsel - the former government regulator is still with #FTX. (Picture is an #NFT of Ryne)
#SBF hired Ryne Miller (@_Ryne_Miller) the former Legal Counsel to US Commodity Futures Trading Commission Chairman Gary Gensler to serve as FTX's General Counsel - the former government regulator is still with #FTX. (Picture is an #NFT of Ryne)
FTX GOVT SUBSIDIARY 🧵3/
#SBF hired Mark Wetjen (@markwetjen) the former Chairman and Commissioner of US Commodity Futures Trading Commission to serve as FTX's Head of Policy and Regulatory Strategy - he is still a director at LedgerX, an FTX subsidiary.
#SBF hired Mark Wetjen (@markwetjen) the former Chairman and Commissioner of US Commodity Futures Trading Commission to serve as FTX's Head of Policy and Regulatory Strategy - he is still a director at LedgerX, an FTX subsidiary.
FTX customers are furious where their money went 😡
Part of the answer is hidden in the infamous #FTX & FTX US financial statements.
Let’s dive in… 🪂
Part of the answer is hidden in the infamous #FTX & FTX US financial statements.
Let’s dive in… 🪂
2/ Starting with FTX’s acquisition spree:
🟥 The #LedgerX deal alone comes with $129M paid for goodwill (a fancy word for overpayment).
🟥 Add to that $206M for intangible assets (licenses and customer base).
Licenses are hardly recyclable and customers are long gone.
🟥 The #LedgerX deal alone comes with $129M paid for goodwill (a fancy word for overpayment).
🟥 Add to that $206M for intangible assets (licenses and customer base).
Licenses are hardly recyclable and customers are long gone.
3/ Moving down the document
🟥 The sponsorship agreements for FTX US alone are over $440M.
Compared to:
🟥 $46M in REVENUE
🟥 $98M net operating LOSS
Marketing expense is quite aggressive to say the least.
🟥 The sponsorship agreements for FTX US alone are over $440M.
Compared to:
🟥 $46M in REVENUE
🟥 $98M net operating LOSS
Marketing expense is quite aggressive to say the least.
