Former FTX CEO <a href="https://www.dailywire.com/topic/sam-bankman-fried" target="_blank" rel="noopener">Sam Bankman-Fried</a> was arrested Monday by authorities in the Bahamas because they were notified that the U.S. Department of Justice has filed criminal charges against him and is expected to request extradition.
&#8220;On 12 December 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (‘SBF’), former CEO of FTX,&#8221; the government of the Bahamas said in a statement. &#8220;BF&#8217;s arrest followed receipt of formal notification from the United States that it has filed criminal charges against BF and is likely to request his extradition.&#8221;
&#8220;As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek BF&#8217;s arrest and hold him in custody pursuant to our nation&#8217;s Extradition Act,&#8221; the statement continued. &#8220;At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.&#8221;
FTX, which is headquartered in the Bahamas, was <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">launched</a> in 2019 and had accrued more than one million users by 2022. Users suddenly demanded $6 billion in withdrawals after an article published by CoinDesk revealed last month that the two arms of Bankman-Fried’s cryptocurrency empire, FTX and Alameda Research, had significant overlap on their balance sheets in the form of the cryptocurrency FTT, which FTX invented. Rival firm Binance, which had been planning to purchase FTX, announced that it would discharge all holdings in the coin and eventually reversed course on the acquisition.
Prime Minister Philip Davis said in a statement that the country has a shared interest with the U.S. to hold &#8220;accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.&#8221;
&#8220;While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere,&#8221; Davis added.
U.S. Attorney Damian Willams said in a statement, &#8220;Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY.&#8221;
&#8220;We expect to move to unseal the indictment in the morning and will have more to say at that time,&#8221; Williams added.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
USA Damian Williams: Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.
&mdash; US Attorney SDNY (@SDNYnews) <a href="https://twitter.com/SDNYnews/status/1602451395910803457?ref_src=twsrc%5Etfw">December 12, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This is a breaking news story; refresh the page for updates.

House Financial Services Committee Examines Digital Assets

Democrat Megadonor Sam Bankman-Fried Arrested In Bahamas, Faces Criminal Charges In U.S.

Bitcoin

Business

Cryptocurrency

Sam Bankman-Fried

Scandals

U.S. prosecutors have reportedly opened a criminal investigation into whether disgraced FTX founder <a href="https://www.dailywire.com/topic/sam-bankman-fried" target="_blank" rel="noopener">Sam Bankman-Fried</a>, a prolific Democrat, committed financial crimes that led to the collapse of the company last month.
The New York Times <a href="https://www.nytimes.com/2022/12/07/business/ftx-sbf-crypto-market-investigation.html?searchResultPosition=1" target="_blank" rel="noopener">reported</a> that the investigation is centered around examining if Bankman-Fried &#8220;steered the prices of two interlinked currencies, TerraUSD and Luna, to benefit the entities he controlled, including FTX and Alameda Research, a hedge fund he co-founded and owned.&#8221;
Federal prosecutors and officials at the Securities and Exchange Commission (SEC) are also investigating if Bankman-Fried broke the law by transferring FTX’s customer funds to Alameda, the report said.
The same entities were already investigating whether the company broke money laundering laws long before the company&#8217;s public collapse, Bloomberg News <a href="https://www.bloomberg.com/news/articles/2022-11-21/us-prosecutors-opened-probe-of-ftx-months-before-its-collapse?leadSource=uverify%20wall" target="_blank" rel="noopener">reported</a>.
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FTX, which is headquartered in the Bahamas, was <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">launched</a> in 2019 and had accrued more than one million users by 2022. Users suddenly demanded $6 billion in withdrawals after an article published by CoinDesk revealed last month that the two arms of Bankman-Fried’s cryptocurrency empire, FTX and Alameda Research, had significant overlap on their balance sheets in the form of the cryptocurrency FTT, which FTX invented.
The disheveled 30-year-old went from boasting a $15.6 billion net worth to having “no material wealth” over the span of approximately two days.
When asked late last month during an interview with CNBC’s Andrew Ross Sorkin at the Dealbook Summit whether he had ever lied during his time at FTX, Bankman-Fried <a href="https://www.dailywire.com/news/sam-bankman-fried-on-whether-he-lied-there-are-certainly-times-when-i-was-a-marketer-for-ftx">responded</a>, “I don’t know of times when I lied, I think, look, there are certainly times when I was acting as a, um, as a representative, as a marketer for FTX.”
“I didn’t ever try to commit fraud on anyone,” Bankman-Fried <a href="https://www.cnbc.com/2022/11/30/former-ftx-ceo-sam-bankman-fried-says-i-didnt-ever-try-to-commit-fraud.html?utm_term=Autofeed&amp;utm_medium=Social&amp;utm_content=Main&amp;utm_source=Twitter#Echobox=1669846399" target="_blank" rel="noopener">claimed</a>. “I saw it as a thriving business and I was shocked by what happened this month.”
This is a breaking news story; refresh the page for updates.
Related: <a href="https://www.dailywire.com/news/breaking-maxine-waters-not-planning-on-subpoenaing-sam-bankman-fried-to-testify-on-ftx-collapse-report">Maxine Waters Not Planning On Subpoenaing Sam Bankman-Fried To Testify On FTX Collapse: Report</a>

OPED-BANKMANFRIED-STYLE-COMMENTARY-TB

Federal Prosecutors Open Criminal Investigation Into Disgraced FTX Founder Sam Bankman-Fried, Report Says

Crime

U.S.

FTX founder Sam Bankman-Fried, 30, claimed during an interview on Wednesday when asked if he had ever lied while at the now-bankrupt company, that he, at times, acted as a &#8220;marketer&#8221; for FTX.
The company filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> earlier this month after customers discovered that firms controlled by Bankman-Fried and his associates were allegedly fraudulently intertwined, triggering a liquidity crisis as customers hurried to withdraw funds. A number of individual users and institutional clients still have as much as $8 billion remaining with the company.
&#8220;Were you truthful with us today?&#8221; CNBC’s Andrew Ross Sorkin asked SBF during an interview at the Dealbook Summit.
&#8220;I was as truthful as I, as, you know, I&#8217;m knowledgeable to be,&#8221; he responded. &#8220;There&#8217;s, there&#8217;s, there&#8217;s some things I wish I knew more about. But yes, I was.&#8221;
&#8220;Let me ask you this: do you agree that over time, you also lied?&#8221; Sorkin asked.
&#8220;Do I believe, do I agree that I lied?&#8221; SBF responded. &#8220;I don&#8217;t know of times when I lied, I think, look, there are certainly times when I was acting as a, um, as a representative, as a marketer for FTX.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Sorkin: &quot;Were you truthful with us today?&quot;
SBF: &quot;I was as truthful as I am knowledgable to be.&quot;
Sorkin: &quot;Over time, do you agree that you have lied?&quot;
SBF: &quot;There was times when I was acting a marketer for FTX.&quot; <a href="https://t.co/FKOC87I8e8">pic.twitter.com/FKOC87I8e8</a>
&mdash; Greg Price (@greg_price11) <a href="https://twitter.com/greg_price11/status/1598095165008547840?ref_src=twsrc%5Etfw">November 30, 2022</a></blockquote>
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Earlier in the interview, SBF claimed, “I didn’t ever try to commit fraud on anyone. I saw it as a thriving business and I was shocked by what happened this month.”
“What are your lawyers telling you right now?” Sorkin asked. “Are they suggesting it’s a good idea for you to be speaking?”
“No, they’re very much not,” he responded. “The time that I really knew there was a problem was November 6. When we looked at that, there was a potential serious problem.”
When asked if he was in the Bahamas because he believes that he can’t leave, SBF responded by claiming that he runs the company in the Bahamas and that he believes that organizations around the world might still “want” his help.
“How concerned are you about criminal liability at this point?” Sorkin asked.
“So, I don’t think that, I mean, obviously I don’t, I don’t personally think that I have, you know — but I think the real answer is it’s not, sounds weird to say but, but I think the real answer is that’s not what I’m focusing on,” SBF answered. “It’s, there’s gonna be a time and a place for me to sort of think about myself and my own future, but I don’t think this is it.”
“Like, right now, I mean, look, I’ve had a bad month,” SBF continued as the crowd erupted in laughter. “This has not been fun for me.”
Related: <a href="https://www.dailywire.com/news/mother-of-disgraced-crypto-billionaire-sam-bankman-fried-is-a-democratic-fundraiser-who-once-wrote-essay-blasting-personal-responsibility" target="_blank" rel="noopener">Mother Of Disgraced Crypto Billionaire Sam Bankman-Fried Is A Democratic Fundraiser Who Once Wrote Essay Blasting ‘Personal Responsibility’</a>

Key Speakers At IIF Annual Membership Meeting

Sam Bankman-Fried On Whether He Lied: ‘There Are Certainly Times When’ I Was ‘A Marketer For FTX’

CNBC

FTX founder Sam Bankman-Fried, 30, claimed during an interview on Wednesday that he never tried to commit fraud against anyone at the now-bankrupt company.
The company filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> earlier this month after customers discovered that firms controlled by Bankman-Fried and his associates were allegedly fraudulently intertwined, triggering a liquidity crisis as customers hurried to withdraw funds. A number of individual users and institutional clients still have as much as $8 billion remaining with the company.
“I didn’t ever try to commit fraud on anyone,” Bankman-Fried <a href="https://www.cnbc.com/2022/11/30/former-ftx-ceo-sam-bankman-fried-says-i-didnt-ever-try-to-commit-fraud.html?utm_term=Autofeed&amp;utm_medium=Social&amp;utm_content=Main&amp;utm_source=Twitter#Echobox=1669846399" target="_blank" rel="noopener">said</a> during an interview with CNBC’s Andrew Ross Sorkin at the Dealbook Summit. “I saw it as a thriving business and I was shocked by what happened this month.”
“What are your lawyers telling you right now?&#8221; Sorkin asked. &#8220;Are they suggesting it’s a good idea for you to be speaking?”
“No, they’re very much not,” he responded. “The time that I really knew there was a problem was November 6. When we looked at that, there was a potential serious problem.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
In his first live interview since the crypto firm he founded collapsed, Sam Bankman-Fried said he had “made a lot of mistakes” and “didn’t ever try to commit fraud on anyone.” Watch his conversation with <a href="https://twitter.com/andrewrsorkin?ref_src=twsrc%5Etfw">@andrewrsorkin</a> live: <a href="https://t.co/Zq5v4GdS5A">https://t.co/Zq5v4GdS5A</a> <a href="https://t.co/bRRqjwnVo0">pic.twitter.com/bRRqjwnVo0</a>
&mdash; DealBook (@dealbook) <a href="https://twitter.com/dealbook/status/1598081881693900801?ref_src=twsrc%5Etfw">November 30, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
When asked if he was in the Bahamas because he believes that he can’t leave, SBF responded by claiming that he runs the company in the Bahamas and that he believes that organizations around the world might still “want” his help.
“How concerned are you about criminal liability at this point?” Sorkin asked.
“So, I don&#8217;t think that, I mean, obviously I don’t, I don’t personally think that I have, you know&#8211;, but I think the real answer is it’s not, sounds weird to say but, but I think the real answer is that’s not what I&#8217;m focusing on,” SBF answered. “It’s, there&#8217;s gonna be a time and a place for me to sort of think about myself and my own future, but I don&#8217;t think this is it.”
“Like, right now, I mean, look, I&#8217;ve had a bad month,” SBF continued as the crowd erupted in laughter. “This has not been fun for me.”
SBF said he was focused on doing everything he could to help out all the millions of people that were hurt by his actions.
This is a breaking news story; refresh the page for updates.
Related: <a href="https://www.dailywire.com/news/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger">‘I Don’t Even Know How To Code,’ MIT Grad And Now-Broke Crypto CEO Sam Bankman-Fried Tells Niche Vlogger</a>

FTX Founder Sam Bankman-Fried: ‘I Didn’t Ever Try To Commit Fraud On Anyone’

FTX Founder Sam Bankman-Fried: 'I Didn’t Ever Try To Commit Fraud On Anyone'

Fraud

United States attorneys have charged 21 individuals for their alleged participation in a transnational <a href="http://dailywire.com/topic/crime" target="_blank" rel="noopener">money laundering</a> network involving <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrencies</a>.
According to a <a href="https://www.justice.gov/usao-edtx/pr/eastern-district-texas-announces-multi-year-investigation-transnational-cryptocurrency" target="_blank" rel="noopener">press release</a> from the United States Attorney’s Office in the Eastern District of Texas, Operation Crypto Runner has disrupted more than $300 million in annual money laundering transactions and seized extensive reserves of both cryptocurrency and cash from perpetrators. Thousands of individuals fell victim to a series of romance scams, business email compromises, and other fraud schemes.
“These defendants orchestrated highly organized and sophisticated schemes to launder fraud proceeds through cryptocurrency,” U.S. Attorney Brit Featherston remarked. “Today’s announcement sends a clear message that money laundering networks that service fraud schemes targeting American victims, especially the elderly, will not be tolerated, and those operating such networks will be held accountable. By acting as domestic money launderers for foreign co-conspirators, these defendants played indispensable roles that allowed foreign actors to reach from overseas to target victims in communities across the United States.”
Among other co-conspirators, Zenobia Walker of Maryland received cash by mail, money orders, and wire transfers before depositing the funds into her personal bank account and exchanging them for cryptocurrency elsewhere. She pleaded guilty earlier this year and was sentenced to 18 months in federal prison earlier this month.
Deependra Bhusal of Texas was sentenced to 46 months in federal prison for laundering over $1.4 million, while Lois Boyd of Virginia pleaded guilty to cooperating with others in an attempt to exchange more than $450,000 in criminal funds for Bitcoin. Both individuals worked under a scheme orchestrated by Tulasidas Konda of Virginia that ultimately routed victims’ funds to digital wallets controlled by foreigners.
“Cybercrime has become an all-too-common way for foreign criminal actors to prey on Americans,” added Thomas Noyes, Inspector in Charge of the Postal Inspection Service’s Fort Worth Division, noting that Operation Crypto Runner constituted a multi-year endeavor.
The string of convictions occurs at an inauspicious time for the nascent cryptocurrency sector, which faces renewed regulatory scrutiny after the sudden collapse of exchange platform FTX. The company <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">filed for bankruptcy</a> after adjacent trading firm Alameda Research allegedly used customer deposits to make investments. Both firms are controlled by 30-year-old former billionaire Sam Bankman-Fried.
As the Department of Justice and the Securities and Exchange Commission both continue investigations into the defunct cryptocurrency empire, the House Financial Services Committee is attempting to host Bankman-Fried next month for a hearing. The entrepreneur <a href="https://www.dailywire.com/news/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx" target="_blank" rel="noopener">donated</a> nearly $39 million during the midterm elections to Democratic candidates and <a href="https://www.dailywire.com/news/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger" target="_blank" rel="noopener">claimed</a> in a recent interview that he contributed a similar amount to Republicans through dark money channels.
Multiple cryptocurrency platforms, which had already been struggling under a bear market for digital assets, are presently struggling with liquidity crises of their own. BlockFi <a href="https://www.dailywire.com/news/crypto-company-blockfi-files-for-bankruptcy-after-ftx-collapse" target="_blank" rel="noopener">filed</a> for bankruptcy on Monday, while Genesis <a href="https://www.dailywire.com/news/second-major-cryptocurrency-exchange-could-be-poised-to-go-bankrupt" target="_blank" rel="noopener">indicated</a> the looming possibility of insolvency.
Days after FTX collapsed, the Federal Reserve Bank of New York partnered with leading financial institutions such as BNY Mellon and Mastercard to <a href="https://www.dailywire.com/news/federal-reserve-launches-digital-dollar-initiative-days-after-leading-cryptocurrency-firm-goes-under" target="_blank" rel="noopener">pioneer</a> a digital dollar simulation. An earlier <a href="https://www.federalreserve.gov/publications/january-2022-cbdc.htm" target="_blank" rel="noopener">paper</a> from the Federal Reserve argued that a central bank digital currency would preserve the role of the dollar in the global economy while mitigating pitfalls such as liquidity risk and credit risk.

A computer programmer or hacker prints a code on a laptop keyboard to break into a secret organization system.

U.S. Attorneys Bust Crypto Money Laundering Ring

Transnational Crypto Money Laundering Ring Busted

District Attorneys

Don’t expect the Left-wing press to admit it got snookered by a shibboleth-spewing schlub.
<a href="https://www.dailywire.com/news/we-got-overconfident-and-careless-sam-bankman-fried-reveals-what-went-wrong-with-ftx/" target="_blank" rel="noopener">Sam Bankman-Fried</a>, who is accused of pulling off a Madoff-level investment scam, somehow still has the media in his otherwise empty pockets. Even his own shocking admission that his &#8220;woke&#8221; persona was as big a fraud as his cryptocurrency exchange may not be enough to stem the deluge of journalistic valentines.
SBF, as the friendly press likes to refer to the phony philanthropist, lost billions of dollars of his clients’ money. His company, FTX, helpfully held the coins of people who didn’t want to bother with “cold storage,” the complicated process of personally securing their crypto investments. Except he didn’t hold the money, he blew it. Oh, and SBF’s company FTX, had a crypto token of its own which appears to have been a total scam.
Now that SBF’s empire has crumbled and he may be prison-bound, you might think the financial press would turn on him. After all, he made them look like complete fools for buying his seemingly selfless pledges to give away a fortune once estimated at $25 billion to save the globe from global warming, pandemics, and evil conservatives.
But much of the media still seems to believe SBF is the good guy who slept on a beanbag chair in his office and eschewed respectable attire and personal hygiene to focus on solving the world’s problems. After all, this was the man who hobnobbed with Bill Clinton and Tony Blair, donated about $30 million to Democrats for the midterms, and promised to give billions more to a host of causes. “Earning-to-give,” was his policy.
“If what you’re trying to do is donate, you should make as much as you can and give as much as you can,” Bankman-Fried told Recode last year.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
What are the leftist media hiding in their coverage of the failed cryptocurrency exchange FTX? 
Its CEO, Sam Bankman-Fried, was one of the biggest Democratic donors in the last election cycle – second only to George Soros. <a href="https://t.co/xigg7l6DcN">https://t.co/xigg7l6DcN</a>
&mdash; Media Research Center (@theMRC) <a href="https://twitter.com/theMRC/status/1593259641219194880?ref_src=twsrc%5Etfw">November 17, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
But now that he’s lost – or stolen — the money with which he was entrusted, SBF won’t be able to spend it to save humanity. A Washington Post headline on Wednesday lamented the price mankind may now pay because of SBF’s tragic plight.
“FTX collapse dooms founder’s effort to prevent another pandemic,” it read before someone at the newspaper that once called the head of ISIS an &#8220;<a href="https://www.dailywire.com/news/58280/" target="_blank" rel="noopener">austere religious scholar</a>&#8221; mustered enough shame to change it to, “<a href="https://www.washingtonpost.com/health/2022/11/16/sam-bankman-fried-ftx-pandemic-prevention/" target="_blank" rel="noopener">Before FTX collapse, founder poured millions into pandemic prevention</a>.”
A saccharinely soft New York Times interview with SBF was published Monday under the headline, “<a href="https://www.nytimes.com/2022/11/14/technology/ftx-sam-bankman-fried-crypto-bankruptcy.html#:~:text=How%20Sam%20Bankman-Fried’s%20Crypto%20Empire%20Collapsed%20Mr.%20Bankman-Fried,details%20about%20his%20handling%20of%20FTX%20customers’%20funds." target="_blank" rel="noopener">How Sam Bankman-Fried’s Crypto Empire Collapsed</a>.” A good editor might have distilled the answer down to something like, “He’s a crook,” or found a few places to deftly work the word “fraud” into the copy. A great editor might have sent it back to the writer with a subject line like, “WTF?”
No, the Old Gray Lady tied itself in knots portraying SBF as a well-meaning, big-hearted entrepreneur who maybe should have paid closer attention to his customers’ money. It didn’t press SBF on why he allegedly <a href="https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/" target="_blank" rel="noopener">gave at least $4 billion of other people’s money</a> to a hedge fund run by his novice investor on-and-off girlfriend, who promptly lost it. There was nothing about SBF’s private jet and over $40 million Bahamas real estate portfolio, allegedly fraudulent bookkeeping, mysteriously wiped servers, or that “hack” that emptied the last $400 million from FTX coffers as the company collapsed.
It&#8217;s worth noting that SBF’s victims included not just big players like crypto lender BlockFi, which may soon file for bankruptcy because of its exposure to FTX, but a bunch of regular folks, too. SBF had a strategy of recruiting beloved sports stars like Tom Brady, Shaquille O’Neal, and Stephen Curry to make cryptocurrency investments appeal to everyday people.
The real SBF revealed himself this week in a Twitter direct message interview with Vox’s Kelsey Piper. The fawning media will hate reading what he said almost as much as SBF’s lawyers.
“Man all the dumb s*** I said,” Bankman-Fried wrote. “It&#8217;s not true, not really &#8230; some of this decade&#8217;s greatest heroes will never be known, and some of its most beloved people are basically shams.&#8221;
Piper prodded him: “You were really good at talking about ethics, for someone who kind of saw it all as a game with winners and losers.”
&#8216;Ya hehe &#8211; I had to be,” SBF replied. “It&#8217;s what reputations are made of, to some extent. I feel bad for those who get f***ed by it &#8230; by this dumb game we woke westerners play where we say all the right shiboleths and so everyone likes us.&#8221;
Next week, the New York Times and World Economic Forum partner Accenture plan to co-host <a href="https://twitter.com/loffredojeremy/status/1593115059819274240?s=20&amp;t=v-LlGfEcEmwO9SwpMqB4Ew" target="_blank" rel="noopener">a live event</a> featuring Sam Bankman-Fried, Ukrainian President Volodymyr Zelensky, Meta chief Mark Zuckerberg, and Treasury Secretary Janet Yellen among others.
You would think one of those guests might be disinvited. Don’t be so sure.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

Shameless Media Just Can’t Quit Love Affair With Crypto Creep SBF

Shameless Media Just Can't Quit Love Affair With Crypto Creep SBF

Money

Politics

Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies are nowhere to be found after the <a href="https://www.dailywire.com/topic/cryptocurrency">cryptocurrency</a> hedge fund went <a href="https://www.dailywire.com/topic/economy">bankrupt</a>.
Beyond filing for bankruptcy earlier in July, the Singapore-based company defaulted on a $670 million loan and failed to repay $270 million to virtual currency exchange Blockchain.com, according to <a href="https://www.theverge.com/2022/7/11/23204465/three-arrows-capita-3ac-liquidators-crypto-hedge-fund-cant-find-founders-kyle-davies-su-zhu">The Verge</a>, even as the company reportedly had $3 billion in assets under management as of April 2022.
According to a July 8 <a href="https://www.documentcloud.org/documents/22083895-three-arrows-capital-liquidation">court filing</a>, Russell Crumpler and Christopher Farmer — two senior directors at Teneo, the company managing 3AC’s liquidation — have been unable to make meaningful contact with Zhu and Davies. The firm’s problems occur as leading cryptocurrencies — <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works">decentralized digital money</a> that can be transferred between users’ virtual wallets — <a href="https://www.dailywire.com/news/bitcoin-plunges-below-20000-mark-as-crypto-freefall-continues">plummet in price</a>. The price of <a href="http://dailywire.com/topic/bitcoin">Bitcoin</a>, for instance, fell from around $48,400 at the end of December to roughly $19,600 as of Tuesday.
The filing said that the liquidity of the firm’s assets increases the likelihood that Zhu and Davies will try to move their funds before investors can access them. “Here, that risk is heightened because a substantial portion of the Debtor’s assets are comprised of cash and digital assets, such as cryptocurrencies and non-fungible tokens, that are readily transferrable,” the document explained, noting that all parties involved “would be irreparably harmed if any disposition of the Debtor’s assets were to occur during the provisional period.”
Crumpler and Farmer said in the filing that they at one point were invited by Advocatus, the firm representing the two entrepreneurs, to join a Zoom call. Though two users named “Su Zhu” and “Kyle Davies” were present on the call, they remained on mute and did not turn on their cameras. Farmer claimed that he also attempted to locate the pair at company headquarters in Singapore but was met with a locked door and a pile of unopened mail. An emergency hearing is scheduled for July 12, according to <a href="https://www.reuters.com/legal/litigation/three-arrows-liquidators-asks-us-court-force-crypto-founders-cooperate-2022-07-11/">Reuters</a>.
Zhu broke his silence on Tuesday to <a href="https://fortune.com/2022/07/12/three-arrows-capital-3ac-founder-su-zhu-kyle-davies-insolvency-bankruptcy-court-administrator/">post</a> on social media that his “good faith” to cooperate with the liquidators was met with “baiting.” Letters from Advocatus included in his post claimed that Crumpler forfeited rights to acquire tokens from Israeli blockchain firm StarkWare.
Indeed, 3AC is far from the only cryptocurrency firm that has experienced financial issues in recent months. Exchange platform Coinbase is <a href="https://www.dailywire.com/news/crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff">preparing</a> to lay off 18% of its workforce.
“We appear to be entering a recession after a 10+ year economic boom,” Coinbase CEO Brian Armstrong said in a recent <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12">blog post</a>. “A recession could lead to another crypto winter, and could last for an extended period… Coinbase has survived through four major crypto winters, and we’ve created long-term success by carefully managing our spending through every down period. Down markets are challenging to navigate and require a different mindset.”
Cryptocurrencies are especially popular among younger Americans. The 2022 Investopedia Financial Literacy Survey indicated that 28% of Millennials — those between the ages of 26 and 41 — expect to <a href="https://www.dailywire.com/news/gen-z-millennials-are-relying-on-crypto-for-their-retirements">use cryptocurrencies to support themselves</a> in their retirement. Nearly 20% of Gen Z — those between 18 and 25 — said the same.
“For younger investors, cryptocurrency is clearly not just a fun asset to trade in order to make fast money,” Investopedia editor-in-chief Caleb Silver said. “They are depending on generating returns from cryptocurrency to build wealth and fund their retirement, which is concerning given the lack of education around investing in crypto, and the fact it is still not regulated by the industry.”

Price Of Bitcoin Reaches New High, As Inflation Rises At Level Not Seen In 30 Years

Bankrupt Crypto Entrepreneurs Nowhere To Be Found After Investors Come Knocking

3AC Founders Disappear After Firm's Bankruptcy

<a href="https://www.dailywire.com/topic/cryptocurrency">Cryptocurrency</a> continued its freefall, as <a href="https://www.dailywire.com/news/crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff">Bitcoin</a> fell below $20,000 Saturday and smaller tokens also shed value.
The value of Bitcoin dropped 9% in a 24-hour period to $19,217.81, according to Coin Metrics data. It was the lowest level for the benchmark cryptocurrency in one and a half years.
“Objectively, looking at the chart, there really is no viable support left,” <a href="https://twitter.com/PeterSchiff/status/1538108827547095042?s=20&amp;t=63ve3rKDtYpZgl4k7p7Rag">Europac.com Chief Economist Peter Schiff tweeted</a>. Most likely, Bitcoin will find short-term support along the long-term trend line around $6K.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
LATEST: Bitcoin falls below $20,000 for the first time since December 2020 ⬇️ <a href="https://t.co/q7cTL3ekXT">https://t.co/q7cTL3ekXT</a> <a href="https://t.co/mdbygMAMoY">pic.twitter.com/mdbygMAMoY</a>
&mdash; Bloomberg (@business) <a href="https://twitter.com/business/status/1538057271808237569?ref_src=twsrc%5Etfw">June 18, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
Bitcoin has fallen 33% over the last week, dropping its total market capitalization to $370 billion from $580. Since hitting an all-time high of $67,567 on November 8, 2021, it has fallen more than 70%.
Other cryptocurrencies have also been pounded in recent days and even hours. Ether, the second-largest cryptocurrency, plunged 10% over the last 24 hours to $997.75, its lowest level since January 2021.
The currencies have always been volatile, but investors say aggressive interest rate hikes from the Federal Reserve and a liquidity crunch for big investors has accelerated the dive this time.
On Wednesday, the Fed <a href="https://www.dailywire.com/news/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades">moved to stem inflation</a> by raising the federal funds rate three-quarters of a point, the biggest one-time jump in nearly 30 years. The move prompted a dash from risky assets, including stocks and cryptocurrency.
Cryptocurrency investors were hurt last month by the total collapse Terra, a so-called stablecoin designed to be worth $1. It crashed to less than a penny, taking the associated coin, Luna, down with it and wiping out $60 billion in market capitalization.
In addition, this week billion dollar cryptocurrency bank Celsius <a href="https://www.cnbc.com/2022/06/14/celsius-liquidity-crisis-fuels-fears-of-crypto-market-contagion.html">halted withdrawals</a>, locking out investors and stoking fears it may be insolvent, according to <a href="https://www.cnbc.com/2022/06/18/bitcoin-sinks-below-20000-as-crypto-meltdown-intensifies.html">CNBC.com</a>. Celsius lends investors’ cryptocurrency holdings to other institutions.
Finally, cryptocurrency hedge fund Three Arrows Capital, which manages what was once $10 billion in cryptocurrency, reportedly faced bankruptcy after making a series of leveraged bets on cryptocurrencies including Bitcoin and Ether.
Three Arrows co-founder Zu Shu said it is “in the process of communicating with relevant parties and fully committed to working this out.” On Friday, the The Wall Street Journal reported the hedge fund may sell off assets as it hopes for another firm to save it from complete collapse.
Earlier this week, cryptocurrency exchange platform <a href="https://www.dailywire.com/news/crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff">Coinbase said it would lay off 18% of its workforce</a> amid the <a href="http://dailywire.com/topic/economy">downturn</a> in the <a href="http://dailywire.com/topic/cryptocurrency">digital asset</a> market.
“We appear to be entering a recession after a 10+ year economic boom,” Coinbase CEO Brian Armstrong said in a Tuesday <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12">blog post</a>. “A recession could lead to another crypto winter, and could last for an extended period.”

Bitcoin Plunges Below $20,000 Mark As Crypto Freefall Continues

Economy

Federal Reserve

Internet entrepreneur <a href="https://www.dailywire.com/topic/jack-dorsey">Jack Dorsey</a> and rapper <a href="https://www.dailywire.com/topic/jay-z">Jay-Z</a> are raising eyebrows over their initiative to teach people in <a href="https://www.dailywire.com/topic/new-york-city">Brooklyn</a> public housing about <a href="https://www.dailywire.com/topic/cryptocurrency">cryptocurrency</a>.
<a href="http://dailywire.com/topic/bitcoin">Bitcoin</a>, a form of <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works">decentralized digital money</a> that can be transferred between users’ virtual wallets, was among several cryptocurrencies to plummet in price over the last few months. The digital coin’s price fell from around $48,400 at the end of December to roughly $20,600 as of Wednesday.
Nevertheless, Jay-Z and Dorsey are personally funding the “Bitcoin Academy” — an initiative for residents in Marcy Houses public housing complex in New York to learn about cryptocurrencies. Jay-Z, whose real name is Shawn Carter, grew up in Marcy Houses.
“Bitcoin is becoming a critical tool for many in Africa and Central and South America,” Dorsey, currently serving as CEO of financial services company Block, <a href="https://twitter.com/jack/status/1534894502179180544">tweeted</a> last week. “We believe the same potential exists within communities in the US. Our goal is to prove that making powerful tools more available to people enables them to build greater independence.”
As Dorsey mentioned, El Salvador became the first nation to <a href="https://www.dailywire.com/news/el-salvador-makes-history-becomes-first-country-to-make-bitcoin-legal-tender">adopt</a> Bitcoin as a form of legal tender last summer. According to El Salvador’s government, the use of the cryptocurrency could fuel “financial inclusion,” noting that &#8220;70% of its population doesn&#8217;t have access to traditional financial services.” Last month, El Salvador <a href="https://www.cnbc.com/2022/05/09/el-salvador-buys-500-bitcoin-as-crypto-market-sell-off-continues.html">bought</a> $15.5 million in Bitcoin at nearly $31,000 — meaning that the nation lost more than one-third of its investment amid the most recent selloff.
“The vision for Bitcoin is that it doesn’t have barriers, but lack of access to financial education is a barrier,” the Bitcoin Academy website <a href="https://thebitcoinacademy.com/">says</a>. “This program aims to provide education, empower the community with knowledge, and get rid of some of the barriers so that residents can learn more about Bitcoin specifically and finance in general.”
The program will give residents MiFi devices, serve dinner twice per week through the summer, and offer a special “Crypto Kids Camp.”
Some, however, questioned whether Bitcoin is the best investment for those struggling to make ends meet given the uncertainty that characterizes the cryptocurrency space.
“They’re saying you’re going to have financial freedom, but that also means you’re getting access to cryptocurrency’s volatility and complexity,” Brookings Metro fellow Tonantzin Carmona <a href="https://techcrunch.com/2022/06/09/jay-z-jack-dorsey-bitcoin-academy-marcy-public-housing/">told</a> TechCrunch. “You’re getting access to a space that is rife with scams, fraud, hacks and all sorts of things, because there aren’t consumer protections in place as the technology currently stands.”
Earlier this week, cryptocurrency exchange platform Coinbase <a href="https://www.dailywire.com/news/crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff">revealed</a> concerns about a looming recession and “crypto winter,” announcing that the company would therefore lay off nearly one-fifth of its staff.
“While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment,” Coinbase CEO Brian Armstrong said. “Coinbase has survived through four major crypto winters, and we’ve created long term success by carefully managing our spending through every down period. Down markets are challenging to navigate and require a different mindset.”
Despite skepticism, cryptocurrencies remain popular among younger Americans. The 2022 Investopedia Financial Literacy Survey <a href="https://www.dailywire.com/news/gen-z-millennials-are-relying-on-crypto-for-their-retirements">revealed</a> that 28% of Millennials — those between the ages of 26 and 41 — expect to use cryptocurrencies to support themselves in their latter years. Nearly 20% of Gen Z — those between 18 and 25 — said the same.

Jay-Z

Jay-Z And Jack Dorsey Raise Eyebrows Over Plan To Help Brooklyn Public Housing Residents Buy Bitcoin

Jay Z And Jack Dorsey Want Brooklyn Public Housing Residents To Buy Bitcoin

Jack Dorsey

New York City

Cryptocurrency exchange platform Coinbase is preparing to lay off 18% of its workforce amid a <a href="http://dailywire.com/topic/economy">downturn</a> in the <a href="http://dailywire.com/topic/cryptocurrency">digital asset</a> market.
“We appear to be entering a recession after a 10+ year economic boom,” Coinbase CEO Brian Armstrong said in a Tuesday <a href="https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12">blog post</a>. “A recession could lead to another crypto winter, and could last for an extended period.”
<a href="http://dailywire.com/topic/bitcoin">Bitcoin</a>, the digital asset with the largest market cap, has plummeted from around $48,400 at the end of December to roughly $22,500 as of Tuesday — a 54% drop.
According to Armstrong, past “crypto winters” have decreased trading and thereby impacted Coinbase’s primary source of revenue. Although the company has grown 200% year-over-year since the beginning of 2021, Armstrong believes he “over-hired” amid the boom in popularity of digital currency products and services.
“While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment,” he said. “Coinbase has survived through four major crypto winters, and we’ve created long term success by carefully managing our spending through every down period. Down markets are challenging to navigate and require a different mindset.”
Cryptocurrencies — forms of <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works">decentralized digital money</a> that can be transferred between users’ virtual wallets — are especially popular among Millennials and members of Generation Z. The 2022 Investopedia Financial Literacy Survey revealed that 28% of Millennials — those between the ages of 26 and 41 — expect to <a href="https://www.dailywire.com/news/gen-z-millennials-are-relying-on-crypto-for-their-retirements">use cryptocurrencies to support themselves</a> in their retirements. Nearly 20% of Gen Z — those between 18 and 25 — said the same.
“For younger investors, cryptocurrency is clearly not just a fun asset to trade in order to make fast money,” Investopedia editor-in-chief Caleb Silver remarked. “They are depending on generating returns from cryptocurrency to build wealth and fund their retirement, which is concerning given the lack of education around investing in crypto, and the fact it is still not regulated by the industry.”
Indeed, just over one-quarter of American adults reported having “advanced” knowledge of cryptocurrency, while 49% have “beginner” knowledge.
The plummeting value of digital assets also impacts El Salvador, which became the first nation to adopt <a href="https://www.dailywire.com/news/el-salvador-makes-history-becomes-first-country-to-make-bitcoin-legal-tender">Bitcoin as a form of legal tender</a> last summer. According to El Salvador’s government, the use of the cryptocurrency could fuel “financial inclusion,” noting that “70% of its population doesn’t have access to traditional financial services.”
Last month, however, El Salvador <a href="https://www.cnbc.com/2022/05/09/el-salvador-buys-500-bitcoin-as-crypto-market-sell-off-continues.html">bought</a> $15.5 million in Bitcoin at nearly $31,000 apiece — meaning that the nation lost over one-third of its investment amid the most recent selloff.
El Salvador’s use of Bitcoin as legal tender represents “the first domino to fall in broader global adoption,” according to an analysis from accounting firm <a href="https://www.pwc.com/gx/en/financial-services/pdf/el-salvadors-law-a-meaningful-test-for-bitcoin.pdf">PwC</a>. Because over 20% of El Salvador’s gross domestic product (GDP) emerges from remittances — money sent to residents of the country from citizens working abroad — Salvadorans may benefit by using cryptocurrencies to avoid hefty transfer fees.
International financial institutions like the International Monetary Fund (IMF) and the World Bank have been hesitant to back El Salvador’s experiment over concerns related to macroeconomic stability and environmental implications.
Many economists and officials have been highly skeptical of cryptocurrencies and their surging popularity. IMF Managing Director Kristalina Georgieva said at the World Economic Forum last month that some forms of cryptocurrencies <a href="https://www.dailywire.com/news/head-of-imf-denounces-certain-types-of-crypto-as-pyramid-schemes-at-world-economic-forum-summit">not backed by assets</a> are a “pyramid” scheme, and Sen. Elizabeth Warren (D-MA) has repeatedly called upon regulators to <a href="https://www.dailywire.com/news/warren-asks-biden-administration-to-crack-down-on-cryptocurrencies">crack down</a> on the marketplace.

‘Crypto Winter’: Coinbase To Lay Off Nearly One-Fifth Of Staff

Cryptocurrency Company To Lay Off Nearly One-Fifth Of Staff Amid Recession Fears, Selloff

Recession

Millennials and members of Generation Z are relying heavily upon cryptocurrencies for their retirement savings, according to a poll released earlier this month.
The 2022 <a href="https://www.investopedia.com/financial-literacy-survey-5223919">Investopedia Financial Literacy Survey</a> asked over 4,000 American adults in the Gen Z, Millennial, Generation X, and Baby Boomer generations about their saving, investing, and taxpaying habits. Among other findings, the investment dictionary revealed that 28% of Millennials — those between the ages of 26 and 41 — expect to use cryptocurrencies to support themselves in their latter years. Nearly 20% of Gen Z — those between 18 and 25 years old — said the same.
Gen Z, Millennials, and Gen X also foresee their cryptocurrency assets yielding stronger returns than their holdings in stocks, real estate, or mutual funds.
“For younger investors, cryptocurrency is clearly not just a fun asset to trade in order to make fast money,” Investopedia editor-in-chief Caleb Silver explained. “They are depending on generating returns from cryptocurrency to build wealth and fund their retirement, which is concerning given the lack of education around investing in crypto, and the fact it is still not regulated by the industry.”
Indeed, just over one quarter of American adults reported that they have “advanced” knowledge of cryptocurrency — a form of <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works">decentralized</a> digital money that can be transferred between users’ virtual wallets — while 49% have “beginner” knowledge.
Meanwhile, only 49% of Americans have “advanced” knowledge of paying taxes. 47% have “advanced” knowledge of saving, 45% of borrowing and managing debt, and 36% of investing.
Young Americans also expect to stop working at younger ages than their parents and grandparents. The median age at which Gen Z expects to stop working is 57; for Millennials, Gen X, and Boomers, expected ages are 61, 64, and 68, respectively.
“Our relationship to money, investing and financial planning has radically changed in the past few years, as new asset classes like crypto and NFTs have emerged just as millions of people are taking their first steps into investing,” Silver added. “What hasn’t changed is the need for relevant financial education — but in a modernized curriculum that addresses these new financial products and services, designed to serve the people who are dependent on them to build their wealth.”
Data from credit bureau Experian released in 2019 <a href="https://www.cnbc.com/select/average-american-debt-by-age/">show</a> that the average American household finds itself in $90,460 in debt — from mortgages and student debt to credit cards and personal loans. Members of Gen Z owe an average of $9,593; Millennials, Gen X, and Boomers respectively owe $78,396, $135,841, and $96,984.
Research from the Federal Reserve Bank of Minneapolis <a href="https://www.minneapolisfed.org/economic-research/conferences/~/media/files/research/events/2014_05-22/Brown_Financial_Education.pdf">indicates</a> that “financial literacy reduces exposure to housing and consumption debt” and “reduces the prevalence of bankruptcy,” while leading to “a lower likelihood of having any outstanding debt.”

Cryptocurrency Automated Teller Machines in London

Gen Z, Millennials Are Relying On Crypto For Their Retirements

Generation Z

Millennials

Stock Market

On Wednesday, President Joe Biden signed an executive order which laid the groundwork for federal regulation of the cryptocurrency market, the potential development of a digital dollar, as well as setting the stage for the presentation of unregulated cryptocurrency as national security threats.
The <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/">order</a> calls for a review of the federal government’s approach to cryptocurrencies, as well as placing the United States as a leader in the global industry.
The ongoing Russian invasion of Ukraine is also being presented as a motivation for cracking down on cryptocurrency, with <a href="https://www.washingtonpost.com/business/2022/03/09/biden-crypto-executive-order/">The Washington Post</a> noting that “some U.S. policymakers have raised concerns about the potential for Russians to use cryptocurrencies to dodge sanctions, although others say the relatively small size of the asset market and the traceability of digital tokens make it an unworkable option for the Russians targeted with sanctions.”
“Today President Biden signed an Executive Order (E.O.) to establish the first-ever comprehensive federal digital assets strategy for the United States. The E.O. will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” NEC Director Brian Deese and National Security Advisor Jake Sullivan announced in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/statement-by-nec-director-brian-deese-and-national-security-advisor-jake-sullivan-on-new-digital-assets-executive-order/">statement</a>.
“This E.O. marks an intensification of our efforts to promote responsible innovation in the digital assets space – innovation that works for all Americans, protects our national security interests, and contributes to our economic competitiveness and growth. Fundamentally, an American approach to digital assets is one that encourages innovation but mitigates the risks to consumers, investors, and businesses, broader financial stability, and the environment. We are clear-eyed that &#8216;financial innovation&#8217; of the past has too often not benefited working families, while exacerbating inequality and increasing systemic financial risk. This history underscores the need to build robust consumer and economic protections into digital asset development,” they continued.
“The approach outlined in the E.O. will reinforce U.S. leadership in the global financial system and safeguard the long-term efficacy of critical national security tools like sanctions and anti-money laundering frameworks. To these ends, the Order identifies the Administration’s policy priorities, both for cryptocurrencies and any future U.S. central bank digital currency, to help guide the evolution of the digital asset ecosystem in a way that is consistent with our values. Governments alone cannot solve these problems, and definitely not a government that operates in siloes,” they concluded. “This E.O. is the product of months of work with stakeholders across government, industry, advocacy, academia, and international allies and partners – to identify actions we can take to foster responsible innovation in the digital asset ecosystem. Its implementation will leverage the knowledge and distinct expertise of a broad range of stakeholders across the White House and Executive departments and agencies, and regulatory agencies. We remain committed to working with allies, partners, and the broader digital asset community to shape the future of digital asset systems in a manner that is safe, inclusive, and consistent with our democratic values. As this ecosystem evolves, so too will our approach.” 
Ian Haworth is a writer for The Daily Wire and contributor to Morning Wire. Follow him on <a href="https://twitter.com/ighaworth">Twitter</a>, <a href="https://www.facebook.com/ighaworth">Facebook</a>, and <a href="https://www.youtube.com/c/IanGHaworth">YouTube</a>.

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