SBF Arrested!!!!
This is my opinion and not advice, but this is what I see happening.
So currently at 14:22 UTC December 13, 2022, SBF (Sam Bankman-Fried) has been arrested and taken into custody in the Bahamas. If you have been living under a rock and not paying attention to crypto for the last month or so he was the Top Dog at FTX. The story is he is the one who was using customers’ funds and moving them around 1: without customers knowledge and 2: without proper risk management.
Long story short, he lost all of the customer funds (some reports are up to 51 billion), the company failed and filed for bankruptcy.
So What all Does This Mean?
So there have been several people who have been wanting to see SBF arrested and brought back to the United States. He was scheduled to appear before The US House to have direct questions asked, and direct answers given. During this time the US House would ask questions such as “Did you know about this happening…” and such and he would need to answer the questions directly.
So What is Next?
A lot of people are saying that he will be moved to the US to stand trial. He has been arrested in the Bahamas, however the authorities there DO NOT HAVE to turn him over to the US. It is expected to happen, but it is currently not confirmed.
Markets
So what does this mean with our markets? There was a lot of talk about how SBF was trying to get some fundraising going to pay customers back. There were also talks about how he also wanted to start another company and take the profits from that company and pay back their customers. However, if he is in jail or prison that will be tough for him to do. Also, once your name gets smeared like it has, it is also hard for people to trust you again.
Currently the market has experienced a pump, I believe that it is because people are expecting something to happen with SBF and it is a positive thing for crypto. However, I also am expecting this to play out like a house of cards. There is lots of speculation about donations, about where money was actually going and things seem very sticky currently with the house of cards. I believe it has already started to crumble but the full effect has not happened yet. So, my personal opinion is still a bear market.
False Flag
Another thing I am currently watching is for other news that is not at “important” and “in your face” as this SBF news. I believe that this was all a timed event, some call it a black swan but I believe there is a reason these things are currently happening right now. I am watching for other news, regulations, exchange problems, hacks, etc… to happen and that the SBF news can cover up.
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