November 11, 2022 – With a social media post saying he is sorry and admitting he messed up on calculations Sam Bankman-Fried is scrambling to find billions of dollars to soothe outraged investors.
Media reports are that he is trying to raise $8 billion and The Bahamas is now nursing a black eye just when it claimed the islands would become the Crypto Currency king as a result of attracting FTX.
Before this billion dollar meltdown, FTX was listed as the second largest crypto currency exchange on the planet. Ground was broken in Nassau, The Bahamas in April 2022. That soil turning was followed by an epic show of support of the venture by world leaders including Bill Clinton, former US President; Tony Blair, former UK Prime Minister and Bahamas country leaders including Philip Davis, Prime Minister and Ryan Pinder, who is the Attorney General for the islands – all appeared at the first, Crypto-Bahamas Conference held at the Baha Mar resorts.
Magnetic Media is following the ROBUST reporting on this disaster which has befallen, Bahamas-based FTX.
FTX watched investors rally to walk out earlier this week but could not, the billions invested gone and yesterday the Securities Commission of The Bahamas, in a shocking turn of events froze all of FTX assets.
Today, FTX filed for bankruptcy protection in a US court. The filing allows the now floundering company to hunt down billions of dollars and satisfy dismayed investors.
Now, the fallen crypto genius, Sam Bankman-Fried at 30 years old and with a previously reported net worth of $30b has stepped down as CEO.
