In the last week alone news has been abuzz with updates on the FTX scandal, and the inquiries as to where their unaccounted funds had wound up. Various docuseries online are starting to emerge after last year's Summer of Scams held by prominent members of Social Media Circles.
- Internet sleuth CoffeeZilla dives deeper with 2 detailing the potential scam and rug-pull that was Logan Paul’s failed NFT Venture: Crypto Zoo. A third part to the series is in the making being hinted at on CoffeeZilla's Twitter feed.
These videos are chock-full of leaked conversations between Logan Paul and the other CryptoZoo Founders, threatening voicemails from Logan Paul's manager and more seemingly suspect materials. Plenty of interviews and podcasts leading up to the CryptoZoo "Release Date" had individuals like former MMA Fighter Brendan Schaub touting on the H3 Podcast that Logan Paul "...cares extremely deeply about his audience, loves his audience, loves his brand, Doesn't have to f---ing scam to make money."
Low and behold, many people lost their hard earned savings of varying degrees believing the snake-oil that these scammers were peddling. The snake-oil came in the form of an NFT Project, which Logan claimed he had put roughly a million of his own cash into creating. This NFT Project had Logan claiming it was a "really fun game that makes you money."
- FTX CEO Sam Bankman-Fried has been making his rounds in the media headlines, just recently posting $250 million dollars bail
(Granted only a lump sum of this is necessary, Roughly 10% or so)
SBF will be held under house arrest following posting bail.
One of CoffeeZilla's latest Tweets covering the FTX Scandal
- Gary Wang alongside SBF's girlfriend and CEO of Alameda: Caroline Ellison, find themselves helping the FEDs and prosecutors move forward against their embezzling partner after pleading Guilty to Federal Charges and most likely taking a plea deal.
All of this comes to no surprise, as Wang and Ellison faced the music on their own fraud filled adventure hand in hand with SBF, only to attempt to avoid any true consequence to their enabling and abetting of the theft of customer funds.
Woven into the fray of chaos are testimony from investor and business mogul Kevin O’Leary, whom at FTX’s peak had received a sum of $15 million - $18 million in FTT — FTX’s in-house Token — to be a paid spokesperson for the Company.
(Mind you Kevin O’Leary was one to talk against Bitcoin and cryptocurrency in general extensively before this paid spokesperson role)
Under oath testifying in front of Congress on the matter, Kevin O'Leary held back no blows towards Market Giant BINANCE and their Founder Changpeng Zhao, claiming that "Binance is a massive, unregulated, global monopoly now. They put FTX out of business." He quickly wrapped this bold statement behind "Now, lots of other reasons, I'm sure. That is my personal opinion."
The first in many "Lots of other reasons" could have been the perpetuating of an inhouse Alt-Coin to fund Business ventures while they had drug fueled parties in the Bahamas, which ultimately led to the usage of Customer Funds.
Kevin O'Leary seems to forget that Binance ultimately made a decision based on the Financial Records held by FTX and Sam Bankman-Fried, and the detailing of how ultimately worthless their valuation truly was upon disclosure.
All of this comes at the end of a long year. For some, it was a time that Crypto Currency showed its true colors. For others like me, it is a trying time in the Wild West of Web3. Precedent will be set. Frauds will face the music, or not.
More rambling for the Professional Rambler
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