for Brian Shilhavy
Editor, Health Impact News
November 8, 2022 will obviously go down in history as America’s midterm election day, but could another event that happened yesterday overshadow even the national election?
Earlier this year I warned that cryptocurrencies were NOT safe havens for protecting financial wealth, when Coinbase, the largest cryptocurrency exchange service in the United States, announced that they had hacked 25,000 Russian wallets.
Cryptocurrency WARNING! Coinbase cuts 25,000 Russian wallets!
As I noted at the time, I’ve never felt comfortable putting significant resources into cryptocurrencies for a number of reasons, the most obvious being that it’s “system” dependent, requiring, among other things, electricity and a working internet.
New problems with cryptocurrencies were exposed yesterday, when the equivalent of a “banking correction” occurred as crypto exchange FTX saw $6 billion in withdrawals in a 72-hour period, meaning that yesterday they stopped the withdrawal process.
Fortune magazine’s August/September cover posed the vexing question of whether crypto-billionaire Sam Bankman-Fried could be the next Warren Buffett, a man whose investment acumen has survived more than seven decades. Less than three months later, the public has its answer. Bankman-Fried’s crypto empire has been reduced to ruins in a week.
As a result, people don’t have a lot of trust in the crypto exchanges that hold their crypto. The equivalent of banking operations seen in the early 1930s, before Congress enacted federal deposit insurance in 1933, can wipe out a cryptocurrency exchange in a week.
According to Reuters, Bankman-Fried’s crypto exchange FTX saw $6 billion in withdrawals in a 72-hour period through yesterday, leaving the exchange reeling amid questions about its solvency. (Source.)
Binance’s Changpeng Zhao appears to have dealt the death blow to competitor FTX and its “billionaire” founder and CEO Sam Bankman-Fried. Bankman-Fried’s fall from grace has been one of the most stunning net worth losses in recent history. While problems were likely on the surface before Tuesday, a massive $6 billion in withdrawals forced the company into a liquidity crunch. Their FTT token crashed before SBF contacted nemesis Zhao at Binance for a bailout.
The situation culminated in the entire cryptocurrency crash on Tuesday, including the entire stock market falling at some points, and Bankman Fried losing a substantial portion of his net worth, according to Bloomberg. In fact, reports say he has lost 94% of his $16 billion fortune. (Source.)
Some big investors, including Blackrock and famous athletes like Stephen Curry and Tom Brady, invested heavily in FTX.
From Tom Brady and Steph Curry to BlackRock: FTX Investors and Partners Feeling The Pain
Some of the most prominent investors in the crypto exchange include: BlackRock, Ontario Pension Fund, Sequoia, Paradigm, SoftBank, Circle, Ribbit, Alan Howard, Multicoin, VanEck and Temasek.
Famous investors also came to FTX. Basketball star Stephen Curry, for example, signed a partnership with the platform in September 2021. Interestingly, this was his first investment in the crypto industry while his – Eat.Learn.Play. – The foundation joined with FTX in several charitable initiatives.
Another prominent individual caught up in the drama is National Football League (NFL) star quarterback Tom Brady. After many personal and professional setbacks, Brady’s net worth is now at great risk.
The soccer superstar and his wife, model Gisele Bündchen, entered into a long-term relationship with FTX in 2020. He indicated his intention to enter the crypto industry. As part of the deal, both received Bitcoin in addition to an equity stake in the company.
The former couple put their combined net worth at $650 million. While Brady was said to take on the role of FTX’s brand ambassador, the former Victoria’s Secret cover served as an advisor on environmental and social initiatives. (Full article.)
Sam Bankman-Fried, who once appeared on the cover of Fortune magazine as potentially the next “Warren Buffet,” and who has now lost 94% of his $16 billion fortune, may fare better compared to Bernie Madoff, as ZeroHedge News found an interview with him. did a few months ago where he admitted that crypto yield farming is basically a Ponzi business.
Over the summer, I was shocked when a friend of mine sent me an interview with FTX CEO and crypto billionaire Sam Bankman-Fried that I had never seen before. In the interview, Sam, who I recently pointed out knows more about the inner guts of the defi/crypto space than anyone else, basically came out and admitted that crypto lending was a giant Ponzi scheme.
Of course, many of us knew the space was already a ponzi scheme, as I’ve been blunt about it, but it was Bankman-Fried’s admissions, pure, unadulterated, real, bald-faced style, that caused my jaw to drop when I read and listened to it this week.
Now, looking back on it after the FTX collapse this week, it’s even more surprising that no one saw it coming. (Full article.)
The big question now is when will the other big Ponzi scheme, the New York Stock Exchange, go bust, sending the US and probably the rest of the world into financial ruin and ushering in the Great Reset?
See also:
Understand the times we are currently living in
How to determine if you are a disciple of Jesus Christ or not
Synagogue of Satan: Why It’s Time to Leave the Corporate Christian Church
The end is near! Be firm!
Does your family think you’re “out of your mind”? You are in good company because Jesus confronted his family
What happens when a holy and just God gets angry? Lessons from history and the prophet Jeremiah
Drug-free healing: Western culture has lost its way
The most important truth about the arrival of the “new world order” Almost no one disputes it
Insider exposes Freemasonry as the world’s oldest secret religion and Luciferian plans for the new world order
Identifying the Luciferian Globalists Implementing the New World Order: Who Are the “Jews”?
Posted on November 9, 2022
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