LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is for sale and attracting interest from would-be buyers including crypto giants Blockchain.com and Gemini, according to people familiar with the matter.
The unit, which is registered with the US Commodity Futures Trading Commission as a derivatives exchange, was a cornerstone of Bankman-Fried’s efforts in Washington. It’s also considered one of the most valuable assets associated with FTX after more than 100 other entities filed for bankruptcy. More
An interesting bit of trivia. The chair of the Commodity Futures Trading Commission appeared before the Senate Agriculture Committee recently. As part of his testimony Chair Rostin Behnam stated that representatives of FTX and Sam Bankman-Fried himself met with the regulators 10 times in 14 months prior to the collapse of FTX. They were trying to get the CFTC to loosen oversight and let these scammers steal from LedgerX as well. At the 30:50 mark. Watch
With all the Twitter reveals last night I didn’t get a chance to watch the whole hearing. If there’s more substance from the proceedings I’ll let you know. – Dr. Tar
These are the places the fifth level Jedi’s steal the rubes’ money. Derivatives are the abstraction of an idea based on a supposition.
When a physical particle increases in velocity its mass shows a corresponding increase. A derivative can attain a velocity that causes it to cease to exist.
The ONLY tangible commodity to invest is silver and gold.
The government will tax and regulate everything but they cannot destroy the value of silver or gold. The American dollar is worth less than the paper it is printed on.