How to be a scam artist? Twitter afloat with rumour of a Sam Bankman-Fried trading MasterClass
13:02, 18 November 2022
Crypto Twitter is on the hunt for a rumoured video, in which Sam-Bankman Fried, the disgraced founder of defunct cryptocurrency exchange FTX, teaches trading.
With attention remaining on the spectacular collapse of FTX a week after the company filed for bankruptcy, all kinds of rumours about the firm and its former boss – known in crypto circles as SBF – circulate online.
One such unconfirmed speculation, which first appeared on a ‘crypto citizen journalism’ Twitter account, Autism Capital, claimed that SBF is featured in a masterclass on trading. “SBF did a masterclass on trading that was set to be released in December. It was already filmed,” the account tweeted.
The rumour gathered great interest, with YouTuber offering $500 for a leaked video of the masterclass. “If anyone at [the] masterclass leaks me the footage of SBF’s class on trading, I will pay you $500 LMFAO,” Coffeezilla reacted.
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RUMOR: SBF did a MasterClass on trading that was set to be released in December. It was already filmed.
— Autism Capital ???? (@AutismCapital) November 14, 2022
Changing fortune
Once upon a time – just earlier this month, in fact – SBF, the 30-year-old entrepreneur who founded FTX in May 2019 and saw the company valued at $32bn in January 2022, was held in high regard in the industry.
In light of the new events, a masterclass by SBF, whose firms FTX and affiliated trading company Alameda saw billions vanish from their balance sheets, a trading masterclass from the SBF would likely not be well received by many.
FTX is now undergoing bankruptcy and SBF resigned a week ago when FTX filed for bankruptcy. Its new chief executive and restructuring officer John Ray spoke of the dire state of the company’s financials.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” observed the elite bankruptcy lawyer, who oversaw the winding up of energy trading company Enron and has 40 years of experience.
“From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
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