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FTX Tries to Pull Off Most Epic Magic Trick in History and Turn Nothing Into Something (Literally)

AltcoinsBitcoinCrypto News 1 Sam Rogers September 9, 2024

An illustration of a magician's top hat overflowing with coins and jewels, but also containing empty space where some items seem to have vanished into thin air; next to it is an image of a scale balancing the weight of assets against liabilities.

So FTX thinks it can just magically make its crypto assets into legitimate securities and get away with paying off creditors? Please, folks, this is like watching a bad magic show – you know the tricks are coming but still want to see how they manage to mess them up. The SEC’s got some serious reservations about this plan of theirs, which isn’t exactly surprising given that crypto has no inherent value and is just numbers on a computer created from nothing (see what I did there?). It’ll be interesting to see if FTX can somehow make its stablecoins appear out of thin air without getting shut down by the regulators. One thing’s for sure: this whole debacle will keep us entertained until 2025, at least.

Source: bitcoin.com

SEC Warns FTX Over Legality of Crypto Asset Distribution in Chapter 11 Plan
https://news.bitcoin.com/sec-warns-ftx-over-legality-of-crypto-asset-distribution-in-chapter-11-plan
The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. The FTX bankruptcy saga is moving along, with creditors now faced with the choice of pursuing claims through either the Bahamas or U.S. processes. Most customers are on track […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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