alex zh FTX Creditor

[Willy Woo @willywoo]

I'm seeing crypto folk falling into the trough of dispair after an abysmal bull market with mainly losers and BTC outperforming their "beta".

Let me tell you a story that tells you why you got screwed. It starts with the end of FTX.

When the bankruptcy folk came in to liquidate FTX assets their mandate was to sell everything. This included vast quantities of locked SOL.

They inadvertently invented something new, selling an asset that was locked up on-chain through the magic of a legal sale agreement (pay me now, I deliver later).

The deal got passed around the ecosystem, fund managers bought up the locked SOL at more than 60% discount to compensate for being locked up and exposed to the token price.

Many hedge funds bought the deal. They knew they could hedge the token price on futures markets by shorting SOL pocketing 70-80% yield at near zero risk (staking + basis yield + token discount).

They liked it and asked where can we get more of this?

Herein lies your PROBLEM as a crypto investor in 2023-2025.

Every crypto project has backers (and a foundation) who has great wads locked tokens that have been sold to hedge funds and dumped on you immediately through futures markets.

All your alpha went to market neutral hedge funds pocketing risk free yield.

THAT IS WHY CRYPTO IN 2023-2025 UNDER PERFORMED

You got dumped on prematurely.

On the bright side many of these projects, even though they have "locked up tokens ready to dump" on paper, in reality they have been sold already, so they will logically perform without the expected sell pressure in the next bull market given they have effectively been sold.

Not that I recommend buying crypto, you need to be an insider to get an edge, it works like a casino, the house will take your money. The house in 2023-2025 were the people who understood this trade. Just buy BTC and get on with your life.

[FTX @FTX_Official]

(3/4) FTX also announced that an April 30, 2026 record date has been set for a May 29, 2026 payment to holders of preferred equity interests. Additional details are available in FTX’s press release here: https://t.co/ncdQ3HdNg9

[Tyler Winklevoss @tyler]

I just donated $500k in bitcoin (8 BTC) to @DeatonforSenate to help him unseat @SenWarren as a U.S. Senator. Here’s why:

Elizabeth Warren is one of the single greatest threats to American prosperity. When it comes to crypto, she is public enemy number one. She’s the chief architect and driver of the Biden Administration’s war on crypto. She wages this unlawful war by weaponizing government agencies to attack our industry through a combination of debanking, bad faith enforcement actions, and other abuses of power.

The madness began during the 2020 Presidential campaign, when President Biden sought Senator Warren's support for his presidential bid. In return, President Biden gave her veto rights on all of his regulatory agency picks. This Faustian bargain meant two things: (1) that President Biden ceded control of America’s economic policy to Elizabeth Warren and (2) that all of his agency appointees are really hers. This is why these agencies and their chairs do her bidding. She installed them and all of them depend on her for their political future.

This is Elizabeth Warren’s army and how she assembled it. It includes corrupt, immoral, and odious characters like @GaryGensler, the chairman of the @SECGov, and Martin Gruenberg, the chairman of the @FDICgov. These unelected bureaucrats are simultaneously her lap dogs and attack dogs. They wield the power of these agencies on her behalf and at her command.

At her direction, the SEC has conducted non-stop investigations and brought a multitude of bad faith enforcement actions against good actors in the crypto industry. In parallel, the FDIC initiated Operation Choke Point 2.0 — an ongoing coordinated effort to pressure banks not to bank legal crypto companies. Elizabeth Warren is the mastermind of these illegitimate initiatives and these are her lieutenants and foot soldiers that carry out her orders.

Unfortunately, Elizabeth Warren’s reign of terror is not limited to the crypto industry. She fundamentally believes that free markets are bad and should be regulated into oblivion, that businesses are evil and the cause of most societal problems, and those who start them and lead them are villains. This cartoonish world view is the kind only an out of touch, elite university professor can hold, which is exactly what Elizabeth Warren is.

American founders and the businesses they start are the most dynamic and innovative in the world by a long shot. They are the drivers of the American economy, which is not only the greatest economy in the world, but also the most creative. Pretty much every product, service, and company that you care about is fundamentally American. Remove them and your everyday experience and quality of life would be unrecognizable.

This is not to say that thoughtful regulation doesn’t have a place. Regulation that fosters both consumer protection and innovation leads to the healthiest and most vibrant markets. That is why I, along with many others, have been proponents of thoughtful regulation for the crypto industry for more than a decade. But this is not what we’re talking about here. Elizabeth Warren doesn’t believe in thoughtful regulation. She believes in power and control.

Crypto has the capacity to level the financial playing field and promote financial inclusion, fairness, and freedom for all. Elizabeth Warren should be embracing it. Instead, she has tried to kill it. Why? Because she can’t control it. Her lust for power and control is so great that she puts it ahead of the individual consumer that she pretends to care about and protect. In a deeply ironic plot twist, this has caused her to become the biggest cheerleader of Too Big To Fail banks and other traditional financial institutions — the very people she demonized a decade ago on her ascent to political office for their rapacious and predatory behavior toward consumers. Her contortions betray her real values. She prefers an unfair society that she can control to a fair one that she can’t.

To that end, for the last four years, Elizabeth Warren has been marshaling the Administrative State against companies and industries in an effort to control the ones she can, and kill the ones she can’t. The economic loss and destruction of her actions cannot be overstated. This behavior ignores the rule of law, the importance of responsible legislation, and poses one of the greatest dangers to the future of American capitalism and our success as a nation. All of this happened on President Biden’s watch and that is why he will pay the ultimate political price in November. It is now time for Elizabeth Warren to pay the same price.

I am supporting John Deaton because I believe he is the only candidate who can defeat Elizabeth Warren in the race for U.S. Senate in Massachusetts. While Elizabeth Warren epitomizes the worst of America, John Deaton epitomizes the best. While Elizabeth Warren spent the last four years trying to destroy the crypto industry, John Deaton worked tirelessly to defend it as an attorney. While Elizabeth Warren pretends to serve the American people, John Deaton actually served the American people as a Marine in the United States Marine Corps. While Elizabeth Warren advanced her career through lying about her ancestry, John Deaton advanced his career through honest, hard work.

John Deaton is an American hero; Elizabeth Warren is not. John Deaton is a pro-Bitcoin, pro-crypto, and pro-business candidate; Elizabeth Warren is not. She is a lawmaker who can’t pass a law. She is celebrity over results. Politician over leader. Form over substance.

The good people of Massachusetts have caught onto this. They are a fiercely intelligent and independent group of thinkers who are not afraid to elect a moderate, pro-business Republican. The time for change has come to the Commonwealth of Massachusetts and that change is John Deaton. This is why I’m supporting John Deaton and I hope you will too. Onward!

[FTX Historian @historian_ftx]

FTX Political Donation_Part 2
The following 48 politicians/political committees had not returned the donation by Sam Bankman-Fried as of June 2024. Please repost this to give them some pressure to return the funds.

Guarding Against Pandemics PAC (run by SBF’s brother)

Across The Aisle PAC
Activate America
Alabama Conservatives Fund
Alessandra Biaggi For Congress
Alex Padilla For Senate
America United
BFB PAC
Bill Cassidy for US Senate
Carl Marlinga For Congress
Carrick Flynn For Oregon
Center for Essential Information
Collins for Senator
Democratic State Central Committee of Maryland
DSCC
FF PAC
Friends of Dick Durbin Committee
Friends of Glenn Thompson
Friends of John Thune
Gilbert Villegas For Congress
GMI PAC
Great Lakes PAC
Greater Tomorrow Political Action Committee
Heartland Resurgence
Heartland Values PAC
House Majority PAC
Jimmy Panetta
Joining Ideas To Motivate Movement For You (Jimmy PAC)
Limitless Horizons
Manchin For West Virginia
Massachusetts Democratic State Committee
Max Rose For Congress
National Wildlife Federation Action Fund
Nevadans For Steven Horsford
Opportunity for Tomorrow
Oregon Victory Fund
Prairie Political Action Committee
Protect Our Future PAC
Quartey For Congress
Richard Burr
Ro for Congress Inc
Romney for Utah Inc
Senate Majority PAC
Sydney Kamlager For Congress
The Next 50 PAC
Troy Carter
Vote Tripling
PAC (now Vote REV PAC)
WY Democratic State Central Committee

[Mr. Purple @MrPurple_DJ]

To be clear, what you are suggesting is that US based regulators are extrajudicially “applying pressure” to US based and non-US based Debtors (private companies with millions of creditors, creditors who were victims of fraud no less).

So, if true, you allege that even if restarting FTX would provide more recovery to creditors, the regulators are ensuring that it does not happen!?! “behind the scenes”!?! Affecting millions of individuals worldwide for potentially less recovery!

That would be an unprecedented and potentially illegal activity that sounds like an Operation Chokepoint 2.0 activity. That’s a pretty salacious allegation without evidence, what gives you that impression and/or do you have any evidence of that being true?

That would be like a 5 out of 5 Tin Foil Hat Conspiracy Theory being found to be true, so if you have evidence, please share it with the world.

Would welcome a declaration, an affidavit, or Deposition of any Debtor professionals (subpoenaed if necessary) stating under oath why FTX could not be restarted.

Regulatory pressure has never been stated and the only information provided, in entirety, from the Debtors is a statement made by Andrew Dietderich in court stating:

“No investor is ready to commit the needed capital…” “nor has a buyer emerged from that exchange…” but still has “valuable customer data and information to monetize" (quoted from his statements in court January 31st, 2024). No sale of the customer "data and information" appears to be underway either for potential additional monetization.

Multiple buyers were known (Bullish, Figure, and Proof Group), and public statements indicate that bidders believed their offers “worth $billions to FTX creditors.”

First, it is implausible to believe that those offers were not committing a stated amount of capital (in cash, not just equity, for some amount in the millions, tens of millions, or maybe even $100mm in cash $USD) to restart the business. The public (and more importantly creditors) have only been informed that it was not “the needed capital.” How would you define “needed?” Critically, how I might define “needed” could be different than your definition vs. the Debtor’s definition, or any other creditor for that matter.

Second, if it is “regulators… applying pressure (and[/or] bullying)” then Debtors should testify to that. That could in theory be a violation of law and/or bankruptcy code (one that would be so unprecedented, I don’t believe a situation like that has ever existed historically).

Given that the hallmark of bankruptcy is transparency, it would be more appropriate for the Debtors to file a declaration to the Court, citing under the “business judgement rule” how they define “needed capital” or at a minimum include a statement under penalty of perjury in the Disclosure Statement.

Creditors deserve an answer at a minimum.

[Sunil (FTX Creditor Champion) @sunil_trades]

SBF invested $1bn incl. customer deposits into Genesis Digital Assets

Profitable investment raising pre-IPO financing

One of the worlds largest btc mining companies (500 MW, 20 data centres)

JR capped customer recovery at petition date so customers won’t see this

GDA is yet another profitable investment (Anthropic, Mysten, Solana) that would help customers recover at current prices

[Nicholas Hall @nicholashall]

FTX Bahamas Opt-In Election

Dotcom customers soon get to vote on leaving Chapter 11 for The Bahamas

Why elect The Bahamas?
1️⃣ USDC
2️⃣ No taxes
3️⃣ Get coins back

Maybe 🤷‍♂️

There's way more to it and it's complicated with major implications I’ll attempt to simplify here 🧵👇

[𝘽𝙖𝙡𝙙𝙧 ® 💎 @Raptorj69]

If Biden campaign is in talks to accept crypto donations through Coinbase Commerce.

There is no reason to stop @FTX_Official using crypto stablecoin for distribution to customers.

The @SECGov cannot object this.

https://t.co/kQ0MSgElwO

[Mr. Purple @MrPurple_DJ]

1/8 FTX: US Trustee also weighs in with an objection.

TL/DR: UST includes limited objections on similar BK code issues (1125 and 1129) as well as the language of the releases.

DS (and maybe Plan) are likely to be refiled with changed language.

https://t.co/BjtoMGFmaf

[FTX Historian @historian_ftx]

CZ and Binance got a “watered-down settlement” from DOJ, and FTX debtors have not pursued 2 billion clawback. Either Binance is extremely lucky or someone or some institutions are helping https://t.co/R5OhKnqKN5

[FTX 2.0 Customer Coalition @ftxcoalition]

Following up from our letter, we have officially created the FTX Customers Ad Hoc Committee (CAHC).

FTX has proposed a half-baked and value-destructive plan.

We aim to fix that, in court, with legal counsel.

Find our bylaws and how to join here: https://t.co/8dmJzqD0Qf

[Sunil (FTX Creditor Champion) @sunil_trades]

DOJ is retreating from picking Sullivan and Cromwell for lucrative Binance contract

Well done to FTX customers
200+ victim statements were sent to DOJ for SBF sentencing

Detailed S&C conflicts, selling FTX assets to own clients at 70%+ discounts, Aided SBF fraud - lawsuits

We asked for DOJ to hold Co-conspirators accountable

$2.1bn from Binance should go to FTX customers

[𝘽𝙖𝙡𝙙𝙧 ® 💎 @Raptorj69]

Who made them change their minds about restarting FTX?

[Sunil (FTX Creditor Champion) @sunil_trades]

US DOJ have requested Victim Impact Statements for the SBF sentencing

SBF and FTX have spread disinformation that FTX creditors are being made whole (paid petition prices)

This is FALSE. No FTX customer is whole until the current value of THEIR PROPERTY is returned

I suggest Victim statements from everyone to tell the truth

Will help coordinate

[Sunil (FTX Creditor Champion) @sunil_trades]

Sounds extremely suspicious

Debtors wanted to let FTX EU licenses expire and FTX EU die

Then when someone wanted to buy it, they attempted to outbid the buyers themselves

What are they trying to hide?

[BLUEGOLD Protocol (B,G) @EefiFinance]

🧠 EEFI MEGA BIG BRAIN THREAD! 🧠

What’s so special about $EEFI? With the current success of our Presale we think it’s time to take a deeper look 👀👀

Here is what you need to know🧵 ⬇️

🚨🚨Before we get started, be sure to bookmark this thread for future reference🚨🚨

In this thread we’ll break down:

✅What $EEFI is
✅Why $EEFI is so special (E,E)
✅How the token sets the stage for endless revenue streams 👀

Let’s Get Started!

🤔First What is $EEFI?🤔

The beauty of our protocol and what makes it work for any trend and market is the token $EEFI. $EEFI is the flagship rewards token of the Elastic Protocol.

It is a one-of-a-kind token that can produce amplified yield during uptrends and protection from downside action during downtrends. 

This is primarily due to the way it’s MINTED | DISTRIBUTED | and BURNED within our initial Yield Strategies a.k.a the Elastic Vault (more on this Vault in a coming thread)

The Vault’s DEPOSIT and EARN scheme allows $EEFI to be backed by both the amplified forces of #Rebase tokens and #RealYield’s sustainability.

Two monumental mechanisms that played a role in kick starting the last Bull Run and sustaining us through this current bear market. $EEFI is backed by both as a starting point…

🧐But what REALLY makes this special? 🧐Here it is…👀

$EEFI’s MINT | DISTRIBUTE | and BUY & BURN function is special because it fundamentally mimics the viral social coordinative (3,3) model pioneered by Olympus DAO. The undisputed gigantic winner from the last Bull Run that spawned the biggest mainstream movement in crypto we’ve seen to date…

https://t.co/nhzP6pVKdu

The (3,3) model grew Olympus DAO’s treasury into a $4.4 Billion war chest. Look at $EEFI’s MINT | DISTRIBUTION | BURN mechanism as the 2.0 of (3,3)... We call it (E,E)

Instead of just Bonding + Staking or “Ponzinomics” as some detractors like to say, we upgraded and embedded those same (3,3) principles within our Yield Strategies. The ones that produce EEFI. That means we can get the same viral mainstream outcome as (3,3) but this time with sustainability. 

And Like (3,3) It will bring players from all walks of crypto together to grow the value of EEFI through interacting and hedging with our Elastic Vaults (E,E) again instead of pure Staking + Bonding (3,3). 

🫂🤝🫂🤝🫂🤝🫂🤝🫂🤝🫂🤝🫂🤝

This would naturally set the stage for an increase in EEFI’s value. And that would inexorably progress to… you guessed it… Revenue Generation i.e. Diversifying the Treasury

🧠🤑EEFI Brings Endless Revenue Opportunities🧠🤑

If the value of EEFI increases due to (E,E) game theory the treasury behind it can automatically diversify into long term revenue and interest bearing assets… Simple. This is why an overwhelming majority of the $EEFI starting supply (up to 40%) belongs to the treasury. For this purpose. 

The revenue from those assets that are acquired can then be used to further back $EEFI, payout to governance token holders, or even fund or incentivize development of new yield strategies with further (E,E) principles. Really whatever we as a community want we could do…

We’ve never had a time in the crypto market where there are so many diverse and high quality Revenue | Interest bearing assets to choose from. And #Elastians will be well positioned to take advantage of this through $EEFI and the coming Bull Run (and Bear market that will follow)… 

Current Presale contributors are playing a vital role in kick starting this new revolutionary (E, E) model and we look forward to doing it with you too!

[Sunil (FTX Creditor Champion) @sunil_trades]

To assert deposits - fiat and crypto - are the property of FTX customers and NOT estate

Please refile Proof of Claim with attachment - Addendum

https://t.co/cWMgaTUJe5

1) Add Addendum to object to debtors classification of creditors being unsecured
2) Details fraud damages - ie current prices above the petition date value

3) Most only be able to accept schedule - in order to work around, say you need to add crypto
4) For 8. Do you have Customer Claims related to any Other Activity on the FTX Exchanges? Yes
5) This takes you to 10 step process rather than 3 steps (accept schedule)
6) 10 step process you will be able to add objection letter
For 8: See Addendum

Word doc in quote tweet

Please REDACT your address
Yellow to be filled in

[𝘽𝙖𝙡𝙙𝙧 ® 💎 @Raptorj69]

FTX attorney Brian Glueckstein said at a court hearing that the debtor will exit from bankruptcy in the second quarter of 2024.

[Evanss6 @Evan_ss6]

Hmm so the FTX estate is selling $75 SOL and paying people back as if $10 SOL?

Very cool