Theft At FTX

Sam Bankman-Fried

Sam Bankman-Fried.

FTX Wallets Just Got Emptied

Whoever was emptying the wallets at the bankrupt crypto exchange was taking everything. 

FTX's general counsel Ryne Miller didn't know why the money was moving...

And FTX founder Sam Bankman-Fried claimed to not know the funds were moving at all...

Why This Might Be An Inside Job

Could this be the getaway plane?

Time will tell.

As it turns out, both of Sam Bankman-Fried's parents are law professors. Knowing good lawyers may come in handy for him.

In any case, this seems like terrible news for the whole crypto complex. In my previous post ("Fading The Post-CPI Rally"), I mentioned buying puts on the bitcoin miner Riot Blockchain, Inc. (RIOT). I wouldn't want to be long any name associated with crypto on Monday. 

Saturday Evening Update

A good summary of the FTX saga prior to Friday night's brazen theft: 

Our correspondent Anatoly Karlin, who predicted the Russian invasion of Ukraine and, before that, the COVID crash, predicted FTX's downfall too. 


Disclaimer: The Portfolio Armor system is a potentially useful tool but like all tools, it is not designed to replace the services of a licensed financial advisor or your own independent ...

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