The FTX scandal you probably missed

Say, remember a few months ago when the politicians in Ukraine started a crypto donation campaign with none other than the now bankrupt FTX?


Ohhh boi, corrupt and now defunct crypto exchange and Europe's most corrupt nation teaming up? We're about to uncover something horrifying aren't we? "Nahh, don't FUD, that's just some weird coincidence" you say? Well then take a seat and get comfortable because it's about to get a whole lot worse I'm afraid:

"founder of cryptocurrency exchange FTX, donated a massive amount of money to Democrats and left wing campaigns before his entire enterprise fell apart this week. The company uses a system to collect donations for Ukraine which allegedly “support humanitarian aid programs,” and is now suspected of laundering money through Ukraine and using it to support Democrat causes....Bankman-Fried was the Democrat’s second largest donor in the 2022 election cycle, giving a minimum of $38 million....Apparently the young billionaire was also useful to the Democrats, who decided to use cryptocurrencies to their own advantage by laundering American tax dollars."

Now, that's not to say every last sat you donated went to corrupt US politicians who all probably already had more wealth than you, I'm sure they kept some scraps for Ukrainian politicians, so do not despair. Oh hold on, FTX did funnel the donations to US politicians to not miss out on the mid-terms but did not yet forward anything to Ukraine?

"With cryptocurrency exchange FTX this week announcing insolvency, all of Ukraine’s donated funds are gone. Analysts estimate that Ukraine lost more than $100 million with FTX’s bankruptcy. Currently, many are discussing why Ukraine has stored all those donations on a centralized exchange like FTX, since this is the riskiest way to store cryptos in a downturn market." OK, now you can despair.

I have to say I have my suspicions on that last sentence though. They speak as if Ukraine had a choice other than to have the donations stored that way and only receive it when the centralized authority allowed the transfer to take place. After all, it's not as if it was a regular account right? If FTX could dip into the pot and secretly forward funds to others, chances are Ukraine could not even log in like any common centralized exchange and see if their funds were still there. Either way this goes to show how vulnerable donations to a intermediate are. I remember back in the day I once donated some crypto to WikiLeaks after they got banned from all sorts of US controlled payment services and guess what, I did it directly from my wallet to theirs without trusting a third party to process my payment. Do those words ring a bell to anyone?😉

Either way that's it for today I guess, hope you weren't involved with FTX and also kept your cool during this meltdown because remember, there will always be another chance to either rejoice or regret, the choice is yours in which you decide to opt for.

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Geo-Political & Economical developments
Geo-Political & Economical developments

Things are almost never as they seem. If you sincerely think that world powers would spend their money and resources in order to just "help" citizens from foreign nations, you might want to ask yourself why they've been neglecting and out right murdering their own citizens for decades. What are their true motives for wanting to fund foreign (terror) groups, start global confrontations and wars? I'll let you in on a little secret; It has NOTHING to do with "human rights" nor "democracy".

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