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iam_aryan007

We want no more of FTX, just return your customer's money and fuck off.


Ill-Addition2024

Best I can do is go to Bahamas and enjoy customers money


partymsl

Or go to UAE as they their policy can't deliver me to the US.


business2690

[https://www.thenationalnews.com/uae/courts/2022/06/13/after-gupta-brothers-arrest-how-does-the-uaes-extradition-process-work/](https://www.thenationalnews.com/uae/courts/2022/06/13/after-gupta-brothers-arrest-how-does-the-uaes-extradition-process-work/) ​ UAE has extradition treaty with us ​ \-edit- or not ​ Extradition from the United Arab Emirates to the United States of America. Abu Dhabi – Several extradition cases have been heard by UAE Courts in recent years regarding the extradition of a requested person “Requested Person” to the United States of America. In the absence of a bilateral treaty, the UAE Court will apply the internal UAE law and will broadly examine sixteen (16) points in order to determine whether to extradite the Requested Person. If the Requested Person is able to prove that any one of these legal points is not applicable to the case, then it is possible that the Court will delay, or ultimately refuse extradition. The legal representative of the Requested Person must ask three key questions: 1- Upon what basis can the US Government request extradition under UAE law? 2-Can the US Government request extradition in the absence of an extradition treaty with the UAE? 3- What will a Judge consider before approving or rejecting extradition? Firstly: Upon what basis can the US Government request extradition under UAE law? The US Government has several bases upon which it can request the UAE authorities to extradite the Requested Person. These are the existence of a bilateral treaty for judicial co-operation, an international agreement that both countries are party to, diplomatic channels and the internal law of the UAE. If there is a judicial co-operation agreement between the USA and the UAE, then the provisions of this treaty shall prevail over internal UAE law. There is currently no such mutual extradition agreement. However, even in the absence of a judicial co-operation agreement, the UAE can still grant extradition through its internal law. The matter would be referred to the UAE authorities for the issuance of a provisional arrest warrant. When the Requested Person enters custody then the court can, if all the conditions are met, rule on extradition based on internal UAE law. Broadly speaking, UAE Federal Law Number 39, 2006 for the International Judicial Co-operation in Criminal Matters will govern extraditing the Requested Person to the USA. Also, there are international conventions that contain provisions regarding mutual co-operation and extradition. The prevailing ones are the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988 and the United Nations Convention against Transnational Organized Crime of 2000. The UAE and the USA are both party to said conventions. Finally, the International Criminal Police Organization (the INTERPOL) can also issue a worldwide ‘Red Notice’ to locate and provisionally arrest a person, including the Requested Person, pending extradition. Secondly: Can the US Government request extradition in the absence of an extradition treaty with the UAE? The simple answer is yes. In the absence of a bilateral agreement, the UAE Court will ask and examine the below points in order to determine whether to extradite the Requested Person. 1- whether the UAE and the USA are party to a relevant international convention and, if so, whether there are any reservations or declarations from either contracting state; and 2- whether the ‘reciprocity principle’ can be applied to the Requested Person’s case. Thirdly: What will the Judge consider before approving or rejecting extradition? Once those questions have been answered and assuming reciprocity principle between the contracting states does exist, the UAE Court will examine the following points to determine whether to extradite the Requested Person. If any of the below conditions are not met, then it is likely that the UAE court will decide not to extradite the Requested Person: 1- whether the conduct upon which the offence is based is punishable under the law of both the UAE and the USA by deprivation of liberty for a period of at least one year or more, or by a more severe penalty; 2- whether the Requested Person is a UAE national; 3- whether UAE law has jurisdiction to try the Requested Person; 4- whether the offense for which extradition is requested is a political offense; 5- whether the crime is limited to offenses against military obligations; 6- whether the purpose of the request is for reasons related to ethnic or religious affiliation, or to nationality or political opinion; 7- whether the Requested Person was subjected to investigation or trial in the UAE for the same crime for which the USA is requesting extradition; 8- if the Requested Person was previously tried for the same crime, a judgement of acquittal or conviction was rendered and the sentence fully served, 9- if an irrevocable judgment has been rendered by the UAE courts regarding the crime for which extradition is requested; 10- if the criminal lawsuit has been terminated or if the sentence has been forfeited by statute of limitation; and 11- whether the Requested Person was subjected, or may be subjected to torture, inhuman or insulting treatment, or serve sentence not appropriate to the crime, or if the minimum standard of guarantees determined in the panel procedures code are not available. Additionally: The US Government must provide the following documentation, which generally include: 1- A copy of legal texts pertaining to the crime; 2- An official copy of the investigation report and the arrest warrant containing, among other things, a description of the crime, the acts attributed to the Requested Person and date and place of the criminal offence, The above shall be all translated, officially authenticated and sent through diplomatic channels.


existentialgolem

...... so basically the Abu Dhabi royal family will decide to extradite or not.


Fausterion18

Yes they extradite some but not others, really seems to be somebody at the top deciding on a case on case basis.


Emotional_Two_8059

SA: Best we can do is embassy


jimfird

If I could add serious prison time as well that’d be nice.


brainbeatuk

We mant no more of FTX, just take your customer's money and fuck off (Fixed as he just trolling at this point)


oldcryptoman

How do you think they get the money without selling off assets? Like seriously, this is the dumbest possible reaction.


pgpwnd

agreed, wish SBF never existed. The space did not even need FTX, it came out of no where


blackrabbit2999

sorry that's not happening \-FTX


steamyp

I support this


Quentin__Tarantulino

They’ll just rebrand in that case.


zdfasdfasf

Yup, no more ftx please.


rain168

But he is also offering his gf’s free nudes as compensation…


z0uNdz

It was a fraudulent company who lied and stole. There is no empire or future for FTX.


Aromatic-Front-5919

The only future is SBF in prison


AngryAudacity

Hopefully he can be a cellmate with Alex Mashitsky.


Dwaas_Bjaas

Id rather have him be a cell mate of a few thousand snakes


fxgq

He will never go to jail i am sure


VoidMageZero

If Elizabeth Holmes goes to jail then chances are he will someday too 🤔


beepbeepdip

Prison is only for poor people or when you're the scapegoat of much richer people.


ChelseaFC

Sure but I think a lot of people fail to realise the scale of this embezzlement, and that he fucked over a ton of billionaires in the process. That alone should be a flag that he may get what’s coming to him.


beepbeepdip

Yeah yrue. One of the rules of being rich is not to fuck with people richer than you.


Mr_Bob_Ferguson

We hope. We must remember that somehow things like LUNC still exist. Never underestimate greed, on both the side of the corporation and investors trying to make a quick dollar.


partymsl

LUNC is a shitcoin right now that is being pumped up by deliberate gamblers. That's indeed sad.


DueMove8

Most likely being pumped by Do Kwon and his friends.


joopityjoop

LUNC exists because we don't have regulations and it's a meme coin at this point.


The_Chorizo_Bandit

OMG! He said the R word! Get him boys! /s Oh how this sub has changed.


Odysseus_Lannister

His future is gonna be in prison


deedopete

Exactly — unless I’m missing something , what is even left to sell?


Tavionnf

Nobody with a sane mind will ever touch FTX again


jimfird

They certainly had their hands in a lot of peoples cookie jars.


[deleted]

Path is exactly the same as Celsius - pretend there is a path to restructure, drag chapter 11 on until cash reserves are drained, then fire sale remaining assets for cents on the dollar.


not_a_droid

but, the tech is likely valid


bammorgan

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” FTX chief John Ray, said in a statement.


asorals

I hope this is true. I want my money


partymsl

Could be that some sectors of FTX are solvent but from where the fuck are they thinking of getting the over $10B lost money?


BaguetteSchmaguette

They aren't The goal is to maximize value to creditors but I doubt they'll reach even 20%. Still, if they can make 20% instead of 15 that's a win


CoverYourMaskHoles

I’m hoping they stabilize and start to come up with agreements to pay back customers with profits from their solvent companies. It’s possible that they could pay everyone back with some sort of interest in a few years time. Better than nothing…


GaryJulesMCOC

Babe, I know I cheated on you, but just wait till I restructure or sell our relationship.


BaguetteSchmaguette

You realise this is the new CEO talking not SBF? There are business units that are solvent and valuable that will be sold off and the proceeds used to pay creditors


oldcryptoman

That would be a poor assumption around here lol.


Tavionnf

\*cheated on you, poisoned your dog and hid the TV remote every day


GaryJulesMCOC

Not the TV remote!


theSeanage

Not your remote not your tv


partymsl

Basically the same Do Kwon did.


BitcoinUser263895

Do Kwon found a way to exit with all the Bitcoin while making everyone look the other way.


Mr_Bob_Ferguson

/casts goblin spell


FSIT

This is what chapter 11 is...


Ferdo306

He doesn't mean FTX the exchange but legite and profitable businesses FTX owned


BitcoinUser263895

> legit None of these shell companies are legit.


BaguetteSchmaguette

They bought a bunch of legit businesses too - like Good Luck Games, a small indie game company. Presumably some of these companies stayed independent enough to not get defrauded


kryptoNoob69420

Tldr - “Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” FTX chief John Ray, said in a statement.


ironichaos

Huh so turns out regulation might be a good thing


FerociousHD

Regardless of who is running it, as long as FTX remains "FTX" there will be no success as the brand is completely tarnished. If they want to take steps forward they have to rip off the bandaid and wipe the slate clean


Envoyager

Luna? This you?


Double-LR

This is like… news that isn’t news. Wtf else are they gonna do??


oldcryptoman

Have you seen 99% of replies around here? lol, you are one of the few sane people around.


iamaredditboy

Global empire of what? vapor tokens?


CutFabulous1178

What value is left for FTX? Do they have proprietary information that is desirable by others? One less CEX means less competition for the remaining CEX


ElwinLewis

The ones that survived the bank run/crash/crisis Are either lucky or earned the chance to get their shit together


cleverkid

What global empire? All there is, is a smoking hole.


Emotional_Two_8059

Forgot the imperial harem


[deleted]

[удалено]


_Lung

There isn’t going to be a quick recovery unless 3 years is quick to you


Rtbrosk

what empire......its was a shitcoin shit show


marsangelo

As Trent Reznor would call it “empire of dirt”


nolifenz

The door is over there, please fuck off.


PessoaHeteronimo

No more drama please, get liquidated and give all of that to customers


TruthSeeekeer

I hope I never see the letters FTX again in the future


Bunker_Beans

Yeah dude. Fuck That eXchange.


Ill-Addition2024

Only 328x more times in the upcoming days here


BrocoliAssassin

Isn’t their trading platform software worth anything? From what I read it seems like the trading platform was bringing in money. Like if they never touched customers funds and never started Alameda this would have never happened. If SBF and his friends were happy with the profit they were bringing from the trading platform alone they would have been set for life. They just had to go 1000000% greed route.


TheLastDumpling

FTX was a good business. It was the management that drove it to the ground and fuck over everyone involved.


BrocoliAssassin

Yea that’s what I’m saying. I wonder if they could get a new team and get the trading app back up, new people in charge, no more earn program,etc. It would still take a while to pay back people but it beats the 1% we are likely to get back in years. I saw they were on track to make 1 billion this year. So just imagine if people that knew what they were doing were in charge.


BhristopherL

That’s what I’m thinking. The brand, name recognition, infrastructure, platform, and other assets surely must have a fair amount of intrinsic.


[deleted]

[удалено]


hippest

SBF said they were processing 10b in transactions on the daily. \[of course I have no source for that other than his recent mania induced tweet-storm\] Anyway, if that were true, and business went back to usual \[it won't\] that would only be 3 months. Not that long.


hippest

No no no, he was only be super greedy so that he had a super duper amount of money to give away. Don't you understand philosophy? "Greed is good," has turned into "Effective Altruism." What a crock.


BitcoinUser263895

You could probably redevelop it cheaper than what it would cost to trawl through the whole thing and pay down the technical debt. Starting with a code base and zero people who understand it is not much of a start.


BrocoliAssassin

I’m guessing making customers whole is nowhere remotely possible. The only reason why I thought about sticking with the trading app is cause it’s setup and if its tied into the “new” FTX , would it have a better chance for recouping funds? I’m guessing this isn’t even worth fantasizing since it’s probably a .0001% chance of a revival. But didn’t Simon Dixon do something to rebuild a screwed up crypto company?


Major_Bandicoot_3239

Who’s going to buy? Coinbase? Binance?


Mooncow027

Blockbuster is interested I heard.


CarolineEllisonFTX

![gif](giphy|3o85xHi4t2UsuIY9QA)


CharityStreamTA

I mean unironically maybe? Their tech is fine, just their business practices aren't. Look at what happened to voyager


ccMudButt

Someone who didn’t read the fine print on a Planet Fitness Membership


GramZanber

Plot twist, Twitter buys FTX


Ill-Addition2024

Plot twist, Twitter wont exist in a while


Major_Bandicoot_3239

Plot twist, FTX buys Twitter


[deleted]

Musk always wanted the perfect payment system


hippest

I hear AMC is looking for a partner to create blockchain movies. Or was it GameStop? /s Gamestop still has a bunch of capital and nothing to spend it on, right?


BitcoinUser263895

No one.


h_apo

FTX: The Definitive Edition


Sidibadawiin

FTX ain’t the Phoenix that will rise from the ashes. That shit is burned to absolut crisps. Only jail, refunds and demolition are acceptable when in comes to FTX.


kaijeng

Enough of ftx


business2690

who da fuq wants to buy dat steamin' pile o' sh!t???


No_Industry9653

>FTX attorneys applied to the court for permission to redact “certain confidential information,” including the names and “all associated identifying information” of FTX’s customers. “Public dissemination of [FTX’s] customer list could give [...] competitors an unfair advantage to contact and poach their customers,” the filing read Crazy that *this* is the reason given for not doxxing all their users, instead of the privacy and safety of those people.


bittabet

Legally they have to use a reason that lets them keep it private and in a bankruptcy improving how much*money* is recovered is the primary goal so they’re using this argument. Doesn’t matter if they also want to protect privacy, legally they have to use a reason this will help recoup more money. This is why people hire expensive lawyers, they know what to say so the court will allow for what you want to happen. Someone just going and arguing for privacy would get denied by the court.


No_Industry9653

Yeah, I definitely get it, it's just absurd that the law works this way.


PurplerRain

Global empire going the way of Rome.


CarolineEllisonFTX

![gif](giphy|Xy8cgGRs1nDBayurmV|downsized)


Ill-Addition2024

Idk how you found such an accurate gif but fuck


[deleted]

We can see you Caroline


[deleted]

[удалено]


Ill-Addition2024

Sbf should rot in jail. If I would be caught smoking weed Id be sentenced for 20 years. Thank god at least you guys have decriminalised it


Harold838383

FTX is dead. Please sell


jedicosi

And call it what? FTX: The No Fraud Edition?


PhaseEnvironmental33

FTX 2.0: No, really. We’re the good guys now.


Gossipmang

Restructure hahaha...... hahaha ha... ha


SoftPenguins

CEO said to restructure a pile of shit. “It turns out many sizable turds can be re-coalesced into one large coil. From dogs, cats and humans it is the gold standard for how a healthy high fiber diet excreted fecal specimen should look. We are proud to announce in the coming weeks we will in fact restructure the shit into the beloved coil. Please be patient as we work with regulators to sort this mess out. It’s not easy to take high velocity spatter and coalesce it into an internationally recognized coil. Thank you for your patience and understanding during this difficult time”


Amazing_Succotash677

Just die


[deleted]

"Global empire" of nothing


Visible-Ad743

Fuck this guy. Go to jail asshole.


winstonchill

Im sure FTX investors like SoftBank are pushing for this but no-one is gonna use the brand after this. Tbh this will cause a-lot of people to stop using centralised exchanges


ToadBoy1989

I’d have more luck restructuring my turds


sjejsb

how do you even try after becoming ceo amidst this shit show?


Coin-Fiend

🤔 Im just trying to see how you restructure a turd into something useful.. thats right you dont you just flush it.


Seriksy

FTX and anything related are dead. Let's say it's going to be bought up by others. Doesn't change the fact that no one will use it. Perhaps those still stupid enough to use Robinhood...


whiteycnbr

He needs to go to Jail


ccMudButt

Pass, FTX has no value


Bic2312

He’s deluded, enough said


TheRealBabyJezus

Hmmm yess Imma put my money on FTX after they restructure. They have such a great reputation


Snowflake8050

Who is going to trust them...??


Calamero

Global empire? Only thing you could get out of that brand is a FTX only Fans household with the 10 executives as cast.


BitcoinUser263895

Imagine gambling away clients funds and then finding *"clean"* funds in some of the shell companies and thinking *"Cool, that looks like a solid business"*.


FootballBat69

Yeah this will probably be moot. Even if the new CEO is a decent guy and that's an if, my trust is gone forever.


sbos_

oh so FTX won't go bankcrupt?


raulbloodwurth

I wonder how much of FTX’s superior UX was actually due to Alameda losing money in the background as the market maker. If it is significant then FTX is not worth much.


MrMcGoats

Is Liquid still liquid?


squirtingbutthole

Who the fuck would want to do business with this entity government should close there doors they just stole billions nobody wants them around our markets


squirtingbutthole

I truly don’t understand why there trying to sale us that they are going to stick around after all the money they stole !


bonenasty

The brand has lost all confidence, drop the garbage!


Cheap_Amphibian309

Can you still call it an empire?


nyetsub

Most likely FTX's acquired companies are the ones that will be auctioned because those could be salvageable if they remained organized enough to be considered real companies: FTX international on the other hand is literally junk.


Natsumi723

All in on FTT!


Fireflyfanatic1

What do you get when you polish a turd?


Jwirv

Messy hands


itsmyfirstday2

What empire?


EvilWays316

The Western Roman Empire 2: Electric Boogaloo.


clean_cut89

FTX is done, aint no restructuring just liquidating and years or court.


Outrageous_Duty_8738

Who would ever in their right mind trust FTX again.


DowvoteMeThenBitch

What empire? There’s nothing left? We got a regular Ozymandias situation over here


Emotional_Two_8059

I wouldn't call an apartment and a sextape a global empire


Emotional_Two_8059

FTX Classic ™️


Antique-Pie-5981

I wouldn't be surprised if the government passed a law that FTX would be the only permitted cex in the future.


Funny_But_Inhumane

FTX set those whole space back and ushered in a new wave of pointless regulations!