The FTX Scandal Highlights Corruption and Might Usher Us into a Digital Currency
By now, almost everyone is aware that Antiguan and Barbudan-incorporated and Bahamian-based FTX has filed for bankruptcy after corrupt dealings, which has thrust the cryptocurrency market into unknown territory. Will government prioritize regulating the industry? Will this facilitate a central bank digital currency that can then be weaponized against the masses? With connections to Ukraine and the Democratic Party, will founder Sam Bankman-Fried get off scot-free (and become sam-fried)? Investigations are ongoing, but based on history, the current state of our politics, and a healthy dose of skepticism, we can be sure that there is something suspicious with this case.
After Binance liquidated half of a billion dollars’ worth of FTX’s token coin (FTT), most of the crypto world saw a downward turn in value, and Bankman-Fried’s company was unable to weather the storm that resulted. CNN, Senator Elizabeth Warren, and others have utilized this event as a political tool to call for federal regulation and to cast doubt on the cryptocurrency market as a whole. Even New York Governor Kathy Hochul, with the help of her puppet legislature, had earlier jumped on the anti-crypto bandwagon (no surprise there) by prohibiting Bitcoin mining operations from carbon-based sources, under the guise of saving the planet. The law was passed around the time that President Joe Biden had issued an executive order to have his private legislature, under the name of federal agencies and bureaucracies, begin the regulation process. This executive order, outside of congressional approval, evolved into an actual framework for doing so.
However, if critics like Warren, Biden, and Hochul looked a little deeper into the ties between FTX and the financial sector, they might learn that the ties circle back to the government itself and the partnerships that it forms with corporations. Since searching for such connections does not serve their agenda of the nanny state regulating everything under the sun, they will stick with superficial solutions to nuanced issues.
Will Bankman-Fried face criminal charges for potentially defrauding customers out of $8 billion to support his hedge fund, Alameda Research? Since he cannot be arrested promptly, like Bernie Madoff, due to an extradition requirement from the Bahamas, this case will likely drag out for some time; but his ties to the Democratic Party and Ukraine may prevent him from ever being charged. If he is charged, it may just be a distraction to keep the public’s eye off of laundering and other forms of corruption (sacrifice someone who is no longer needed, in order to keep the entire operation secret, and this could turn into a sort of Jeffrey Epstein type of situation), and since the corporate media seems fixated on the idea of bringing down this one person instead of focusing on the corporatist system of economics, there is a very good chance that cryptocurrency will get regulated without any real corruption reform.
Bankman-Fried was the second largest donor to the Democratic Party (after George Soros), and his $38 million for Democratic candidates during the recent midterm elections and $5 million to President Biden’s campaign in 2020 may just be scratching the surface. In fact, tens or hundreds of millions of dollars were transferred from Aid for Ukraine (a charitable organization supposedly formed to raise funds for the war effort) to the National Bank of Ukraine, via assistance from FTX’s cryptocurrency exchange. So what? Why does anyone care if the Ukrainian government was aided with cryptocurrency? Well, just days before the FTX scandal erupted, the Ukrainian government deleted Aid for Ukraine’s webpage and removed original content (the website was relaunched under a new version), thus raising suspicions that Kiev was aware of wrongdoings taking place or was warned that FTX was about to be destroyed. Either way, corruption in the Volodymyr Zelensky regime occurred, and if it was receiving billions of dollars from the United States government, with Bankman-Fried as the second largest donor to the Democratic Party, it is possible that American taxpayer dollars have been delivered indirectly to the Democrats’ campaigns.
If money laundering and abuse of funds to Ukraine could be proven, it would show corruption beyond anything that President Trump was impeached for (though Democrats would still consider it negligible compared to Trump’s actions, due to partisanship and Trump derangement syndrome). Furthermore, Aid for Ukraine has not reported any new earnings over the initial $60 million from April 2022, and only $54 million has been spent towards the war effort. Where did the remaining $6 million go, and what about anything additional over the $60 million? Was it invested in FTX and then laundered to the Democratic Party?
The Democratic Party and the corporate media have continually hid stories that made the Ukrainian government look bad, like the International Legion’s harassment and looting charges, the report that only 30% of weapons transfers from Washington actually reached the battlefield, and President Biden’s then intimidation and bribery against former Ukrainian President Petro Poroshenko to fire the prosecutor looking into his son’s Burisma case (Trump was impeached for the exact same type of thing, but Democrats are full of double standards); so it is very likely that corruption between the American and Ukrainian officials lead to FTX. As I have said previously, our hero Zelensky is about as corrupt as they come, but many American politicians are no better.
We know that this crisis will expedite the regulation of the cryptocurrency market, since politicians cannot keep their greedy and power-hungry hands away from people’s potential financial freedom, but will this also lead us to a centralized digital currency, leading us away from the current U.S. dollar? With the privatized cryptocurrencies effectively destroyed from government action, the Federal Reserve and Department of Treasury could take a monopoly position on the crypto sphere and control what happens in that market.
Additionally, this would be an opportunity for the federal government to target political dissidents and prevent them from being able to buy or sell without the mark of the government. Oh, that is just a conspiracy theory, you may say. Well, look at what happened in Canada during the Freedom Convoy. Prime Minister Justin Trudeau’s regime invoked the never-before-used Emergencies Act to crush the peaceful truckers’ protest, and this included freezing the bank accounts and assets of those who participated and those who donated to the cause. If governments can temporarily declare protesters that they do not like as terrorists or insurrectionists (January 6th, anyone?) and subsequently shut off access to banking and transacting in society because of political views, why should we not think that they will implement something like this permanently?
Mastercard, Visa, and American Express already bent to our fascist society’s pressure to code firearm purchases separately and allow for the government to more easily track every gun purchase, and JP Morgan Chase shut down Kanye West’s bank account after he made politically incorrect comments. If the large corporations that have partnerships with the government are going along with the general idea that free speech, association, gun purchases, etc. can be limited, with the Bill of Rights bypassed because of partnerships with third parties, we should not have hope that large banks and corporations will save us from a centralized digital currency. Our corporatist system is alive and well (ironically, progressives are on board with tracking transactions, particularly for guns, and cutting off access to the system for those exercising free speech, and yet, they consider their opponents the fascists), and there is no reason to believe that a quasi-private system of digital currency should make the people let down their guard and rejoice that a centralized digital dollar is here. A new version of fascism is being built in this country, and the majority of the population cheers it on, as we become conditioned to accept increased limits on free speech and association (especially in the post-Covid world).
While the fact checkers are hard at work trying to convince us that a digital currency is not going to happen or be the fascist system that critics suggest it will eventually become, that same executive order that began the regulatory process for the crypto market is taking the next steps in developing a Federal Reserve digital currency. Mastercard, HSBC, Wells Fargo, and Citigroup have also partnered with the New York Federal Reserve to test out such a system (again, public-private partnerships are steering us down this path). To date, almost ninety countries are currently experimenting with a centralized digital currency, and eleven countries have already implemented one. Eventually, the whole world will adopt this concept and force a truly global economy on the public of every country, where governments can track every transaction that is ever made (unless you barter or form an alternative black-market system that will inevitably become targeted by governments, much like alcohol and marijuana used to be).
Will the people stand up to what is occurring worldwide? Will we allow one of the few things in the world that could grant us financial freedom to become regulated into oblivion? Will we celebrate the momentous achievements of a central bank digital currency and be conditioned into believing that those dirty terrorists and dissidents deserve to be shut off from society and scapegoated? The FTX scandal has brought to light a lot of corruption and the direction of our country and the world. What will we do to challenge the tyranny?
Thank you for reading, and please check out my book, The Global Bully, and website. This will be the last blog/article on the Goodreads platform, so please join me on Substack for future blogs, articles, and short newsletters.
After Binance liquidated half of a billion dollars’ worth of FTX’s token coin (FTT), most of the crypto world saw a downward turn in value, and Bankman-Fried’s company was unable to weather the storm that resulted. CNN, Senator Elizabeth Warren, and others have utilized this event as a political tool to call for federal regulation and to cast doubt on the cryptocurrency market as a whole. Even New York Governor Kathy Hochul, with the help of her puppet legislature, had earlier jumped on the anti-crypto bandwagon (no surprise there) by prohibiting Bitcoin mining operations from carbon-based sources, under the guise of saving the planet. The law was passed around the time that President Joe Biden had issued an executive order to have his private legislature, under the name of federal agencies and bureaucracies, begin the regulation process. This executive order, outside of congressional approval, evolved into an actual framework for doing so.
However, if critics like Warren, Biden, and Hochul looked a little deeper into the ties between FTX and the financial sector, they might learn that the ties circle back to the government itself and the partnerships that it forms with corporations. Since searching for such connections does not serve their agenda of the nanny state regulating everything under the sun, they will stick with superficial solutions to nuanced issues.
Will Bankman-Fried face criminal charges for potentially defrauding customers out of $8 billion to support his hedge fund, Alameda Research? Since he cannot be arrested promptly, like Bernie Madoff, due to an extradition requirement from the Bahamas, this case will likely drag out for some time; but his ties to the Democratic Party and Ukraine may prevent him from ever being charged. If he is charged, it may just be a distraction to keep the public’s eye off of laundering and other forms of corruption (sacrifice someone who is no longer needed, in order to keep the entire operation secret, and this could turn into a sort of Jeffrey Epstein type of situation), and since the corporate media seems fixated on the idea of bringing down this one person instead of focusing on the corporatist system of economics, there is a very good chance that cryptocurrency will get regulated without any real corruption reform.
Bankman-Fried was the second largest donor to the Democratic Party (after George Soros), and his $38 million for Democratic candidates during the recent midterm elections and $5 million to President Biden’s campaign in 2020 may just be scratching the surface. In fact, tens or hundreds of millions of dollars were transferred from Aid for Ukraine (a charitable organization supposedly formed to raise funds for the war effort) to the National Bank of Ukraine, via assistance from FTX’s cryptocurrency exchange. So what? Why does anyone care if the Ukrainian government was aided with cryptocurrency? Well, just days before the FTX scandal erupted, the Ukrainian government deleted Aid for Ukraine’s webpage and removed original content (the website was relaunched under a new version), thus raising suspicions that Kiev was aware of wrongdoings taking place or was warned that FTX was about to be destroyed. Either way, corruption in the Volodymyr Zelensky regime occurred, and if it was receiving billions of dollars from the United States government, with Bankman-Fried as the second largest donor to the Democratic Party, it is possible that American taxpayer dollars have been delivered indirectly to the Democrats’ campaigns.
If money laundering and abuse of funds to Ukraine could be proven, it would show corruption beyond anything that President Trump was impeached for (though Democrats would still consider it negligible compared to Trump’s actions, due to partisanship and Trump derangement syndrome). Furthermore, Aid for Ukraine has not reported any new earnings over the initial $60 million from April 2022, and only $54 million has been spent towards the war effort. Where did the remaining $6 million go, and what about anything additional over the $60 million? Was it invested in FTX and then laundered to the Democratic Party?
The Democratic Party and the corporate media have continually hid stories that made the Ukrainian government look bad, like the International Legion’s harassment and looting charges, the report that only 30% of weapons transfers from Washington actually reached the battlefield, and President Biden’s then intimidation and bribery against former Ukrainian President Petro Poroshenko to fire the prosecutor looking into his son’s Burisma case (Trump was impeached for the exact same type of thing, but Democrats are full of double standards); so it is very likely that corruption between the American and Ukrainian officials lead to FTX. As I have said previously, our hero Zelensky is about as corrupt as they come, but many American politicians are no better.
We know that this crisis will expedite the regulation of the cryptocurrency market, since politicians cannot keep their greedy and power-hungry hands away from people’s potential financial freedom, but will this also lead us to a centralized digital currency, leading us away from the current U.S. dollar? With the privatized cryptocurrencies effectively destroyed from government action, the Federal Reserve and Department of Treasury could take a monopoly position on the crypto sphere and control what happens in that market.
Additionally, this would be an opportunity for the federal government to target political dissidents and prevent them from being able to buy or sell without the mark of the government. Oh, that is just a conspiracy theory, you may say. Well, look at what happened in Canada during the Freedom Convoy. Prime Minister Justin Trudeau’s regime invoked the never-before-used Emergencies Act to crush the peaceful truckers’ protest, and this included freezing the bank accounts and assets of those who participated and those who donated to the cause. If governments can temporarily declare protesters that they do not like as terrorists or insurrectionists (January 6th, anyone?) and subsequently shut off access to banking and transacting in society because of political views, why should we not think that they will implement something like this permanently?
Mastercard, Visa, and American Express already bent to our fascist society’s pressure to code firearm purchases separately and allow for the government to more easily track every gun purchase, and JP Morgan Chase shut down Kanye West’s bank account after he made politically incorrect comments. If the large corporations that have partnerships with the government are going along with the general idea that free speech, association, gun purchases, etc. can be limited, with the Bill of Rights bypassed because of partnerships with third parties, we should not have hope that large banks and corporations will save us from a centralized digital currency. Our corporatist system is alive and well (ironically, progressives are on board with tracking transactions, particularly for guns, and cutting off access to the system for those exercising free speech, and yet, they consider their opponents the fascists), and there is no reason to believe that a quasi-private system of digital currency should make the people let down their guard and rejoice that a centralized digital dollar is here. A new version of fascism is being built in this country, and the majority of the population cheers it on, as we become conditioned to accept increased limits on free speech and association (especially in the post-Covid world).
While the fact checkers are hard at work trying to convince us that a digital currency is not going to happen or be the fascist system that critics suggest it will eventually become, that same executive order that began the regulatory process for the crypto market is taking the next steps in developing a Federal Reserve digital currency. Mastercard, HSBC, Wells Fargo, and Citigroup have also partnered with the New York Federal Reserve to test out such a system (again, public-private partnerships are steering us down this path). To date, almost ninety countries are currently experimenting with a centralized digital currency, and eleven countries have already implemented one. Eventually, the whole world will adopt this concept and force a truly global economy on the public of every country, where governments can track every transaction that is ever made (unless you barter or form an alternative black-market system that will inevitably become targeted by governments, much like alcohol and marijuana used to be).
Will the people stand up to what is occurring worldwide? Will we allow one of the few things in the world that could grant us financial freedom to become regulated into oblivion? Will we celebrate the momentous achievements of a central bank digital currency and be conditioned into believing that those dirty terrorists and dissidents deserve to be shut off from society and scapegoated? The FTX scandal has brought to light a lot of corruption and the direction of our country and the world. What will we do to challenge the tyranny?
Thank you for reading, and please check out my book, The Global Bully, and website. This will be the last blog/article on the Goodreads platform, so please join me on Substack for future blogs, articles, and short newsletters.
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