In the latest news about FTX, erstwhile Alameda Research CEO Caroline Ellison and defunct FTX co-founder Gary Wang pleaded guilty to fraud charges and are now assisting with the investigative process of former FTX CEO Sam Bankman-Fried. As soon as the news came out, people in the crypto community talked about what they thought about it.
People in the crypto community tweeted about how the executives pleading guilty and turning on Bankman-Fried made them wonder where customer funds went and make fun of Ellison’s trading skills. They also wondered how much insider trading information the executives gave to Shark Tank star Kevin O’Leary.
When people in the community heard the story, they asked important questions. One person on Twitter asked an important question: where is the customers’ money? A person from the community also asked if the confession would solve the problem or if the money had already been spent.
On the other hand, Kevin O’Leary was brought into the conversation by another Twitter user. The user wanted to know how much insider trading information O’Leary got about assets that were being bought and sold. The community member said that they don’t think Bankman-Fried is “the big fish,” but just “a bass swimming in the ocean.”
Another member of the community talked about the recent reports that Ellison had been seen in New York. The Twitter user said that people who saw photos of Ellison in New York must know that the executive came to the U.S. under protection.
While others asked serious questions, some used the chance to make fun of the situation. One Twitter user made fun of Ellison’s trading skills and said that the former CEO of Alameda was using a stop-loss function for the first time.
Stephen Findeisen, who is better known as Coffeezilla, is an Internet detective. He said that it was “game over” for Bankman-Fried. Findeisen also said that Bankman-friends Fried’s found a way to “screw him one last time” even though they are no longer together.
Even with all of this, a member of the community couldn’t help but be sceptical about the new change. “Nothing important will happen,” the Twitter user said. The user is sure that this whole problem will go away, just like the pipelines that blew up in the ocean, the shootings in Las Vegas, and Jeffrey Epstein’s island stories.
Ellison, who is a key witness in the investigation of FTX, avoided a possible 110 years in prison by making a deal with the US Attorney’s Office for the Southern District of New York. Through this, the former CEO of Alameda Research will only be charged with tax crimes and could get out of jail right away if he pays $250,000 bail.
