Ftxus files for bankruptcy? Wait what? Sam Bakeman Freed has resigned as the CEO of FTX So we previously talked with Scaramucci and a little aspect of that interview was that FTX bought a part of them bought an equity stake. but this I just want to give you this update and maybe he'll come back on Skybridge Capital Founder CNBC contributor and somebody who had sold part of his business to Sam Bankman Fred Anthony It's great to see you sir. Well I would say it's good to be here, but it's a you know concerning day Andrew Uh and there's a lot of the stress in the markets and a lot of my friends think it's the worst week in crypto in cryptocurrency history. Well let's talk about that and let's talk about the the ramifications of it. But but first on a very personal basis you spent some time with Sam recently. What happened? Well you know, unless I spent a lot of time with him. Actually, we we travel to the Middle East Uh, this is before these Revelations were exposed. Uh, we were embarking upon helping him fundraise. he had you know he had purchased 30 of my business and so as good citizens we were, we were trying to help them around the world. When the crisis hit over the weekend, uh I made a unilateral decision to fly down to the Bahamas on Tuesday uh in the spirit of helping and so you caught with Brian was saying there of the original idea was this is a rescue Finance situation uh and could we somehow help which would obviously help the entire industry. And then when I got to the Bahamas it became clear at least from some of the people that worked on the legal team uh and the compliance team that perhaps there was more going on than it being a rescue situation. So when I left the Bahamas in the afternoon I was actually distressed I don't want to call it fraud at this moment because a legal term it sounds like he wants to call it fraud and we have to leave it up to The Regulators We also have to give people everybody a presumption of innocence. but I have to tell you I'm distressed about it I don't like it for the industry and I would implore Sam and his family. He has two wonderful parents uh uh, Joe Bankman and Barbara freed I would implore them to tell the truth of their investors. Get to the bottom of it. Stop 22. Dude, how brutally calculated was that? The guy is dropping his parents names who I believe were like law professors at Stanford or something like that like his parents or at least one of them was involved in the world of Law and I think they even taught law at Stanford. So this is blowing up and this is dude. this is full-on Scaramucci of dropping names I'm like I don't want to call it fraud but hey, if it walks like a duck and quacks like a duck, it's fucking fraud. Tweets: Uh, but get there and get themselves in front of a regulator and explain exactly what happened. And if there was fraud, let's clean it so calculated possible. Is he a fellow? New Yorker With me, he seems like he is. He has that and restoring that. Uh, the good news for Sky Bridge We had no assets on custody there. We thought that was a potential conflict of interest and so we were saved that way. Uh, but the bad news is uh and I and I'll say this very candidly to everybody: I liked and liked and trusted Sam Uh and that violation of trust didn't go just to me, but 20 plus Venture Capitalists uh, people around the world that trusted the brand and trusted the technology. And if there's something seriously wrong there, uh, which, it looks likely that that's the case. Andrew I would recommend to the family members and Sam himself. Get to a regulator and disclose. Use everything and that's your moral imperative. If you're a believer in quote, unquote, effective altruism, You've done damage to this industry. You've done damage to the people in this industry and the account holders that trusted you. So enough is enough. Uh, don't let a charade go on. speak candidly directly and honestly. go. Twitter Clean this up immediately. Txus files for bankruptcy. Wait what? Sam Bakeman Freed has resigned as the CEO of FTX Here's the official commentary from FTX on the situation FTX Announced today that it West Realm Shower Services Alameda Research and approximately 130 additional Affiliated companies have commenced a voluntary proceedings under Chapter 11 under the U.S Bankruptcy Code. Okay, as appointed. Chief So John Ray III is the CEO of FTX group Sam Bateman Freda's resigned as the CEO and will remain to assist in an orderly transition. Many employees of the FDX group in various countries are expected to continue with the FTX group and assist Mr Ray and independent Professionals in its operations during the Chapter 11 proceedings. The immediate relief of Chapter 11 is appropriate to provide the FTX group the opportunity to assess its situation and develop a process to maximize recoveries. For stakeholders, the FTX Group has valuable assets that can only be effectively in administered in an organization joint process. I Want to ensure every employee, customer, creditor, contract, party, stockholder, investor and governmental Authority and other stakeholders that we are going to conduct this effort with diligence, thoroughness and transparency. Stakeholders should understand that events have been moving fast and the new team is engaged only recently. Stakeholders should review the materials filed on the docket of the proceedings over the coming days for more information. The following subsidiaries are not included in the Chapter 11 proceedings: Ledger X LLC FTX Digital Markets LTD FTX Australia Party and FTX Express pay All right. A little bit concerned here because this isn't saying anything about FTX Us. I Don't know if FTX Us falls under FTX group or not. So okay. this is Ftxus declared bankruptcy. So okay. that's very, very unfortunate. This will be kind of important whether you're watching on Rumble right now or YouTube how many of you are caught up in FTX Us right now.