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FTX was the second largest CRYPTO Currency Exchange and is now in Chapter BANKRUPTCY with over 1 Million Creditors. John Ray, the Bankruptcy practitioner for Enron, has been appointed as CEO and his initial findings are that this is WORSE than Enron which was the biggest accounting fraud in USA history. In this video I discuss the question as to whether FTX was established to be FRAUDULENT SCAM by looking at the 7 Key Ingredients for a Scam and comparing FTX to some of the greatest Scams and Frauds in History.
For specific details please check out the CHAPTER list below.
Thanks for watching and please LIKE and SUBSCRIBE.
Chapters:
0:00 Intro
1:52 REVOLUTIONARY IDEA
5:49 FAST GROWING MARKET
7:35 CHARISMATIC LEADER
11:34 OPAQUE BUSINESS MODEL
14:54 COMPLICATED ACCOUNTING
18:08 RAISE INVESTMENT
19:15 CUSTOMER FUNDS
21:33 SUMMARY & CONCLUSION
#ftx
#crypto
#fraud
#china
#Belt&Road
#globalrecession
#globalfinancialcrisis
#russia
#Evergrande
#China
#Recession
#Zhenro
#Bonds
