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After a lot of buzz revolving around an alleged sex tape involving the infamous founder of FTX exchange, Sam Bankman-Fried and Alameda Research CEO Caroline Ellison.
As per an anonymous source, there is a sex tape that exists between the two parties, which were at the helm of the companies involved in the current FTX implosion, indirectly hampering the entire crypto industry.
However, the internet is divided on whether sex tape even exists. While some claim they have watched it, the other end is simply joking about it and creating memes on the same.
Here’s the complete story.
The Background of the FTX Sex Tape
An article was published on 16th November 2022, which claimed that an anonymous insider source from FTX was in the possession of an alleged sex tape between the two individuals, Sam Bankman-Fried and Caroline Ellison of Alameda Research.
The anonymous user published the information about the same on a website that isn’t supposed to be uncensorable. It was also claimed by the user that they will be releasing the purported sex tape on Friday, 18th November 2022, unedited and uncut. The anonymous user also stated that they will be releasing the sex tape if the two individuals aren’t held responsible for their involvement in the ongoing FTX crash.
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However, what’s intriguing is that the information tends to contradict a previous belief that many might already have a copy of the sex tape and have watched it.
The Social Media Reaction
It’s been two days since the day the alleged sex tape was supposed to be released. Although there are many social media posts, most of them somewhat look fake claiming to have a sex tape.
Social media didn’t hold itself back after the news around the FTX sex tape got viral. Many users created memes and a lot of them talked about it as if they have seen the sex tape and expressed their satisfaction.
A poll by a Twitter user stated, “Lmao 🤣 rumors are that there’s an SBF and Caroline sex tape coming out. This is atrocious. Disgusting 🤢 🤮. Who would degrade someone like this? For real though. You gonna watch it?”
It’s been two days past the day the sex tape was supposed to be released. Although, it’s still not clear if this is merely a hoax, a way to troll FTX and its founder or whether the sex tape actually exists.
The FTX Sex Tape Scandal: What’s There For Crypto?
According to @BigCheds, who is a crypto influencer and an author, the alleged sex tape news can signal the bottom, combined with the wider collapse that surrounds the FTX collapse.
There are tons of crypto influencers and experts who are signaling at the bottom for the crypto industry after the sex tape announcement. This has led to many accumulating cryptos at dirt-cheap prices, with BTC trading at $16,705 at the time of writing, which is one of its lowest prices since crypto gained its post-pandemic momentum, and is far cry from its 2021 peak of $68,000.
Not just Bitcoin, but the entire crypto industry has been reeling under pressure. At the time of writing, the crypto market cap has slid to as low as $763 billion, from its 2021 peak of $2.5 trillion.
Restructuring of the FTX After The Collapse
Since the day FTX filed for Chapter 11 bankruptcy, most of the people out there are believing that the exchange is gone for good.
However, the new CEO at the helm of bringing back FTX, John Ray has been working to restructure the company.
The individual who’s working to restructure the company back from the shambles has been publicly pointing out the mismanagement and wrongdoings within the organization that led to the entire turmoil.
Ray, who has earlier looked into the Enron bankruptcy case, and has over 40 years of experience said that he hasn’t seen something like FTX ever before. The new CEO wrote in a filing with the Delaware bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.
“From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Ray also pointed out how something as important as disbursing payments was done through a chat app, with supervisors approving payments with emojis.
In a statement made on Saturday, Ray said that FTX will either sell or restructure its global empire. “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,” John Ray III was quoted as saying.
Ray, who replaced Sam Bankman-Fried has said earlier as well that it is a priority for him to explore sales, recapitalizations, and other strategic transactions.
Conclusion: The FTX Saga Continues
The tale of FTX continues as new updates come in every day.
In the latest turn of events, Bahamian regulators moved hundreds of millions of digital assets from FTX to their own custody. This comes as both, the Bahamas courts and the U.S. courts want to take control of the bankruptcy proceedings.
With the discussions around the alleged sex tape still rife, the entire scenario is seemingly quite overwhelming for crypto investors.
As always recommended, the investors shall be looking even more closely at crypto exchanges now and read the terms and conditions carefully. The scenario that took place at FTX has alerted a lot of investors. But, it is in the best interests of the investors to not look for short-term gains and HODL their crypto investments, as things calm down.
In order to diversify your portfolio, there are lots of other crypto projects coming up, such as RobotEra, Calvaria (RIA), and IMPT to name some.
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