Some have referred to this crash as cryptocurrency’s “Lehman moment. Investors have written off what previously appeared to be the next big thing in technology due to the bankruptcy of the crypto firm FTX and the departure of its creator, Sam Bankman-Fried. As a result, customers are now in a precarious situation.
The discredited founder of the cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), is still facing further difficulties.
On December 12, Sam Bankman-Fried appeared before the US Securities and Exchange Commission (SEC) to answer accusations separate from those that resulted in his most recent arrest in The Bahamas.
Sam Bankman-Fried, the former CEO of FTX, was detained on Monday, and Crypto Twitter is giddy with excitement.
The Royal Bahamas Police Force arrested the 30-year-old after the local government got official notification from the United States. The notification had filed charges against him and would probably seek his extradition.
A month after SBF’s cryptocurrency exchange filed for bankruptcy and he resigned as CEO, news of the arrest broke. According to several Twitter users, the arrest couldn’t have happened fast enough.
The arrest of SBF, who is suspected of exploiting FTX client cash to finance dangerous bets at his trading firm, Alameda Research, was widely applauded. It couldn’t have become more funnier than a Twitter user posting the real video of arresting SBF.
Check out the memes on the FTX scandal
Isn’t it funny how people relate FTX and Sam Bankman Fried to a garbage bin? The video was uploaded by a Twitter user with a caption reading,” Live Footage of SBF being arrested.”
For once, it looked similar, but surprisingly, it was unexpected and worse for the crypto exchange firm.
FTX collapsed last month. Afterward, there were internet rumors that somehow SBF would be shielded from prosecution. The reason was his numerous political contributions to politicians, but that was not the case.
However, numerous users criticized Bankman-Fried had risked billions of dollars in consumer payments. While also managing to ruin the entire reputation of cryptocurrency.
Another user posted a hilarious reaction video. The video can be considered his reaction to the FTX Scandal. People in the video shouted shockingly, and the same might happen with people when they came to know about the scandal.
Crypto Twitter seeing the news that SBF was arrested pic.twitter.com/F9wYtcEN5Y
— Wizzⓨ (@wizzyknows) December 13, 2022
Some people on Crypto Twitter theorized that SBF may have even been detained while playing video games after reports that he had done so at a pitch meeting with Sequoia Capital.
SBF’s League of Legends teammates hearing him get arrested mid-game pic.twitter.com/QWrL4Mch2Y
— alexjm 🍿 the blue roo 🦘 (@alexjmingolla) December 13, 2022
Some online are predicting that the market may now be approaching the bottom with SBF’s concern after the implosion of FTX, the demise of Three Arrows Capital, and much of the negative news surrounding cryptocurrency this year. Since the TerraUSD fiasco earlier this year, some people are even mockingly hoping that the dead crypto currency Luna Classic will return.
Now that SBF has been arrested can we start the $LUNC & $LUNA pump? 🚀🔥🤷♀️
— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) December 13, 2022
This picture can’t be real but it surely gives a rough idea of the real scenario. FTX scandal was a team play, according to this picture that a user shared on Twitter.
— Nabeel📈🇮🇳 (@DeFi_Nabeel) December 13, 2022
“SBF throwing shit against the wall,” a user said:
Another user sarcastically wrote, “SBF throwing shit against the wall; “It was depression” “It’s antisemitism” “I can pay everyone back.”
https://twitter.com/Mark52638761/status/1602728493346947075
After this meme, people couldn’t resist laughing. There are some chances that even the investors who lost their money may have laughed if they saw this meme.
https://twitter.com/DEGEN3RATES/status/1602726809828823045
Another user wrote,”You know Netflix will make a movie out of #FTXScandal, right? The main protagonist #SBF of course and maybe #GaryGensler will try to catch him… If this goes as planned, the next poster we do after #SBFarrest is: Prison Break!”
You know Netflix will make a movie out of #FTXScandal, right? The main protagonist #SBF of course and maybe #GaryGensler will try to catch him…
If this goes as planned, the next poster we do after #SBFarrest is: Prison Break! pic.twitter.com/Yp7VtDNi5l— Satoshi Club (@esatoshiclub) December 13, 2022