• Documents have revealed the lavish lifestyle of FTX co-founder Sam Bankman-Fried allegedly funded by FTX.
• Shark Tank star Mark Cuban has warned of a crypto implosion due to „the discovery and removal of wash trades“ on exchanges.
• Experts have predicted gold prices will soar in 2023.
This week, multiple stories arose related to the crypto world, and the biggest news centered around the alleged lavish lifestyle of FTX co-founder and „altruist“ Sam Bankman-Fried (SBF). Documents from the Delaware bankruptcy court revealed that FTX spent tens of millions of dollars in 2022 on living accommodations, hotels, food, and flights. Alameda and FTX executives were even said to owe over $55,000 to Jimmy Buffett’s beach resort, Margaritaville, after occupying 20 suites for a few months last year.
In addition, SBF is attempting to regain access to his Robinhood shares, worth over $460 million. He is arguing that he needs them to „pay for his criminal defense,“ stressing that without them the consequences would be serious and „irreparable.“ FTX customers are said to „face only the possibility of economic loss.“
Furthermore, Shark Tank star Mark Cuban has warned of a crypto implosion that could come from „the discovery and removal of wash trades“ on exchanges. Wash trades are when an investor buys and sells a security for the purpose of creating misleading, artificial activity in the market.
Finally, experts have predicted gold prices will soar in 2023. The uptick in gold prices is likely due to the current uncertainty in the global economy and the potential for inflation due to the massive money printing by governments in response to the pandemic.
Overall, it has been an interesting week in the crypto world, with news related to the lavish lifestyle of FTX’s co-founder, a warning from Mark Cuban about the potential for wash trade implosion, and predictions for a surge in gold prices in 2023.