Crypto: Casinos Burn as Workers Mine Coltan / SBF, CZ, Helen Hai, the U.N. the WEF, and the CCP
Part 1: SBF, CZ, and the World Economic Forum
Part 2: Binance, FTX, and the CCP in Hong Kong
Part 3: The Casino Wins and Yet Fails and Falls
Part 4: Helen Hai of Binance, the WEF, the UN and the PRC
Part 5: Helen Hai of Binance Charity Foundation and Blockchain
Part 6: Casinos Burn and Sink as Workers Make Shoes and Mine Coltan
December 18, 2022
Part 1: SBF, CZ, and the World Economic Forum
Now, this day of middle December of 2022, some digging beyond the headlines and screens of Corporate State Big Media lets us see MORE of what's really going with the embroiled 'Crypto-Currency Exchanges' FTX and Binance and principals in them. We look here at Samuel Bankman-Fried ('SBF') and Caroline Ellison of FTX and at Chengpang ("C Z") Zhao and (most closely) Helen Hai of Binance.
Chengpang Zhao (CZ) and Sam Bankman-Fried.
Last May, Sam Bankman-Fried, age 30, was ballyhooed by CSBM as having built a 'personal fortune' of $16 billion USD through FTX over the preceding three years, was a featured speaker at the World Economic Forum's in-person Annual Meeting in Davos, Switzerland. In WEF-Speak, SBF was among 'thought leaders charting the course ahead for a more sustainable, inclusive and technogically advanced future.' (1)
FTX then had an Evocative Tile that presented its Con-Game Gibberish in its New Role as a 'Partner' with the WEF. 'FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens.' Step right up for some of those 'industry-first derivatives, options, volatility products and leveraged tokens.'
The 'Downfall' of Bankman-Fried and FTX was chronicled hourly by CSBM (Corporate
State Big Media--and, yes, that BM has an intended, other meaning) on Tuesday and Wednesday November 8 and 9. FTX declared Bankruptcy and Bankman-Fried resigned as CEO on November 11. The WEF removed FTX from its website on November 14. CSBM has little notice of this deletion, but it's reported in The Gilmer Mirror of East Texas in the USA. (2)
The WEF is undeterred by FTX's 'Downfall'. The WEF has a larger, 'more inclusive'
Goal to ride and a Con-Game to sell. The WEF remains a staunch proponent of 'cryptocurrency.' On November 11 it posted 'Is cryptocurrency the future of finance?'
"Thank God for coincidence", Phil Ochs once sang about the CIA and Vietnam. (3)
Yes, on the same day as the Crash of FTX followed the gutting of many other Crypto exchanges in 2022. the WEF published a 'Study' that supported the WEF's Agenda of
transferring all of working-people's financial transactions--and money--into a Digital Metaverse, say, that's controlled by the biggest of international Banks--such as the 51 who share Geneva, Switzerland as their Headquarters. Bankers haven of Geneva is also Headquarters for the WEF and the United Nations World Health Organization.
The 'Study', sponsored by Grayscale, 'A Leader in Digital Investing' was grounds for the WEF to again hammer for policies exactly contrary to immediate realties (speculator crypto-currencies' failure) and humanity's well-being.
The WEF wrote (the bolding is mine): 'Ultimately, these results reveal that there is clear, broad bipartisan support for greater action in Washington to clarify and strengthen cryptocurrency rules and regulations, representing a rare opportunity for bipartisan efforts to succeed. The US has always been a leader in the global financial system, and its slow response to cryptocurrencies has threatened that position.... Crypto is here to stay, and is a topic that’s increasingly top of mind for future generations. The takeaways from this survey are a call to action to jurisdictions around the world. Governments need to act expeditiously to determine ways to support the continued growth of the crypto industry, while simultaneously protecting their citizens’ financial futures.' (4)
So, again, the WEF is here to 'support the growth' of an 'industry' (favored word of Binance's CEO Chengpang Zhao) that has in the past year wiped out more than half of its investors' money ... while the WEF also advocates for Governments to 'strengthen cryptocurrency rules and regulations ... simultaneously protecting their citizens’ financial futures.'
Again, the WEF wants to enlist humanity into Means of Robbing Ourselves through Centralized Control by Corporations Twained with Governments ... while its language, WEF-Speak. 'simultaneously' promises protection, opportunity, and prosperity. WEF-Speak is always working for a Con-Game's War against Working-People's creativity, freedoms and prosperity.
Binance, FTX, and the CCP in Hong Kong
The global entity that has profited most from the 'Downfall' of SBF and FTX is Binance, the 'Crypto-Currency Exchange' headed by its 2017 co-founder, Chengpang ("C Z") Zhao. Binance was dominant, trading more than six times the volume of FTX last June. Binance has subsequently grown from 41% of 'crytpo trading volumes' in June, when FTX was riding high (9%) and itself purchasing rivals for peanuts-on-the-Dollar, to 62% as of November 12. (5)
Binance was in 2019 and 2020 by far the biggest investor in FTX. FTX's Binance's investment raised FTX''s valuation' to $1.2 billion (somehow) in July 2020, about 14 months after FTX began. In 2019 SBF moved to Hong Kong from the San Francisco Bay Area with Caroline Ellison and two other partners, Gary Wang and Nizad Singh.
Zhao and Bankman-Fried in their early partnership.
SBF had a Hedge-Fund, Alameda Research, operational from January 2018 onward, following his two months' stint as Director of Development at The Centre for Effective Altruism. He employed at Alameda Research his fellow stand-out in mathematics and algorithms, Caroline Ellison, born 1994 and a graduate of the University, Stanford, where Bankman-Fried's parents were Law School Professors. Bankman-Friend and Ellison had met while trading Big Tech futures with Jane Street Capital ('a quantitative trading firm and liquidity provider with a unique focus on technology and collaborative problem solving') on Wall Street. Ellison's parents were tenured academics like Bankman-Fried's; Glenn Ellison and Sara Fisher Ellison are Professors of Economics at the Massachusetts Institute of Technology ... the University that graduated SBF with a Degree in Physics in 2014. (6)
The FTX/Alameda Research team resided in Hong Kong during the 2019 protests (7) that led to pro-democracy candidates winning Election in a November 24, 2019 landslide (8) and then 70% of these winners losing their positions as District Councilors, while the People's Republic of China (Chinese Communist Party) instituted the Hong Kong National Security Law on June 30 of the COVID year 2020. (9)
The Casino Wins and Yet Fails and Falls
FTX prospered in 2021 and into September of 2022.
FTX raised over $1.7 billion in three Rounds between July 2021 and January 2022. Large investors among the 80 that committed to FTX and/or Alameda Research were BlackRock, Sequoia Capital, and the Ontario Teachers' Pension Fund.
The online Silicon Angle reported on January 31, 2022. Again I'll bold within the quote.
'The Bahamas-based cryptocurrency exchange FTX Trading Ltd. today announced it has raised $400 million in new funding in the company’s third fundraise in the past six months, hiking its valuation at a cool $32 billion.
The Series C funding announcement comes less than a week after the announcement of a $400 million Series A funding for the company’s American affiliate FTX US that valued it at $8 billion. According to the company, the same investors participated in both rounds simultaneously.
“Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months,” FTX Chief Executive Sam Bankman-Fried said in a statement. “This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world.”
The round saw participation from SoftBank’s Vision Fund 2, Lightspeed Venture Partners, Paradigm, Tiger Global, Steadview Capital, Temasek, Ontario Teachers’ Pension Plan Board, NEA, IVP and Insight Partners. This fundraise brings the total amount raised by FTX to $1.8 billion.
With the funds, FTX intends to continue to build out its global presence by continuing to adhere to regional regulations, said Bankman-Fried. FTX US has already gained the ability to trade derivatives such as futures and options in North America, but FTX itself does not operate in the U.S. As a result, the company’s intent is to expand into Western countries outside the U.S. as much as possible with similar financial products.' (10)
That is, FTX wanted then to establish in 'Crypto' the kind of free-wheeling
Casino across Western countries that the biggest financiers of City of London and Wall Street operate through traditional Stock Exchanges.
Between July 2021 and July 2022, FTX was still rising with Corporate State Big Media approval (SBF on the cover of Fortune magazine's August/September 2022 issue). It was still buying, still winning bids, into September 2022. SBF was portrayed as 'the next Warren Buffett' and a 21st-century J. P. Morgan for his funding and reach into control of foundering crypto-currency companies. (11)
Tim Tolka of Disruption Banking explained.
'For those hit hard by the liquidity crunch in the crypto industry, a white knight with a black afro is on a bargain hunt. The afroman is Sam Blankman-Fried, a 30-year-old crypto billionaire known as “SBF.” His main business is FTX, a crypto exchange in which $10 billion sloshes around on any given day....
With a tight-knit workforce of 300, FTX resisted the hiring spree unlike others like Coinbase and Binance, both of which have around 4,000 head, as well as Crypto.com and Gemini, causing them to rescind job offers and fire staff.
Meanwhile, Forbes described SBF as a “smart vulture capitalist in the beleaguered crypto market,” and Anthony Scaramucci, founder of SkyBridge Capital, called him “the new John Pierpont Morgan” who twice bailed out the financial system back in the early 20th century with his own capital.' (12)
In fact, that 'Corsair' J. P. Morgan of the latter 19th century and early 20th century operated with Capital from Europe-based Banks headed by members of the Rothschild family. This Famous Front died in 1913 with a mere 19% of his Estate owned by his family. (13)
Above is an excerpt from timeline of Financiers' Vampiring of Humanity, printed on the back cover of To Prevent the Next " ' 9/11' ", 2005, a book included in 2008's The World Is Turning: “ ‘9/11’ “, The Movement for Justice, & Reclaiming America for the World.
Caroline Ellison became the sole CEO of Alameda Research in August 2022. She helped to precipitate FTX's 'Downfall' by telling public and easily disproven lies about 'Assets' of FTX and Alameda Research in early days of November. These 'Assets' were then revealed to be FTX's crypto-currency FTT tokens. The FTT's value-per-token was, of course, only the value given it on crypto-currency Markets. Then, Chengpang ("CZ") Zhao publicly sold off at least $585 million of Binance's 'position' in FTT tokens. A further leak from Alameda Research revealed at least $8 billion in A R Liabilities against '$14.6 billion in assets, nearly $6 billion of which was a combination of locked and unlocked FTT tokens.' (14) FTTs tokens fell from $22 to $15. Withdrawals mounted. CZ Zhao stepped in on Tuesday, November 8, with a promising Tweet. He wrote: 'This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com....' (15)
SBF thanked CZ in a following Tweet., November 8. 'A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry....' (16)
Next day, Binance backed out of its Letter of Intent, stating that 'issues are beyond our control or ability to help.' On Friday, November 11, FTX filed for Bankruptcy and SBF resigned as CEO. On November 18 Ellison was removed as CEO of Alameda Research and two FTX executives long-close to SBF, Gary Wang and Nishad Singh, were fired by the interim CEO, John J. Ray III, appointed to handle FTX in its Bankruptcy. Ray had also handled the mess following Enron's December 2001 Bankruptcy. (9)
'FTX, the cryptocurrency exchange launched by Sam Bankman-Fried, said it fired three of the founder’s top deputies.
Gary Wang, an FTX co-founder and its chief technology officer; FTX engineering director Nishad Singh; and Caroline Ellison, who ran Mr. Bankman-Fried’s trading arm, Alameda Research, were terminated from those roles after FTX tapped John J. Ray to oversee the companies’ bankruptcy, an FTX spokeswoman said late Friday.
Mr. Bankman-Fried resigned on Nov. 11, when FTX filed for bankruptcy. He was replaced by Mr. Ray, a veteran restructuring executive who once oversaw the liquidation of Enron Corp.
FTX and Alameda sought protection from creditors after executives at both businesses revealed that FTX had lent billions of dollars worth of customer assets to Alameda to plug a funding gap, The Wall Street Journal previously reported.' (17)
C. Z. Zhao then claimed larger roles. By mid-November Zhao was announcing a $1-billion fund to 'rescue' foundering crypto companies (18); encouraging Elon Musk to more adopt a "decentralized" Blockchain model and Crypto-currency trading on Twitter (19); and dismissing his astute critic Nouriel Roubini, the economist who dissected the overeach thievery in City of London/Wall Street Collaterized Debt Obligations in 2008. Zhao characterized Roubini as an "unimportant" person." (20)
Helen Hai of Binance, the WEF, the UN and the PRC
Now let's turn to Helen Hai. Now is time to introduce her into our chronicle of players. Helen Hai links together Binance, the World Economic Forum, the United Nations, and the Peoples Republic of China. Now 44, she was born in the northern province of Jilin. She rose from relative poverty to became the youngest Chief Actuary (analyst of risks and benefits) in England. She served with Zurich Insurance from 2006 till July 2011, when she shifted to becoming 'Group Vice President, CEO of Overseas Investment' for the Huajian Group and assumed management of a new shoe-factory in suburban Addis Ababa, Ehtiopia. China Daily summarized Huajian in 2018: 'Established in 1996, Huajian Group is one of the biggest women’s footwear manufacturers in the world.' (21)
Helen Hai's prominence now is international. She's since 2014 a United Nations Industrial Development Organization (UNIDO) Good Will Ambassador, 'representing the Chinese region.'
As such an Ambassador, she's geographically charged with the 'Industrialization of Africa.'
She's a 2015 WEF Young Global Leader. (22) Current Heads-of-State Jacinda Ardern of New Zealand and Emmanuel Macron of France are YGLs of 2014 and 2016 respectively. (23)
She's since March of 2018 'Head of Binance Charity Foundation.'
Her roles and responsibilities within Binance have expanded greatly. She became 'Head of Africa' in October 2019 and 'Head of Global Fiat exchange' in January 2020 ... the month that Mainland China initiated the Total Lockdowns of its public in Wuhan City ... Lockdown that was Model for subsequent, disastrous and mass-murderous policies toward the Physiological Impossibility of 'Zero-Covid' in Australia, New Zealand, France....
Helen Hai and Binance Charity claimed in March 2021 to have achieved by the end of 2020 '$10 million Donations' to '1 million End-beneficiaries'. That transfer, you may be quick to caluclagte, amounts to $10 per 'End-beneficiary' ... out of the Hundreds
Billions worth in U. S. Dollars moving through the Binance exchange during 2020. (24)
Now let's turn to Helen Hai in Ethiopia.
In 2011 she left Zurich Insurance. She's told media online that Justin Lin of the World Bank inspired her toward finding "purpose." One month after leaving Zurich, Helen accepted invitation from Zhang Huarong, President of the Huajian manufacturer of
women's shoes, to become 'Vice President, CEO of Overseas Investment' and to head Huanjian's new factory in a nascent 'Shoe City' of suburban Addis Ababa. (25)
Helen Hai ran her factory as if it were an Indoctrination-Camp. CNN and France's 20 Heures documented conditions for Huanjian's Ethiopian workers. They wore requisite
red shirts and trousers. They marched in drills under Chinese with bullhorns.
They listened to lectures with anxious eyes.
They worked under huge signs and Chinese supervisors with bullhorns.
Most materially, Helen Hai's Huajian Ethiopian workers were ill-paid. They made on average $45 per month in a city, "Addis", that required $109 per month for a person to meet his or her basic needs. They were paid about 10 times less than their Huanjian counterparts in mainland China. (26)
In April 2018 the Associated Press reported that conditions and disparities for Huajian's Ethiopian workers were little-changed over the years in which Helen Hai has served
as a United Nations GoodWill Ambassador. The AP piece considered a feature-length film, "Amazing China", 'produced by China Central Television and the state-owned China Film Group Co. Ltd.'
Let me bold from the AP piece. “Amazing China” portrays the Huajian Group as a beneficent force spreading prosperity — in this case, by hiring thousands of Ethiopians at wages a fraction of what they’d have to pay in China. But in Ethiopia, Huajian workers told The Associated Press they work without safety equipment for pay so low they can barely make ends meet....
“Amazing China” presents Huajian as an inspiring example of China exporting the success of its own economic miracle by creating transformative jobs for thousands of poor Ethiopians and sharing China’s knowledge, language and can-do discipline to build a new industrial foundation for Ethiopia’s economy.
The company is celebrated as a model of the inclusiveness at the heart of a much larger project: Xi’s signature One Belt One Road initiative, a plan to spread Chinese infrastructure and influence across dozens of countries ...
“In opening to the outside world, China’s pursuit is not to only make our lives better, but to make the lives of others better,” the narrator says....
The Chinese-owned Eastern Industrial Zone effectively took fertile land from Ethiopian farmers and handed it over to foreign investors — a strategy the Ethiopian government is rethinking, according to Nemera Mamo, a teaching fellow in economics at the University of London.
“You can clearly see that these industrial zones are absolutely favorable to the Chinese investors, but not to the local communities or the local private investors,” he said. Huajian workers told the AP they made 960 Birr ($35) to 1,700 Birr ($62) a month. A basic living wage in Ethiopia is about 3,000 Birr ($109) a month, according to Ayele Gelan, a research economist at the Kuwait Institute for Scientific Research.' (27)
In 2012 Helen Hai criticized Ethiopian workers lack of discipline, as quoted by a valiant defender of Bitcoin as a promised means of liberating cooperative human beings from the rule of Central Banks and Stock Exchanges. (28)
This earnest investigator and defender goes by his given name of Tyler and his YouTube Channel Host name of 'Crypto Chico'.
He's posted three passionate videos about Binance and Helen Hai since 2019. (29) All carry indignant information. His videop of May 2022 is titled 'I Uncovered Binance's Billions Are Protected By China CCP! (China Communist Party)'. (30)
You or I might find living hard if we received $45 a month in wages ... beside our peers' average of $109 ($109!).... We might feel like slaves reduced to living for work. We'd likely live, too, with constant hunger in our bellies.
Helen Hai of Binance Charity Foundation and Blockchain
We return further to Helen Hai and Binance. She's introduced by Binance in 2018. The bolding is mine. 'Helen is a true believer in the Foundation''s mandate: Blockchain for social good. Blockchain can make charity transparent, hence using technology and innovation to support the UN's Sustainable Development Goals.'
We can hear Helen Hai speak for Binance and herself two years later, September of 2020. Helen addresses a sub-gathering of the 75th session of the United Nations General Assembly. This sub-gathering is the United Nations' Global Compact's UNGC Global Impact Forum (yes-sir, that's the actual language). Binance Charity was there as 'the sole representative of the blockchain industry', Its own summary can be read on
on the Binance Blog. (30)
Again I'll bold. 'Helen Hai, head of Binance Charity, made her remarks in an address titled “Building Sustainable and Resilient Healthcare Infrastructure for Our Shared Future." Helen shared with the global audience the huge advantages of blockchain in advancing healthy new infrastructure and sustainable development [... When addressing what technology can do for today’s society, Helen points out that mankind is facing a unique period in history. “We are witnessing a moment where we pivot from an industrial economy to one defined by technology. The use of technology can promote human rights, aid in the progression of humane assistance, and contribute to solutions of personal identification and human trafficking, ... The most exciting thing in this technological era is the birth of blockchain technology. The emergence of blockchain technology can help revolutionize the true value of freedom and help solve issues of trust, transparency, and inclusiveness, according to Helen ... Blockchain has its specific advantages. For example it offers opportunities for all community members to own their own identities and be a part of community governance. It provides all parties and participants in general with a layer of traceability and global transparency, which inherently promotes the behavior and responsible use of resources. It guarantees precision in the surveillance of actions through the use of smart contracts, and validates the actions that occur within blockchain.'
Amid that flow of Binance mimicking WEF-Speak and vague, Schwabian premises and promises ( '... advancing healthy new infrastructure and sustainable development ... we pivot from an industrial economy to one defined by technology ... technology can promote human rights, aid in the progression of humane assistance, and contribute to solutions of personal identification and human trafficking, ... blockchain technology can help revolutionize the true value of freedom and help solve issues of trust, transparency, and inclusiveness, according to Helen ...') you may pick out 'blockchain technology' as 'the most exciting thing in this technological era.' Blockchain 'offers opportunities for all community members to own their own identities ...' and provides 'traceability and global transparency' and thereby 'promotes the behavior and responsible use of resources' and it 'guarantees precision in the surveillance of actions'. (31)