It’s not going well for many poker players who lost nearly all of their luck following the collapse of the FTX crypto platform a few days ago, against a backdrop of scams reminiscent of the dark history of Ultimate bet.
The latest cryptocurrency crash caused by the trading platform liquidity shortage FTX is wreaking havoc on the poker world, with players reporting huge losses and confronting them with the online poker scandals of over a decade ago.
Most shocking is that an investigation by Internet investigators revealed that an FTX executive, Daniel Friedberghas direct links to the superuser scandal of Definitive bet in 2008, when online poker players were defrauded of $ 50 million by the owner of UB russ hamilton.
FTX’s chief regulator was Daniel Friedberg behind the poker cheating scandals on UltimateBet and Absolut … https://t.co/TE8MyqBSCG
The accident follows a recent report by CoinDesk proving that the trading and investment company Alameda research “had his finances deeply intertwined with those of FTX” and “held a disproportionate amount of his balance sheet in FTX’s trading token, FTT.”
According to CoinDesk“When documents showed that Alameda had borrowed millions of dollars from FTT, rumors spread on Twitter that FTX was lending user funds to Alameda and using its illiquid FTT token as collateral, essentially creating money to be able to lend the user funds to each Other. ”
Another cryptocurrency market, Binanceoffered to buy FTX on Tuesday, November 8, but the deal fell through on Wednesday, due to concerns from Binance executives.
As a result of corporate due diligence as well as the latest news related to improperly managed client funds and … https://t.co/96lkKhdOAH
As a result of all this, the The FTT token went down from $ 22 to less than $ 5, an 80% drop for a loss of more than $ 2 billion in value.
The FTX executive was Ultimate Bet’s attorney
As the FTX incident unfolded, Twitter users noted that Friedberg, FTX’s chief regulatory officer, according to LinkedIn, had been one of UB’s top attorneys and had been active in trying to cover up the scandal. Never a very good sign …
A secretly recorded conversation in 2008, audio of which leaked in 2013, revealed that Friedberg, Hamilton and others were discussing the “God Mode” software used to cheat and discussing ways to cover up the scandal.
Would you like to hear the disgraced FTX compliance officer Daniel Friedberg trying to cover up Ulti … https://t.co/8BPLgF3eqN
“He was one of the many executives who tried to hide the scandal when they could no longer hide it,” he said Todd Witteles from Poker Fraud Notice in a 30 minute segment on Friedberg and FTX. “There was indisputable evidence that the cheating was taking place over a long period of time in UB, and they were basically trying to figure out what to do and how to get out of it by paying players as little as possible.”
It turns out the cryptographic site CoinGeek reported Friedberg’s ties to UB in August 2021.
Compare with the Full Tilt drop
Many poker players have also been quick to compare the FTX controversy to the fall of Full Tilt Poker ten years ago, when it was discovered that the leading online poker site had failed to separate player funds and operating funds and therefore could not pay its players after the Black Friday.
“10 years ago, many of my friends logged on to their favorite poker sites to find that the US Department of Justice had seized their net worth,” he said. tweeted Melissa Burr. “Rapidly advancing to this day, various friends are being eliminated from a larger company and for even more money.”
Let me explain to you what just happened in cryptocurrency to the poker people:
“Reminiscences of Full Tilt Poker”, he wrote tweeted Adam “Roothlus” Levy. “Poker players shouldn’t manage client funds or cryptocurrencies.”
Several professional players in ruins
The FTX debacle has particularly affected some players in the poker world, including Alex Wice. The former poker pro turned cryptocurrency trader had a plunge in his “entire net worth on FTX” this week to end in a multimillion-dollar loss.
Wice, Canadian with $ 671,443 in live earnings Hendon Mob-Referred , may have been affected by the FTX crash more than anyone else in poker. In February, Wice said Perspective India Magazine which had traded over $ 1 billion in volume on FTX in less than a month.
“Don’t you have several million dollars?” someone asked on Twitter when Wice tweeted after the incident that he was “looking for an opportunity”.
“I had,” Wice replied.
Another former poker pro who turned to cryptocurrencies, Doug Polkhe tweeted to Wice to say he was “happy to be betting on $ 100 tournaments again like the good old days”.
Wice responded with an image from the filmrounders Where is it Mike McDermott drives his truck after being brought “to the bottom of the hole” by Teddy KGB.
But Wice doesn’t give up and said he could turn to another crypto platform, Solanato recover his losses.
“In the end, I think Solana is a legitimate project and therefore I would consider collecting the remaining crumbs at the right price when all is said and done”, he tweeted.
A return to the poker tables seems unlikely, as Wice’s last live cash was in 2011.
PokerNews contacted Wice for further details on its FTX losses but received no response.
Wice isn’t the only poker player affected by the FTX crash. French Karl Chappe-Gatiena trader who won a $ 40,000 Short Deck tournament earlier this year Triton Poker Party Mediterranean for $ 565,000, he said on November 11 that he had “lost 35% of my total net worth as my equity was spread across multiple locations.”
“I keep getting called from all over, so here we go,” he tweeted. “I didn’t go out […] I put myself at 0 in my mind and move on. Outside of the money, I feel betrayed by (FTX founder) Sam (Bankman-Fried) and I can’t imagine how FTX employees feel. ”
Mr. Chappe-Gatien, who has $ 2.6 million second Hendon Mob earningsall won at the Triton Festival in September, then tweeted which was “with the Triton family, it’s nice to be with risk takers and such great human beings after this madness.”
The founder of SnapShove Massimo Argento noticed that “with this FTX shit, there will be a lot of people (who) will have a huge percentage of their net worth stuck in a very uncertain situation” and offered his sympathies to affected poker players
With this FTX shit show there will be many people who will have a huge% of their net worth stuck in a very uncertain situation … https://t.co/1PVKpVALBm