I’m speechless. An explanation of the last 48 hours or so.
Don’t want to read? I’ll sum it up.
Binance gobbles up FTX.
Here’s the Twitter run down on the crypto crash.
Wait, what? Binance went to war with FTX, announced they are selling a whole bunch of FTT tokens, caused a bank run, market crashed, investors panicked, now CZ is buying the whole company and it’s just a Tuesday. Did I get this right?
— Aleksandra Huk (@HukAleksandra) November 8, 2022
Some more info on Sam Bankman-Fried.
https://www.ft.com/content/8db7e24b-5a15-4856-b81e-a2027157aaad
I read a funny on Twitter about SBF. Basically, you couldn’t trust the guy because of his name. It has “bank” it in.
How true…
As I mentioned last week, Sam is done. He’s stepped down. $35 billion evaporated. FTX has filed for bankruptcy, and there could be 100,000 investors owed money.
Making things even worse, if things aren’t bad enough, is that FTX invested so much money into other companies. Those companies will get pulled into the bankruptcy as well, and there will be ripple effects. A single man, a single company, has single-handedly killed confidence in the space to a new low.
I thought Terra Labs and UST/LUNA was the low for the year. Nope.
I’m hoping for the best, but I know there will be more bad news.
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What a Charlie Foxtrot… Thank God, I stayed out of this space…
Looks like even the US Government is involved…
Edit +24 Hours…
FTX CEO Accidentally Describes Ponzi Scheme… Back on April 27 2022!! What good go wrong?
No sympathy for the simps that got caught up in the scam… Just another ball of wreckage…
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People most likely will be going to prison
Crypto bank Genesis halts withdrawals, citing fallout from FTX failure
The lending arm of crypto brokerage Genesis Global Trading suspended redemptions and new loan originations after an “abnormal” number of withdrawal requests that exceeded its current liquidity, citing market turmoil from the failure of rival FTX.
Genesis said it was working with advisers “to explore all possible options,” adding that it would release a plan for the lending business next week. “We’re working tirelessly to identify the best solutions for the lending business, including among other things, sourcing new liquidity,” the company said.
Genesis’ lending unit had about $2.8 billion in active loans in the third quarter, according to its website.
The suspension comes as the entire crypto industry is on edge following the unraveling of Sam Bankman-Fried’s FTX exchange and Alameda Research hedge fund, both of which filed for bankruptcy late last week.
“This morning is a more alarming crypto news day than FTX bankruptcy day last Friday,” tweeted Daniel Roberts, editor-in-chief of Decrypt Media, on Wednesday.
A big no no
FTX Employees Were Encouraged to Keep Life Savings in the Now-Bankrupt Exchange, Sources Say
Retail and institutional investors weren’t the only ones to get rug pulled by FTX’s swift and stunning collapse last week.
In addition to losing their jobs at the now-bankrupt exchange, many of FTX’s employees also appear to have significant amounts of personal wealth locked in the platform – wealth that is likely gone after being sucked into the black hole of the FTX disaster.
FTX’s deficit was allegedly created, according to a Wall Street Journal report last week, by former CEO Sam Bankman-Fried’s penchant for playing fast and loose with customer funds, using them to cover the debts of his quant trading firm, Alameda Research, violating the exchange’s own terms and conditions.
https://www.yahoo.com/finance/news/ftx-employees-were-encouraged-keep-224536271.html
All this wouldn’t be achieved without the hand of government. They are leaving no stone unturned to fail crypto. Trillions worth of people’s investments are now in jeopardy, prices are down, they can’t withdraw the funds because they’re already in losses, and on top of it, these exchanges are collapsing like a house of cards.
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It appears the SEC or CFTC was investigating FTX weeks before this happened. Wonderful working being done…
What a disaster for them. It’s being reported that the core 10 or so maybe have moved up to a $1 billion. This isn’t the msytery $500 million that the Bahamaian government pulled from FTX’s accounts to pay back local citizens.
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I’m crossing my fingers but I’m sure some of them are sitting on a beach somewhere relaxing.
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Oks like he’s supposed to be involved in n. nYT summit. Thought maybe he’d make an appear in the flesh, but then thought, that’s probably not good for him.
Notes say he’d be involved virtually. So probably in a safe house in the Bahamas or the middle east somewhere.
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SBF’s recent interview lowlights…
“I had a bad month” - SBF
Understatement of the century, that has the audience gasping.
Another longer clip. 15:05 timestamp.
