FTX is a crypto exchange and trading platform, founded in 2018 by Sam Bankman-Fried, that was worth $32B last week and is now bankrupt taking $10B of user funds with it
best part is its also taking other crypto corps down with it. Crypto lender blockifi stopped withdrawals.
The issue is there was simply no one predicting this, no voices who identified crypto as a scam before it was too late
:PSL:
https://etherscan.io/address/0x97f991971a37d4ca58064e6a98fc563f03a71e5c
381 million "worth" of crypto here. 91mill in FTT :data-laughing: 30 million in BOBA coin :awooga: 1.37 dollars in literally "Losercoin"
I guess I was looking for ways this is different from any other crypto lol
Unless you have crypto exposure, no. If you have crypto exposure, I would withdraw from CEXes and on-chain leverage stuff because these liquidity (and/or insolvency) crises have a tendency to domino.
As bitcoin becomes more and more difficult/expensive to mine, seems to me that hacking exchanges and other peoples accounts will become much more profitable and commonplace. Easier to phish some cryptobros than to solve a computer generated problem of ever increasing difficulty
Ya I was to jump on this. So are people thinking that the owners of FTX did a rug pull?
Of course. lmao, that dude already lie multiple times, so do rug pull is the last step before running away.
