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He was running a Ponzi scheme. Don't feel sorry for him.
I'm not. Just saying that he won't get away with it like other CEOs have done in the past while "taking responsibility". His punishment has already begun.
Where were the adults in any of this and why would people throw billions of dollars at unqualified children?
Where's the oversight from the SEC?
Does this bankruptcy include FTX US? A bunch of people in yesterday’s thread were saying that FTX US is safe, which seemed strange.
>> This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. >https://twitter.com/SBF_FTX/status/1590709195892195329
So, SBF seems likely to have flat-out lied, right up to the last moment. At this point, why would you choose to trust any crypto company that wasn't perfectly transparent in how it holds assets, backs coins, what it's borrowing on, etc?
Do we blame individuals or the technology that enabled them? I don't know. I do think we need to get back to building useful tools that people need.
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Is this FTX US? Yesterday SBF said FTX US was not impacted by the shitshow: https://twitter.com/SBF_FTX/status/1590709195892195329
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This guy is such a serial liar...I wonder why he doesn't have a lawyer advising him to avoid making statements on a public platform at this point.
It absolutely blows my mind; if this[1] failure of an attempt at a "get out of jail free" disclaimer is something you feel the need to write out so poorly, and in all caps, after your diatribe, maybe - MAYBE - you shouldn't have said a goddamn word. [1] https://twitter.com/SBF_FTX/status/1590709199067295749
"Here is a bunch of information about the ongoing potentially criminal collapse of my company - oh by the way I'm a bad dev so some of what I said above might be wrong, don't act on this information."
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To be fair I heard from a few places that you really don't want to do stop losses on crypto exactly because of companies like FTX - since the traders and the exchange are really the same people, it's possible that there isn't a good enough chinese wall between them - when that happens the traders can see your stop losses which is like holding a massive sign saying "Here, take my crypto for cheap".
I hope people read this and really understand what it says. It Crypto had any intrinsic value this paragraph would be ridiculous ... but it's not. At least tulips were pretty to look at.
The problem isn't crypto, it's the lack of accountability.
Was this another CEO "taking all responsibility" without any actual responsiblity/penalties? Not counting resigning.
He already lost his whole net worth overnight ($16B) and will live in hiding with serious death threats for the rest of his life. This is no ordinary CEO switcheroo where the he walks away with a slap on the wrist and a golden handshake.