461–470 of 1001 posts
Was this another CEO "taking all responsibility" without any actual responsiblity/penalties? Not counting resigning.
Dumb question: so if you stored digital assets in a FTX wallet, does that mean you just lost all of your $$$? If so, wow'zer.
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I am still not convinced that he did not steal the missing FTX client funds. So at this point it is not clear to me how much he lost or gained from this. I do hope the DOJ conduct a full investigation and trace where all the money went.
I assume all those political donations bought something :)
Dumb question: so if you stored digital assets in a FTX wallet, does that mean you just lost all of your $$$? If so, wow'zer.
Not your keys, not your coins.
Can anyone speculate what Bankman-Fried's exit plan was? Was this a fraud that got out of control, or premeditated? If it was premeditated, what was the exit plan? Did he expect to be able to gamble with customer funds indefinitely? Were the Effective Altruism intimations genuine? Why, if Alameda was a market maker, and they therefore presumably have some form of insight into the markets, did they then decide to take…
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I also think this is an interesting question. Coming from a lay person I'd imagine it would remain with that name until the contract is up for renewal. Depending on how the naming deal was structured, the money to do the deal would probably have come from FTX' marketing budget in a lump sum up front (presumably) for a fixed number of years. When that's done, the arena will find another source of funds and give the ri…
The administrators / bankruptcy courts will try and do a deal with the stadium. Something like "we can auction the rights again and we will keep 90% of what we get for them, you can have 10%, so you are 10% up, for nothing"
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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.
I am 100% sure he must have siphoned off some sizable part of his net worth in cash or other non-crypto assets.
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Coinbase doesn't offer the leverage that offshore exchanges do. FTX was popular originally because they offered 100x leverage, later reduced to a maximum of 20x. They also had better spreads, probably because they were making their own market and had inside info. I think that people generally didn't expect FTX to be high risk. It's got a profitable business, all they had to do was not embezzle customer funds.
> Coinbase doesn't offer the leverage that offshore exchanges do. FTX was popular originally because they offered 100x leverage Sounds like a red alarm for me. There's probably a good reason domestic exchanges don't let you extend out that far... particularly on extremely volatile securities.