911–920 of 1001 posts
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.
How does FDIC insurance play into this?
https://www.cnbc.com/2022/08/19/crypto-firm-ftx-receives-cea...
Earlier quoted context omitted.
How does FDIC insurance play into this?
It doesn’t apply. Crypto investors wanted to be free of pesky regulation, remember.
I've seen some comments saying that this is all delayed fallout from the Luna/Terra collapse last spring, it's just that FTX had the means (its own token that it could pump and move around its own entities) to paper over the hole in its balance sheet until now. Can anyone more familiar with the situation elaborate? How much further will the contagion spread?
This tweet thread by head of R&D at Coin metrics has a good hypothesis: https://mobile.twitter.com/LucasNuzzi/status/159012259020682... In summary: 1. Alameda essentially needed a bailout in the spring. 2. Alameda, though, also had a large chunk of FTT coming due in the fall that was basically part of the vesting schedule of the original FTT ICO. 3. So, FTX lent Alameda customer funds in the spring. 4. In the fall, w…
"Voluntary Chapter 11" in Delaware. Figures. That gets them out from bankruptcy in the Bahamas, which is much tougher than US law. The Bahamas still has classic tough bankruptcy laws, where there's no debtor-in-possession reorganization. It's straight to liquidation, with a court-appointed receiver in charge. This should be, and may be, converted to a straight liquidation. Chapter 11 can be useful for restarting comp…
The former Enron Chairman has stepped in to be the new FTx CEO. Seems fitting. https://blockworks.co/news/ftx-ceo-bankman-fried-resigns-ban...
Begins at about the 24 min mark
https://open.spotify.com/episode/2SXncXpdjwH6WIxhM2V9zZ?si=D...
Earlier quoted context omitted.
Withdrawals halted yet one of the FTX hot wallets had hundreds of thousands of BUSD and USDC going out earlier today.
If you're in the Bahamas you can withdraw. People on Twitter with millions in FTX have been paying Bahaman citizens to KYC their accounts so they can withdraw. This is obviously highly illegal.
I’d encourage you to listen to the odd lots podcast where Sam gets lost in the explanation of what crypto does and his soon to be famous hypothetical “x coin,” and the “box” it uses to derive value from it. Begins at about the 24 min mark https://open.spotify.com/episode/2SXncXpdjwH6WIxhM2V9zZ?si=D...
I’d encourage you to listen to the odd lots podcast where Sam gets lost in the explanation of what crypto does and his soon to be famous hypothetical “x coin,” and the “box” it uses to derive value from it. Begins at about the 24 min mark https://open.spotify.com/episode/2SXncXpdjwH6WIxhM2V9zZ?si=D...