FTX balance sheet, revealed
1–10 of 309 posts
Re: FTX balance sheet, revealed
#2Re: FTX balance sheet, revealed
#3So... is this guy just a complete sociopath or something?
Telling everyone what regulations should be (and buying politicans) to ensure consumer protection while simultaneously sifting away 90% of consumer funds?
How does a person lie that much?
Re: FTX balance sheet, revealed
#4So... is this guy just a complete sociopath or something? Telling everyone what regulations should be (and buying politicans) to ensure consumer protection while simultaneously sifting away 90% of consumer funds ? How does a person lie that much?
Well it seemed to have worked. The scam kept going until the math stopped working, it wasn't regulators or investigative journalists that brought it down.
Advising congress and buying formula 1 ads and sponsoring stadium names gave his scheme a certain unearned legitimacy.
Re: FTX balance sheet, revealed
#5Was he managing funds with a 10% fractional banking policy?
Re: FTX balance sheet, revealed
#6Incredible.
To call all those "Less Liquid" tokens not "Illiquid" is a mastery in self-delusion.
$2.1B SRM $981M SOL
and then all the shitcoins built on those "technologies" where the tokens are their "shares" in those investments.
But to call those tokens valuable assumes there's value in MAPS/OXY etc.
But MAPS has a total market cap of $3.9m today - the forced liquidations in these positions will 100% crush these coins. Even SOL and SRC. Hell - other than their Robinhood position and the fiat and fiat-tokens, there's almost nothing of real value once these liquidations happen.
My guess is less than $700m recoverable, so if you get an offer for >$0.10/dollar on your deposits from a vulture bankruptcy fund, I'd take it.
Re: FTX balance sheet, revealed
#7Was he managing funds with a 10% fractional banking policy?
Nope. Was constantly telling users that funds were 100% backed.
Re: FTX balance sheet, revealed
#8[deleted]
Re: FTX balance sheet, revealed
#9What the fresh hell? This isn't even an actual accounting balance sheet. He was trying to convince investors to put billions of dollars of actual money into FTX, and the best he could do is the sketchiest one-page Excel ever, complete with comments like "Hidden, poorly internally labled fiat@ account" (sic) worth 8 billion and warnings about typos! No wonder CZ got cold feet.
Re: FTX balance sheet, revealed
#10Incredible. To call all those "Less Liquid" tokens not "Illiquid" is a mastery in self-delusion. $2.1B SRM $981M SOL and then all the shitcoins built on those "technologies" where the tokens are their "shares" in those investments. But to call those tokens valuable assumes there's value in MAPS/OXY etc. But MAPS has a total market cap of $3.9m today - the forced liquidations in these positions will 100% crush these c…
Oh, and completely forgot about the "hack" https://twitter.com/SlowMist_Team/status/1591429649430519810
So even the less-shit coins SOL are just getting siphoned off.
I'd take $0.05/dollar now.