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FTX to file for U.S. bankruptcy, CEO resigns

reuters.com

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Re: FTX to file for U.S. bankruptcy, CEO resigns

#41

Post by lancesells »

memish wrote: post #4

The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…

The more I read and learn about all this it feels like the work of a criminal mind more than just plain greed or hubris.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#44

Post by mkagenius »

Had it been going on behind the doors, the VCs would have pumped more money in to the scam. Since it became too public to hurt their brand they will no more fund it.

It happens all the time. The VCs know how their portfolio companies operate and still keep supporting them.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#45

Post by jddil »

SilverBirch wrote: post #25
memish wrote: post #4

The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…

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.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#46

Post by hristov »

Kiro wrote: post #34
prh8 wrote: post #28

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.

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.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#48

Post by tremarley »

memish wrote: post #4

The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…

This makes a lot of sense. Stop Losses suck

Re: FTX to file for U.S. bankruptcy, CEO resigns

#50

Post by mywaifuismeta »

tremarley wrote: post #48
memish wrote: post #4

The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…

This makes a lot of sense. Stop Losses suck

Time to start a hedge fund with this trick. Let's see if Sequoia wants in.
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