There is a small chance that you havent heard that FTX is no longer. The second largest crypto exchange in the matter of a week went from stating that they were a profitable business https://fortune.com/2022/08/01/ftx-crypto-sam-bankman-fried-interview to no longer allowing deposit's and filing for bankruptcy protection and having their assets frozen in the Bahamas.
Sam Bankman Fried known as SBF was known for saying he wanted to do the most good aka Utilitarianism.
The media was in love with him and this story before the collapse of FTX, he was naming major sports league stadiums like the NBA Miami Heat center. He was featured on CNBC whenever he wanted to just show up for crypto world or Bloomberg television, he was on the cover of Fortune magazine hailed by many as the next Warren Buffet and or JP Morgan. This came about by his buying up organizations and having over 130 companies and known as a last resort for those in distress in the crypto exchange world.
What was the driver, well believe it or not it was an original investor who is the largest centralized exchange who said they were cashing in their FTT tokens, thats all it took was losing their confidence and a couple crafted tweets calling into question FTX with their FTT token. "The FTX liquidity crisis began to come to light on November 6, when Zhao tweeted that he was going to liquidate all of Binance’s FTT holdings (FTT is FTX’s native token) due to “recent revelations"
https://decrypt.co/114923/only-a-psychopath-can-write-that-tweet-binance-ceo-cz-sbf
The FTT token which were the tokens that represented FTX that were created by SBF. Those in the media that say they were created from thin area dont understand fiat and or crypto to my mind as its all created from thin air, what it is backed by is the key thing, the engineers that built FTX platform and trading volumes being handled the digitization of stocks, foreign currency exchange, commodities short and longs derivatives etc. Those that say its made of out of thin air, I suggest turning the channel and or move on to reading someone that understands what crypto is.
What has come to light to me is watching the reporters who should have questioned this company all along start to ask the questions that should have been asked about using customers funds to make trades and these 3 questions
1. How do we know you didnt leverage your own coin?
2. Do you have a board is it public?
3. Audited?
Now I am waiting to hear conspiracy theories start that SBF worked for the government either CIA,FBI and that he was used to try to collapse the crypto market as it cant be controlled by the normal monetary policy powers that be in the current world economics structures.
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