Completely unsurprised personally
do they just declare bankruptcy and cash people out as best they can? im not sure how crypto operates but your bank account is at least federally insured 250k
Everyone and i mean EVERYONE thought alameda and ftx were extremely profitable. Alameda had the ability to front run user trades and ftx was absolutely making a killing off users. The founder was testifying to CONGRESS about crypto regulation ALL WHILE having a 10 million dollar hole in their balance sheet.
They had NAMING RIGHTS to multiple sports teams. Sponsorships on nearly every stream and every podcast. LARRY DAVID, STEPH CURRY, AND MARK WAHLBERG have all appeared in MULTIPLE FTX COMMERCIALS AND ENDORSEMENTS
ALL WHILE THEY HAD A 10 BILLION DOLLAR HOLE IN THEIR ASSET SHEET
They declared bankruptcy. A few hours after, most of their remaining assets were "hacked"
They were unloading. That's why the whole market has been dropping. Crypto doesn't have funny money USD holes to funnel mistakes into. The market is pretty open
Like potentially a real hack, potentially not. Nobody knows
There is no FDIC reimbursement on lost funds. Many hedge funds had their entire balances stored on ftx and have had their balances completely wiped out. Many high net worth individuals lost 8+ figures. Everyone assumed they were completely solvent. Yet, they somehow lost 10 billion dollars
as someone almost completely ignorant of crypto even i have recognized the name come up sponsoring podcasts, streams, etc
Also they cash out stakeholders or investors first. End consumers last. This is an unfortunate example of the usefulness of auditing
Your largest exposure vector is probably eSports. they have (had?) Their name stapled to the fabled TSM for a while now
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is accounting feasibly possible in crypto or is it just a case of being considered an outdated position?
i thought one of the major 'upsides' to it was it's nigh impossible to keep track of funds because you can just jamrock shuffle everything around
There was a loophole where if you had an account from the bahamas (with verified credentials) you could still withdraw.
People started buying these accounts, or paying bahemian residents for their credentials to be able so that they could withdraw their money.
Arranged marriages were going for 250k
IN ADDITION, one dude @algodtrading bought fake credentials, publically bribed FTX employees to approve his fake credentials for 100k, then withdrew his funds. AFTER that, he started buying the accounts of other users for 10 cents on the dollar so he could withdraw their funds and keep the rest
All of this is incredibly illegal and this guy is going to prison
Both SBF and caroline (the ceo of the hedge fund) both tweeted publically on SEVERAL OCCASIONS their usage of adderall. In the interview the ex employee talks about other employees abusing the shit out of stimulants
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nice
very normal in that world
i smiled when it came out that trump crushed and railed addies with his cheeseburgers in the oval office
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There is no free lunch with that adderall shit
It will come back to get you
you should not rail anything