What's the future of Crypto another major exchange in trouble FTX ?

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Forums › Finance and wealth management › What's the future of Crypto another major exchange in trouble FTX ?

ezbee

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#302286 12-Nov-2022 23:05

Cryptocurrency exchange FTX files for bankruptcy protection in US
Founder Sam Bankman-Fried resigns as CEO and tells of shock ‘to see things unravel the way they did’
https://www.theguardian.com/technology/2022/nov/11/cryptocurrency-exchange-ftx-files-for-bankruptcy-protection-in-us

FTX assets frozen by Bahamas regulator as crypto exchange fights for survival
Founder Sam Bankman-Fried races to find funds to fill multibillion-dollar hole in exchange
https://www.theguardian.com/technology/2022/nov/11/ftx-assets-frozen-bahamas-regulator-crypto-exchange-bankman-fried

Connections between Robinhood, BlockFi and FTX.

Crypto giant Binance drops bid to save rival, stoking chaos in digital assets
https://edition.cnn.com/2022/11/09/business/bitcoin-crypto-prices-fall-ftx-binance-ctrp/index.html

Sorry You’re Bankrupt
Coffeezilla
https://www.youtube.com/watch?v=GtXm1U96nOA

Is this troubling or just a blip.

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#2995339 13-Nov-2022 01:20

ezbee: Is this troubling or just a blip.

Neither if you think that cryptocurrencies are just Ponzi schemes.

Eva888

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#2995373 13-Nov-2022 09:43

CEO Bankman-Fried...the clue is in the name. You’re all fried.

A few articles on Zerohedge regarding FTX

rb99

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#2995392 13-Nov-2022 11:11

Hopefully non whatsoever.

“The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.” -John Kenneth Galbraith

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WyleECoyoteNZ

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#2995414 13-Nov-2022 12:33

The Mercedes F1 team has suspended the partnership with FTX

https://www.reuters.com/lifestyle/sports/mercedes-f1-team-suspends-partnership-with-ftx-2022-11-11/

Although, FTX are still listed as a Official Rally Partner of the Gumball 3000 in the Middle East

https://gumball3000.com/pages/sponsor-logo-page

wellygary

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#2995422 13-Nov-2022 13:04

WyleECoyoteNZ:

The Mercedes F1 team has suspended the partnership with FTX

Translation: They have stopped paying

Although, FTX are still listed as a Official Rally Partner of the Gumball 3000 in the Middle East

Translation: they paid up font with reai $$$

ezbee

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#2995652 13-Nov-2022 21:30

Thank goodness there are safe investments like NFTs :-)

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PolicyGuy

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#2995653 13-Nov-2022 21:40

ezbee:

Thank goodness there are safe investments like NFTs :-)

😂😂😂

frankv

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#2996110 14-Nov-2022 17:52

The future of crypto is always high risk, and for some, high reward.

You never know whether you're dealing with a Nigerian prince or Sam Bankman-Fried, and even if you are dealing with SB-F, you don't know whether *he* is dealing with a Nigerian prince. Oh, wait...

wellygary

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#2996137 14-Nov-2022 19:19

frankv:

You never know whether you're dealing with a Nigerian prince or Sam Bankman-Fried, e. Oh, wait...

Given recent history It didn't really matter which one it was... the outcome was pretty much the same..

Although you have gotta love the chutzpah of Larry David, ( presumably take a huge fee and still end up with your dignity when it all goes down the crapper)- watching BTC take another leg down under $16K tonight

eracode

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#2996340 15-Nov-2022 00:26

ezbee:

Thank goodness there are safe investments like NFTs :-)

….. and carbon credits.

Sometimes I just sit and think. Other times I just sit.

GV27

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#2996345 15-Nov-2022 06:19

Serious, non-smug answer: Probably exactly the same as it was before. The Americans are strangely tolerant of ultra-massive wipeouts of billions of dollars at a time. I can't see a mad scramble because no one saw this one coming.

Now if Binance goes down, then I'd think you'd see some real ass-clenching.

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ezbee

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#2997122 16-Nov-2022 14:42

Oh... Maybe having a stodgy old Reserve Bank and regulated market is not so bad.

China circles El Salvador’s economy as country edges toward crypto plunge
President Nayib Bukele bet on bitcoin and its tumbling value has put the Central American country in a financially precarious spot
https://www.theguardian.com/technology/2022/nov/15/china-el-salvador-economy-cryptocurrency-fall

Sideface

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#2997862 18-Nov-2022 11:32

The Guardian - New FTX boss, who worked on Enron bankruptcy, condemns ‘unprecedented failure’

17 Nov 2022

In a stinging court filing posted on Thursday John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

He wrote in a filing with the Delaware bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

Opinion : I am an old cynic: Crypto = Ponzi

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freitasm

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#2997865 18-Nov-2022 11:35

And after all examples of scam and grift... "Can gaming resurrect the NFT market? OpenSea thinks so"

Tell this to people who paid hundreds of thousands or millions for a NFT that is now valued at low four or five figures.

The scam is strong.

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#3000135 23-Nov-2022 08:41

The NY Times - FTX Assets Still Missing as Firm Begins Bankruptcy Process

22 Nov 22

Lawyers for the collapsed cryptocurrency exchange FTX on Tuesday painted a grim picture of the firm’s finances and the fate of the billions of dollars in assets that customers lost.

“A substantial amount of assets have either been stolen or are missing,” said James Bromley, a partner at the law firm Sullivan & Cromwell who is representing FTX, at a bankruptcy hearing in federal court in Delaware. ...

The firm’s failure has sparked investigations by the Securities and Exchange Commission and the Justice Department, focused on whether FTX misappropriated customer funds ...

The stunning collapse has left amateur investors and major firms scrambling to recover billions of dollars in cryptocurrencies that they deposited on the FTX platform. ...

“The emperor had no clothes.” 😗

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