- Joined
- Mar 9, 2010
- Messages
- 197
I know many of us here invest in crypto and use crypto payments for our purchases on the web. The recent greed of these centralized exchanges has financially destroyed thousands of people. For those of you unaware, FTX, owned by Sam Bankman Fried is on the verge of bankruptcy. Being valued around 16,000,000,000 two days ago, FTX is now broke. You may ask, how in the fuck do you piss away 16 billion dollars!? I’ll show you.
Sam owns FTX.com as well as Alameada Research.
FTX is an exchange where customer A wants to buy cryptocurrency but doesn’t want to go through the steps of storing it on a cold wallet, having to set up and memorize keys etc. Basic terms, average joe wants to hit a button and turn his dollars into Bitcoin. Sam and other exchanges do this for you and make money on spread and trades.
Alameada Research is a trading for profit company. No further explanation needed. They raise money, trade shit, and hopefully make money.
Sam decided to slowly dilute his ownership in FTX by raising billions of dollars and slowly backdooring that money along with customer assets to, you guessed it, alameada research. (Which he owns 100% of)
The bear market absolutely destroyed them so what do you do when you lose a bunch of money and have a hole in your balance sheet? Raise more money or fill the gap somehow.
That’s where the money from FTX comes in. It’s being reported that he siphoned (best word for it) TEN BILLION dollars to his trading firm and they lost it all.
Those of you aware of the situation know the deal with the owner of Binance shedding light on the balance sheet issue which led to the ultimate bank run and where we are now. But that could be a completely new thread.
As some who lost 6 figures (probably) in the ongoing voyager debacle, I feel for anyone else who has been crushed by this. I’m by no means rich, in my early 30’s and a career bartender. So I got hit hard hard.
If you take one thing from all of this please please please get your money OFF EXCHANGES.
Sam owns FTX.com as well as Alameada Research.
FTX is an exchange where customer A wants to buy cryptocurrency but doesn’t want to go through the steps of storing it on a cold wallet, having to set up and memorize keys etc. Basic terms, average joe wants to hit a button and turn his dollars into Bitcoin. Sam and other exchanges do this for you and make money on spread and trades.
Alameada Research is a trading for profit company. No further explanation needed. They raise money, trade shit, and hopefully make money.
Sam decided to slowly dilute his ownership in FTX by raising billions of dollars and slowly backdooring that money along with customer assets to, you guessed it, alameada research. (Which he owns 100% of)
The bear market absolutely destroyed them so what do you do when you lose a bunch of money and have a hole in your balance sheet? Raise more money or fill the gap somehow.
That’s where the money from FTX comes in. It’s being reported that he siphoned (best word for it) TEN BILLION dollars to his trading firm and they lost it all.
Those of you aware of the situation know the deal with the owner of Binance shedding light on the balance sheet issue which led to the ultimate bank run and where we are now. But that could be a completely new thread.
As some who lost 6 figures (probably) in the ongoing voyager debacle, I feel for anyone else who has been crushed by this. I’m by no means rich, in my early 30’s and a career bartender. So I got hit hard hard.
If you take one thing from all of this please please please get your money OFF EXCHANGES.