Latest tweet says FTX has filed for bankruptcy.
Seems like getting money withdrawn might be a long shot.
Anyone have crypto with FTX? Do you plan on waiting or trying the withdrawal process?
FTX Has Filed for Bankruptcy. Have You Got Crypto Tied up with Them?
tobia on 12/11/2022 - 11:38
Last edited 12/11/2022 - 11:47 by 1 other user
Last edited 12/11/2022 - 11:47 by 1 other user
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they will have lost a pittance of their total assets
Never understood why people would keep assets in exchange wallets over external ones :/
If you’re actively trading.
Crypto Noob here, I have a small amount on Coinbase and Binance, how can I make sure I am protected?
Excluded Subsidiaries
The following subsidiaries are not included in the Chapter 11 proceedings: LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd. and FTX Express Pay Ltd..
And here I thought we might see a decent recovery starting again.
It just adds to more bad price action that includes the fact they recovered 50k+ bitcoins from the silk road exploit. Those will have to be sold and will place a damper on prices. I would not be surprised if bitcoin goes to $8k or below.
I do not even think the mainstream media covered it, but it is all the rage in the cybersecurity sector at the moment.
I’ve got some with FTX (formerly Blocfolio) is that included?
Yes, it is.
Thanks 👍🏽
The difference being that Lehman was a result of something else, the dip in the housing market. The subprime market was just waiting to fail but it wasn't them alone doing that. When it did they were the one everyone remembers, but plenty of other financial institutes were bailed out and the market just took time to stabilise.
Lehman had investors, they took that money and invested in a risky way that would have paid off massively if housing continued to rise in price like expected. It didn't and Lehman hadn't properly disclosed or accounted for the risks. But at least the risk was backed by something everyone thought was solid, houses. And the bailout fund the US ran actually made a decent profit (thanks to Freddie Mac and Fannie Mae).
FTX, on the other hand, had customer deposits that people were using on the exchange. FTX leant most of this ($10b of the $16b they had) to SBFs own investment company, Alameda. Which in turn has the biggest asset of FTX's own crypto, FTT. By buying billions worth of that it did the same as bringing all those rich famous people to sell things, create an image that things were awesome. But really they weren't. So when two things happened, the value of FTT crashed and a run on trying to withdraw happened, there was no money. The "something else" in this scenario was FTX's actions, they had created a bubble, pure and simple. They'll teach this in years to come along with Ponzi schemes.
I'm okay, I spent my 10k Bitcoin for two large pizzas, from Papa Johns.
Ouch. How was the pizza?
Paging rektrading.
I think he is fine, he is good at risk management.
I am not so sure about the techlead guy though.
Welcome back then ;)
Does he even post here anymore? I don't remember seeing him lately.
Not since July https://www.ozbargain.com.au/user/393946/comments. The same as techlead https://www.ozbargain.com.au/user/320429/comments. Can't blame them, they would have been taking a lot of heat.
Yes I do :(
I should have listened to people that said never to store on exchanges. FTX seemed huge and safe enough. Clearly not.
I started on FTX due to recommendations on Ozbargain actually, so there must be a few others at least.
It's gonna be interesting. The thing about FTX that's especially jarring is that Sam Bankman-Fried is surrounded by big names and people involved in the intricacies of the financial system (his parents are Stanford Law professors that now spend most of their time on financial regulation law, and Sam himself has business connections with Gary Gensler, the current chair of the SEC). You'd have thought an environment like that would have made it impossible to run a crypto scam.
I suppose the old adage is correct: it truly is darkest right under the lighthouse.
Crypto is dead.
Glad I cashed out last year.
Glad i bought a bit of CRYP a year ago /s :'(
:'(
The whole point of being decentralised was so that they could run a ponzi and scam you without any recourse
The whole point of being centralised was so that Fed could run a ponzi and scam you without any recourse
This comment aged real well
Everyone is so excited about the technology rarara but yes, at end of day it's basically ponzi schemes and a bunch of suckers.
The billion dollar valuations of these things boggles the mind. It goes to show you can be rich and still a moron.
FTX has been shady as hell from the start. All the biggest names and firms were connected with FTX which are exactly what you don't want associated with Crypto. He tried to rug pull his competitors with a pen stroke in the US but instead got killed by bigger fish that retaliated. Simple as that.
No, but I dodged a bullet.
I had been attracted by the many Blockfi deals that were being posted on Ozbargain, and had around USD 1000 with them at one point, but luckily I cashed it all out in 2021 & never went back in.
From CZ himself:
FTX aside, avoid businesses/exchanges/projects that:
- are not profitable (musical chairs)
- survive by selling their own tokens (Luna, Celsius, and now FTX)
- give high incentives for locking your tokens (Celsius, and OzBargain have a lot of posts asking to stake CEL)
- have a large total supply, but only a small circulation supply
- involves loans (Celsius)
No
Currently have some with coinspot, thinking if I should keep HODL or just cut my losses now.
Should probably not store it on an exchange would be one lesson.
Whatever fraction was left going into the bankruptcy proceedings, is gone now
https://twitter.com/alpha_pls/status/1591391428621615106
Apparently the ftx app has pushed through a compromised update as well
Be careful
It’s only money at the end of day. You can’t take it with you when you die.
https://theintercept.com/2022/10/26/matt-damon-crypto-commer…
Thought people might be interested in this article. I looked at the ads, at the time, and thought “what the hell”. Bitcoin is even lower, now, than when this article was written.
From Monday 14/11/2022 Cash is king, you will see liquidation crisis every where, financial crisis 2008 2.0 is here.
Where’s Rekttrading to tell us now is great time buy buy buy crypto?
Merged from FTX Has Gone Bust along with LUNA and Celsius Is This Finally The End of Crypto?
With FTX being the latest casualty of all these crypto trading and investment platforms are we now finally seeing Crypto as a whole dying?
It seems like with all of these things platforms they’re all essentially massive Ponzi schemes. And when you think about it in hindsight how could they not be.
Binance also doesn’t seem to be totally in the clear either (although chad move in causing the whole collapse to begin with) cos it seems up to 40% of its assets are tied up in its own Binance Coin.
It’s as if I could make up a token called MXZ and arbitrarily set it at $5 each with an initial offering of 1 million coins and presto I’m a millionaire. Come join in and buy these off me before they hit $10 each.
Anyway will we eventually Binance eventually kick the can and then see ETH and BTC be next in plummeting values?
So many neobanks have recently closed, is this the end of the AUD?
Anyway will we eventually Binance eventually kick the can and then see ETH and BTC be next in plummeting values?
Turkish Lira kicked the can, but do we see other currencies dropping?
It was always tulips.
Local exchange Digital Surge has 'paused withdrawals' as a result of FTX. From past deals and their presence here they appear to have been a OzB favourite. Hope not too many were affected.
I have a very small amount of doge there.
I always thought it funny investors cashed out to Fiat money - that they were saying was in decline and manipulated by govt, big banks, etc and needed decentralisation.
Tom brady and Steph curry do