If only he stepped back, hired some proper managers instead of still running it like a frathouse.
Interestingly he WAS one of the most respected people in crypto, in fact folks would have thought far more straight than CZ from Binance (I like CZ though, he is a pretty sharp and reliable operator…so far). And there are numerous other huge projects whose management are anonymous such as Tether, BITFINEX,AND Kucoin.
Yes but there are certain capital requirements (i.e. cannot be in your own stock!) and other requirements such as the type of loans. (no lending large amounts of money for geared “safe moon” investments…
He must have been. FTX has about a million creditors.
This article is unfortunately behind a paywall, Bloomberg - Are you a robot?, but man what a huge mess. The whole thing basically just screams FRAUD.
Right now the market is thinking that Crypto.com will be next, so the festivities ain’t over yet.
Tether for one isn’t anonymous. About Tether Do I trust them? No.
That being said… they have a strong asset base and realistically they could never keep the 1 for 1 dollar thing going.
A little technical, but provides a nice overview of the whole story.
I see, they aren’t as anonymous as they once were then.
No red flags to see here… 
I had money in Voyager, Celsius, FTX Earn, and BlockFi. I thought I’d de-risk and de-bank myself by diversifying but in the end everything I touch went bankrupt.
I trusted BlockFi with my stablecoin because they said they were using Gemini as their custodian and I researched them. I didn’t even know anything bout these FTX dudes.
Another in a line:
Sorry to hear that JIM and @kurupted . You tried to spread the risk.
Hope you can get some of it back. Many folks caught out with this one he needs to do jailtime.
I use pure Defi protocols so far not been affected directly. MY KUCOIN KCS took a hit and I traded back into ETH. I have some Solana and Avalanche that have moatly been a write off.
By the way guys, I have a bridge you can have partial ownership over, to diversify away from crypto. PM me for details.
How much for the NFT of said bridge?
I spread the risk and then all of them failed lol.
The only thing I have left crypto wise is at Coinbase. But surely they are safe…
Casinocurrencies are evaporating completely. Fiat currencies are evaporating at the rate of 8 to 10% a year. The only thing which seems to be holding its value is farmland:
And the FB twins are probably getting slightly worried:
An Important Message Regarding Gemini Earn | Gemini
We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We will provide more information in the coming days.
