Investors in FTX included Sequoia Capital, Blackrock, the Ontario Teachers Pension Fund, and (surprise surprise) Softbank. Sequoia and Softbank have already stated they’ve marked the value of their investment down to zero.
FTX had sponsored the naming rights for the Miami Heat’s stadium for 19 years in a $135mil deal (obviously now terminated).
They even made a Superbowl ad this year with Larry David (which would have appeared a load of baloney at the time and looks even worse now):
@zackster FTX were the 2nd largest organisational donor to the Democrats in 2021-22 with $40mil (only behind George Soros), and also gave $20mil to Republicans.
I don’t suppose it’ll be returned by either to help out the creditors.
https://www.opensecrets.org/elections-overview/top-organizations
Back to the FIAT factory for some of the Crypto Bros.
Literally in some cases.
I am sure this is a highly unique situation and doesn’t happen anywhere else.
All the centralised exchanges are being found out, ultimately this flush out is good for the industry, however not denying that it’s causing huge damage in the short time.
Self custody of assets is and has always been king because guess what, when a crisis happens and you want your funds from a bank, they will shut down as they don’t have the funds to cover the deposits
Crypto cap is now 500b less than amazon, a lot of fud obviously but when 3 trillion flowed into the stock market on Thursday Friday it makes you realise that crypto is basically a large cap company there isn’t crazy money involved. It will come back and possibly with more regulation but I do think if I ever saw it go back to 3 trillion I’d know cash out and walk away but that’s only me possibly being conservative.
Caroline Ellison update…
Good thread here…
Cost to borrow average on amc is 300% highest ever, apes are getting excited over the ftx situation bringing margin calls and possibly highlighting the synthetic ftd shares that exist.
The gamma ramp is also possible due to so many calls being in the money this week after that 40% run. Holding some and hoping to get my port back in the green. This does not mean buy or chase but good luck if you still holding, buckle up.
Youre a gamma ramp, which is rhyming slang I just made up for ‘tramp’
Think he’s saying he’s 8 grand down.
Smallman1 lol!
Suspect you will all be getting fired when Funky buys us out
