Hursty That aside this is a major bloodbath
Not half!
I’m surprised there have been no more updates on this thread today following FTX filing for bankruptcy and what it has revealed.
So FTX only held $900mil of liquid assets on $9bn of liabilities - and even that’s being generous.
The largest chunk of its “liquid assets” on its balance sheet are actually $470mil “worth” of Robin Hood shares that aren’t even being held by the company - they’re being held in a vehicle in the Bahamas under the name of FTX’s founder (Bankman-Fried)!
Meanwhile, its largest other asset holding was listed as “$2.2bn worth of a cryptocurrency called Serum”. However, “Serum’s market value was $88mn on Saturday” LOL.
To top it off, as soon as bankruptcy proceedings were announced the exchange has supposedly been “hacked” and c.$500mil of holdings has been taken in one fell swoop directly from customers’ accounts in what the likely/most commonly believed occurrence was an inside job done via a backdoor in the app. So nothing else left for creditors.
Bankman-Fried is believed to be currently on a plane to Argentina lol - I presume it’ll be a stop-route to some territory without an extradition treaty to the US…
https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558
https://www.ft.com/content/dc08ed9f-0f3b-45fb-a5f6-b87157fdf944
https://viewfromthewing.com/report-sam-bankman-fried-tracked-fleeing-to-argentina-following-looting-of-crypto-exchange/
If you didn’t get out of crypto after Luna and BTC falling to $20k, and you’re not getting out now, then you must be okay with the possibility of potentially losing all your holdings someday as these are surely not anomalous companies and events.