fukk is going on with FTX

Windows 91

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I know very little about crypto. So this exchange was one of the most popular and stable crypto exchanges out there and got liquidated almost overnight? And then whatever funds were left were siphoned out through a software backdoor?

It all seems so insane to me. Would this be equivalent to Fidelity or Vanguard just suddenly going bankrupt and losing all invenstors' funds?
 
Deafheaven

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Windows 91 said:
I know very little about crypto. So this exchange was one of the most popular and stable crypto exchanges out there and got liquidated almost overnight? And then whatever funds were left were siphoned out through a software backdoor?

It all seems so insane to me. Would this be equivalent to Fidelity or Vanguard just suddenly going bankrupt and losing all invenstors' funds?
Click to expand...

I don't think that can happen with stocks correct me if I'm wrong someone.


Fidelity would have to be lending out everyone shares to another broker and and get called on it...I think thats what would be similar but I'm not entirely sure if there is a way for that to even happen.
 
boriquaking

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Aveda said:
I don't think that can happen with stocks correct me if I'm wrong someone.


Fidelity would have to be lending out everyone shares to another broker and and get called on it...I think thats what would be similar but I'm not entirely sure if there is a way for that to even happen.
Click to expand...
No that can’t happen you’re right, but like, that’s the equivalent
 
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bnew

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Windows 91 said:
I know very little about crypto. So this exchange was one of the most popular and stable crypto exchanges out there and got liquidated almost overnight? And then whatever funds were left were siphoned out through a software backdoor?

It all seems so insane to me. Would this be equivalent to Fidelity or Vanguard just suddenly going bankrupt and losing all invenstors' funds?
Click to expand...
yup, except theres no FDIC or SPIC insurance in this case.

I read a comment that said their ISDA agreement isn't applicable because they don't meet the capital requirements of $1.4B , meaning no insurance there too.
 
Deafheaven

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bnew said:
yup, except theres no FDIC or SPIC insurance in this case.

I read a comment that said their ISDA agreement isn't applicable because they don't meet the capital requirements of $1.4B , meaning no insurance there too.
Click to expand...

Man the more that comes out the more this looks like an obvious scam.


How did it get so far :whoo:
 
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