FTX the latest info on the evolving story

This is probably the easiest way to try and get people caught up on the FTX story. I have been following along with the news trying to piece together a picture of the events. And I saw Coffeezilla just posted a video doing the exact same thing. So I thought rather than me spending 4-5 hours writing a post. As I have with the other posts on this. I would try the speed approach instead. Meaning getting as much news as possible out as fast as possible.

Some key takeaways

In case you want to skip watching the video. Here are some key takeaways. The biggest one is that FTX/SBF and Alameda Research appear to have only been separate entities on paper. The reality of it appears to Alameda has access to a lot of client funds through FTX. And SBF even being able to move funds through a backdoor, not alerting people.

The big thing that appears to have been the underlying cause, is very risky, possibly illegal, transactions made with the $FTT token. And SBF bailing every failed company out can't have helped either.

It appears that 1-2 billion have gone missing in the "care" of Alameda. These funds appear to have gone missing.

At a very convenient time, it appears that FTX has been hacked and drained of anywhere from $4-600 million or thereabout. And people are saying the app is basically nothing more than malware at this point. At the same time as SBF has gone quiet and maybe is heading to Argentina.

As I said in the beginning, Coffeezilla does a very good job at covering what is known and what is not, and what has happened. I really recommend giving the video a watch.

As always please share your thoughts on this ever-evolving story. If you have found this post informative or entertaining. Please consider following me, and reading some of my other posts or why not do both? 



See you on the interwebs!




Picture provided by: Screenshot of SBF edited by me

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I am a patchy reader and writer of words... I also publish on Hive under @daje10

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