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unbuottawa t1_ivwmmse wrote

This hole FTX keeps trying to fill gets bigger every time I see a new article about it. It was $1 billion, than $4 billion, than $8 billion and now $9.4 Billion. What exactly did they do to make the hole get bigger even if withdrawals are closed?

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nova9001 t1_ivwqzct wrote

>What exactly did they do to make the hole get bigger even if withdrawals are closed?

Leverage to the max and now they owe more than what they have.

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The_ODB_ t1_ivy1447 wrote

They're not a bank or investment business. They weren't supposed to leverage anything.

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nova9001 t1_ivy1p5y wrote

Apparently you don't need to be a bank or investment business to take risk.

Anyway, the money is gone. Losers are people who put money into FTX and winners enjoying their billions somewhere in paradise.

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The_ODB_ t1_ivyyotp wrote

My point is that officially they have never leveraged anything. That's not what an exchange does.

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nova9001 t1_ivyzsr7 wrote

Hence why officially they told everyone they never and then shifted the assets to a sister company.

Funny thing is after the investigations, they might be just walk.

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drawkbox t1_ivwzbty wrote

This is currently 1/6th of a Madoff ($65b), though it continues to increase it seems.

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otisthetowndrunk t1_ivy9233 wrote

Inflation keeps driving up the cost of a villa in countries with no extradition treaties.

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nyaaaa t1_ivzi5qs wrote

The majority of their assets was a token they made, so... since they aren't worth anything, so is their token going down, so is their assets going down, so is the value of their token going down.

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