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They stole clients assets and used them to: 1- Gamble with them 2- pay themselves 3- lobby the government 4- bailout other failing crypto companies. Everyt
by djbebs 4y ago
They stole clients assets and used them to:
1- Gamble with them
2- pay themselves
3- lobby the government
4- bailout other failing crypto companies.
Everything here could have been done with any non-crypto exchange.
- 331c8c71 4y agoHow would a regulated exchange gamble with clients money? It's even technically impossible for all they do is managing a place where participants trade.
- kayamon 4y agoMost banks loan their customer assets out. You money isn't sitting in a big Scrooge-McDuck money pit at Citibank -- it gets loaned back out to other people.
- 331c8c71 4y agoMy point was specifically about an exchange since the claim was "Everything here could have been done with any non-crypto exchange". I fully agree with your point about bank deposits. Unlike ftx, however, the banks are tightly regulated and monitored.
- smileysteve 4y agoKind of sounds like Chase / Washington mutual when you put it like that