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And that's horrible, but I always miss the initial part of the story. My understanding of crypto and the economics of scale around it is poor, but was FTX was
by elkos 4y ago
And that's horrible, but I always miss the initial part of the story.
My understanding of crypto and the economics of scale around it is poor, but was FTX was one of the largest exchanges. Doesn't such a thing need huge initial capital investments, sales, etc?
- siftrics 4y agoYes. It did have huge initial capital investments. In fact, in one of the rounds, $420m was raised and SBF personally took $300m for himself. He just funneled it to his own entities. I'm sure investors wouldn't be happy. I would not be surprised if he defrauded them in that situation, too.