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ok, I agree with that too, but I also strongly believer that FTT (and most tokens) are created to enable fraud such as this (we can use our fradulent token as a
by compsciphd 4y ago
ok, I agree with that too, but I also strongly believer that FTT (and most tokens) are created to enable fraud such as this (we can use our fradulent token as a means of collateral). Perhaps your argument is, even without FTT they would have found other means of stealing peoples deposits with a different cover story, and I guess I buy that as well.
- donavanm 4y agoJust use their list of "assets" to illustrate your point. In descending order from the back-of-the-envelope balance sheet of doom: SRM $2,187M "other ventures" $1,475M GDA $1,150M SOL $981M MAPS $616M FTT $553M Anthropic $500M "locked" USDT $500M HOOD $472M USD in Ledger Prime $200M USDB $73M PYTH $63M OXY $54M ETHE $53M TWTR $43M STG $45M FIDA $36M DAI $28M DOT $28M and so on in to irrelevancy. Its a bunch of garbage "coins-that-definitely-arent-unregulated-securities" (SOL, MAPS, OXY, MSOL) and related garbage producers (SRM, GDA, etc). More or less their entire set of assets is either crap that they made up to sell to rubes, or crap that someone else made for FTX to invest in and sell to rubes. They dont and never did have meaningful assets to back teh house of cards once they stole their customers real USD. https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6ce0-47cc-96ac-5e2d2a8c5d6c.png https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...