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I don't believe that at all. I can believe an initial loss of some amount of money, but there's no way everyone completely ignored it for years. Like, how hard
by Panzer04 4y ago
I don't believe that at all. I can believe an initial loss of some amount of money, but there's no way everyone completely ignored it for years.
Like, how hard do you have to try to lose 8 Billion dollars and not know how?
I'd bet on them hoping they could make the money back after losing it, and just digging successively deeper holes. They knew what they were doing, and excuses are all about avoiding decades of well-deserved prison for the amount of people they've fucked over.
- vgatherps 4y agoI don’t think they ignored it for years? That would imply most of the FTX lifetime, they’re not even and were only big for maybe 1.5-2 years? If you look at them buying out the binance share + their VC spend, I think that was over over 4bn? Buying out binance alone was 2.5bn iirc, and they had well over a billion in investments between FTX and Alameda. That doesn’t feel like the behavior of someone who knows they’re in a huge hole, but then who knows. Not trying to apply moral judgment or make excuses, just speculating about what happened fwiw. At the end of the day they stole customer money (a few good friends got super wrecked, I have no loyalty to ftx or anything)