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This has nothing to do with the chart. FTX terms of service promised that if customers had a simple account, without signing up for higher-risk stuff, then FTX
by DennisP 4y ago
This has nothing to do with the chart. FTX terms of service promised that if customers had a simple account, without signing up for higher-risk stuff, then FTX would hold their full assets at all times without putting them at risk.
Then SBF allegedly moved those assets over to Alameda for risky trades, and also pulled some out to buy fancy houses.
- ethanbond 4y agoIt's still early to tell but as far as I can see, there's <$2B of customer deposits missing, and even insofar as those are missing, they have been stolen and not destroyed. The "billions destroyed" seems more likely to refer to the general "destruction" of nominal wealth which, I posit, wasn't real to begin with.
- anonymoushn 4y agoWhere are you getting this $2B figure? The claimed "liquidity shortfall" was $8-10B and most of the assets (MAPS, SRM, OXY, FTT) are worthless. I would expect people in the FTX creditors telegram group for example to post about it if there was news that caused the expected value of our claims to increase from 10-30c to 80c.
- ethanbond 4y agoHa just replied to your other comment. I'd trust your $10B figure over mine!