3 ms·
You are correct. As phrased, this headline and large parts of the article are fake news. The first sentence about "profiting from the money they put into the ex
by arduanika 2y ago
You are correct. As phrased, this headline and large parts of the article are fake news. The first sentence about "profiting from the money they put into the exchange" is particularly egregious. Nobody was putting money into the exchange when withdrawals were frozen, which is when these marks are from.
The reference amount that's being "repaid" is a low quote from near the bottom of the crash. Nobody signed up for this correlation between (1) crypto price crash and (2) the exchange halting withdrawals. It was a straight-up theft of optionality.
That said, the repayments do exceed expectations. That is newsworthy. I just wish they could report that news factually.
- tim333 2y agoSome people like me did put cash equivalent (usdc) in just before they froze, so I guess I'm making 18%. Though there's an opportunity cost.