Hallucigenia wrote:
it looks like one of the biggest exchanges FTX is in a death spiral after Binance walked away from a rescue deal.
FTX has now filed for bankruptcy -
Embattled cryptocurrency exchange FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.
The company said that former boss Sam Bankman-Fried had also stepped down as chief executive.
It said the goal was to "begin an orderly process to review and monetize assets for the benefit of all global stakeholders".
The moves cap a week of turmoil for the world's second largest crypto exchange.
Earlier this week, customers rushed to withdraw their funds as rumours swirled that FTX and other firms headed by Mr Bankman-Fried were on shaky financial ground.
Mr Bankman-Fried tried to organize a bailout, hoping to be bought by Binance, a rival, and one of the world's biggest cryptocurrency exchanges.
But Binance walked away from the deal, leaving FTX, an exchange used to buy and sell digital tokens, scrambling to raise billions of dollars and many customers unable to access their money.
"I'm sorry," Mr Bankman-Fried wrote on Twitter on Thursday. "I... should have done better."
https://www.bbc.co.uk/news/business-63601213
I read one of the best interviews I've come across regarding Crypto earlier in this year, and it was actually given by the above Sam Bankman-Fried and gave as good an account as I've ever heard regarding the smoke and mirrors, snake-oil approach to some of the ideas that these Crypto movers and shakers have, and I'd urge anyone who's interested in this space to give it a look -
[In this article] we reunited FTX Chief Executive Officer and crypto billionaire Sam Bankman-Fried with Bloomberg Opinion columnist Matt Levine, to talk about how people are making money in crypto right now.
Matt asked Sam exactly how yield farming actually works -
https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned
Cheers,
Itsallaguess