Why FTX Ended?

[koindeks]

Why was FTX like this? Anyone know the reason for this?

[mindrust]

Why was FTX like this? Anyone know the reason for this?

The CEO was a scum who bribed the US senators (demrats btw) with the depositors money. Played pump and dump with the same money. Eventually he lost users funds and stole what was left.

Basically the kid was pretty dumb and lots of people thought he was the second coming of Jesus.

And guess what... he was just another fuckface who scammed everybody.

He did tell that he was sorry for what happened though.

Good boi.

[Tony116]

Why was FTX like this? Anyone know the reason for this?

There is a lot of news surrounding the death of FTX and we still don't know the exact cause but things no longer make sense when they officially declare bankruptcy and the investor's money cannot be returned.

Lesson learned here, don't trust anyone too much in this market, only invest what you can lose and always put your eggs in many baskets, don't put them all in one basket. The money is ours only when it is in our wallet, not on any exchange.

[tabas]

Misusage of people's fund. Maybe he thought that just because people have invested to his company, he can use it the way he want to and that's where he has ended up badly.
I think when CZ spitted the fact that he's about to dump billions worth of FTT, that's where almost everything came out naturally of how he has misused all of the investments that he's got from companies up to the normal user of FTX. That's how I understood of how it went for him and his exchange.

[franky1]

well

the FTX (international) done some purchasing of dying companies for last couple years. which is always a sign of "paper" losses to hide away from paying taxes/hiding profits/assets.. with the asset shuffle game of liquidators (where he was a liquidator of other dead companies)

always a sign eventually the liquidator will have to liquidate to shuffle the shuffle

other things where moving assets out of FTX(international) as personal loans and such. to empty out the FTX(international) of the good assets it acquired over the years from dead companies.. more shuffling of good assets out of FTX

then killing off all the dead wood companies tied to ftx international.
by declaring bankruptcy.. but first him stepping aside so that he is not legally part of the bankruptcy

it appears he is pulling the rug beneath the FTX.us (the public exchange arm) by claiming hack.. but "coincidently" he is not CEO so not his liability

[krishnaverma]

There are lot of possibilities here:

1) First possibility is that the owner was inefficient. He was not able to manage the funds properly or did some other basic mistakes related to finances of the exchange. Like some people have mentioned that they relied on their own coin too much which is never a good idea.

2) Second possibility which I personally agree with is that the owner of the exchange was a scammer. He was doing lot of wrong things like playing with the money of investors and was involved with different kinds of pump and dump schemes with hope of looting as much as possible from innocent investors. Because of his free, he kept doing the same mistakes again and again and finally a point was reached where he could not hide it from the media and investors. Finally, when he was caught, he planned the fake incident of exchange hack and transferred funds to own wallets.

[jinmioluwaseyi]

It seems like a ponzi, why will you tell an investor that they will have return on their investment that is larger and you know people are greedy enough to make quick money. Everyone should stay safe

[albon]

Why was FTX like this? Anyone know the reason for this?

It's just that this platform collapsed and trading stopped on it - this is due to the reason for its bankruptcy of liquidity due to the lack of experience of its team, and I read today's news 10 hours ago stating that the FTX platform was hacked and all its money was embezzled by hackers in addition to the mobile application and the official website contains viruses and malware, So I hope this news is not real so that hackers don't hack investors' devices and steal their wallets, I feel sad about what is happening to this platform, which was one of the best exchange platforms for me, but I learned the lesson that there is no security in exchange platforms and our money should be kept on cold wallets.