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FTX-Alameda Is Insolvent!

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Written by   312
2 months ago

The rumor on the street is that Sam Bankman-Freid's FTX exchange and his team of traders Alameda FTX are insolvent. Big news if we understand how often we find this man at news talking about cryptocurrencies and the volumes in his exchange.

Few believed the rumors until it was Binance's Changpeng Zhao or CZ who announced the sales of FTT tokens held by Binance and talked about what is happening.

CZ mentions rumors about FTX's balance sheet that was recently publicized which raised concerns since over $5 billion of the assets of FTX was its FTT tokens!

So, any issue FTX had, any gap it had to covered, it just minted FTT tokens and covered it in its balance sheet!

Lot's of speculation about this turn of events since so far Fried was considered the most successful person in crypto. But it maybe was all nothing else but one big scam in the way the FTT token was used:

Reminds us a lot of the Bitfinex adventures with LEO token and USDT stablecoin, but it also seems like LUNA wasn't the only one out there!

Making billions out of thin air seems is an acceptable industry practice for a long time.

It appears that many industry players are too reckless and inconsiderable with their actions. All these high-profiled high-esteemed men that suddenly appear and become the kings of crypto with the money made, seem to have no place to be there and only act like scammers.

FTX was giving the status of an exchange having large volumes but it may all have been a lie.

Then new faces appear whom we never seen before giving us lessons and justifying what seems to be a disaster soon to befall upon crypto.

This Caroline, awaken from her hybernation to react on Twitter (and got about 10,000 likes) for the lies she told.

What happened to the billions of money FTX had? They are not there anymore, not on the balance sheet, not in banks.

Notice the part she claims there's another $10 BILLION of assets that aren't reflected on the balance sheet. That is a serious admission of crime. You don't fool around with 10 million, but this is billion. So, she claims that to avoid tax they hidden away 10 Billion of FTX funds and did not record it in the balance sheet.

Finally

Who is Sam to keep $10 billion from the company somewhere else? If this is even true as a mention. His company is in desparate state and the excuses given make it worse. The prices will go lower with FTX announcing insolvency, news that are bigger than Luna and celsius combined.

We were give n the impression Sam was such a genious trader who made billions after billions with his Alameda nerds and his FTX super exchange, but instead we find out it is was more like very similar to LUNA's proposition.

These people didn't do anything to push for crypto adoption or support the industry but only got a lot of money out and leave us wondering if there is a bear market and when it ends.

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Written by   312
2 months ago
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Comments

Its sometimes funny hearing of individuals whom we though will press forward for the general good of all turning out to be a nightmare. What an illusion.

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👍

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