Eric Chen, CEO and co-founder of DeFi research form Injective Labs, told Cointelegraph that FTX’s unchecked native token FTT-based liabilities increased to a point where it was impossible for the exchange to come back. He explained:
Alameda had nearly $15 billion in assets by the end of June, with $3.66 billion of “unlocked FTT,” along with $2.16 billion in FTT collaterals. Joshua Peck, founder and chief investment officer at crypto hedge fund Truecode Capital, told Cointelegraph: He added that if Alameda had been able to return the funds, clients would not have been at risk, but “it appears they made illiquid investments, so client funds would have required the sale of a number of interests ranging from tokens locked in smart contracts to venture investments, many of which are currently virtually valueless if sold at market value today.
“‘I sit ten feet from him, and I walked over, thinking, Oh, shit, that was really good,’ remembers [Ramnik Arora, FTX’s head of product].‘And it turns out that that fucker was playing League of Legends through the entire meeting.’”
Using fraud rich as the priority and everyone else is expandable has been the trend for all centralised networks. This trend has to be stopped. Not your keys, not your coins. Adopt Bitcoin
Back to McDonald’s for anyone with crypto in their name
No Lehman bro such event will occur when binance will tumble , and you should look into this …
“Can anything be done” bruh just use Chainlink
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