You're reading this because the FTX implosion cascade sent every crypto-influencer into an engagement farming overdrive - 'Get Your Crypto off Exchanges - crypto cryptocurrency
You're probably reading this because the FTX implosion cascade sent every crypto-influencer into an engagement farming overdrive - "Get Your Crypto Out of Exchanges." and that's given you a niggling worry. "Don't Trust, Verify." rings in your ears, and you're one with crypto-twitter glued to your screen and wasting the weekend away doomscrolling.
The marketing was on point, but shenanigans were going on behind the facade. Shenanigans after shenanigans - in broad daylight. Shenanigans that the VCs pouring in billions of dollars would have noticed in 5 minutes but crypto gotta move fast and ain't nobody got time for due diligence. The problem is that FTX's sister entity, the trading house Alameda Research's balance sheet was largely . This meant that Alameda Research could lose money infinitely as long as FTX could keep creating new FTT tokens . People jumped on the 'let's short this shit and find out' bandwagon effectively plummeting the price of FTT tokens even more.Traditional banks follow the fractional reserve banking method where they only keep only about 10% of their customers' funds.
People started asking whether other exchanges were 'Chancellor on the brink of collapse.' You're as good as your reputation on Twitter and exchanges started publishing their Proof-of-Reserves' to quell their respective rumors of insolvency.
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