FTX’s bankruptcy estate has been holding customers’ bitcoin that has quadrupled, yet it will only repay about $16,871 per coin. The post Bitcoin is worth $69,000 — unless you’re an FTX creditor appeared first on Protos.
FTX’s bankruptcy estate has been holding customers’ bitcoin that has quadrupled, yet it will only repay about $16,871 per coin. The post Bitcoin is worth $69,000 — unless you’re an FTX creditor appeared first on Protos.
The fact that they used a cryptocurrency they invented to be the basis of account for all internal funds and accounting. This cryptocurrency they invented was for the sole purpose of keeping their records in the invented cryptocurrency as disclosured prominently on their website.
That was definitely incredibly sus but not something I would expect the average person mostly unfamiliar with finance and cryptocurrency to identify as a red flag and not an “innovation”, especially before the cascade of disasters related to various schemes of this type.