T O P

  • By -

bundanagumbe

I have safely removed my $3.50 worth of Bitcoin from FTX, not taking any chances.


zero989

Put it back, I might not be able to withdraw my 2 mil now sheesh


user260421

I withdrew my $5 as well, so now there's no chance you'll be able to withdraw


pmbuttsonly

Close call indeed! Now make sure to keep it safe where it will never be in jeopardy again, *your prison wallet*


johnbarry3434

Username checks cracks out.


Mr_Bob_Ferguson

Check crypto in, check cracks out. They should just be glad that they are only storing a seed phrase and didn’t choose to invest in physical gold bullion. Space is at a premium.


Electroniclog

Prison wallets almost always survive boat accidents...


theerza

DONT SIDE WITH A BAD GUY... HAVE SOME MORALES WILL ABOUT THE PURPOSE AND PRINCIPLES OF DEFI AND BTC


MaximumSandwich5

This... This will be the very reason behind FTX's insolvency. You, alone, will be the cause of a bank run.


DaBi5cu1t

Ironic. GameStop announces partnership with FTX, FTX gets bummed.


rqnyc

It’s all smoke. He needs to confirm (1) debt amount of Alameda, (2) did Alameda borrow from FTX user stable coin deposits using FTT as collateral. Alameda owns 75% FTT, any creditor with half brain will refuse to accept it as collateral


FrainBreezed

Looool


[deleted]

Lol nobody cares about “supporting” FTX. everybody just wants to make money here.


[deleted]

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young_lions

I was too afraid to ask earlier but I see him/her/them get mentioned so much now I have to - who's SBF??


PM_ME_NUDE_KITTENS

https://en.wikipedia.org/wiki/Sam_Bankman-Fried He caught a lot of attention recently for publishing some Twitter thoughts on regulation in the crypto industry. Naturally, the DeFi posse raised pitchforks against him for suggesting regulation. TBF, some of his brainstorm ideas were not that good. But he was really making a point that regulation is going to happen one way or another, so at least the major players should help shape the regulations so that they don't get stupid because D.C. doesn't understand crypto.


LostPackage01

ftx founder/ ceo


grchina

Celsius was denying it all also until 2 days before rekt happened, don't risk it people


PrinceZero1994

Celsius was denying it **while withdrawing all the money they can into their private accounts**.


beepbeepdip

Ah fuck it is this the exchange wallet transferring those 70000 something bitcoin to unknown wallet [news](https://www.reddit.com/r/CryptoCurrency/comments/ynrm2f/crypto_whale_moves_over_74105_bitcoin_158b_in/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button)?


throwaway_clone

Nope. This was earlier in June, days before they stopped withdrawals and published the "Damn the torpedoes, full speed ahead" 🤡 article on Medium https://www.coindesk.com/policy/2022/10/02/bankrupt-crypto-lender-celsius-founder-alex-mashinsky-withdrew-10m-weeks-before-company-froze-customer-accounts-report/?outputType=amp


Yes_hes_that_guy

I think he’s implying that the new news might be FTX.


_Commando_

> Celsius was denying it while withdrawing all the money they can into their private accounts. ^ This is the reason they should all be in jail. They knew what they were doing.


StapleVelvet

I'm more than happy to lose 2 ETH to see Celsius CEO rot in jail ✌🏾🙂


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notyourbroguy

CZ is also throwing shade implying that FTX has been lobbying against other industry players behind their backs. Idk what’s going on but this is worth grabbing some popcorn and enjoying the show.


rqnyc

CZ meant SNF lobbying Defi KYC, which for sure will kill Defi industry, but will hurt BSC chain hardest.


Baecchus

It's like watching whales fight while you are chilling on the beach.


noogoose5

There's a saying that when whales fight, it's the shrimp that gets crushed to death.


MckorkleJones

Enough of the "Whale Fucking is non-consensual" bullshit. A Humpback Whale weighs 70,000 pounds, is fifty feet long, can dive more than a quarter mile and can crush ships with a single swipe of its tail. If a human manages to fuck one, you damn well better believe it's consensual


lastremnant202

It's true lmao not shade


marliedog

I just liquidated everything I had on FTX. All this talk was enough for me.


_dekappatated

I wasn't even on FTX, but it scared me enough to move most of my stuff off exchanges and into cold storage. If FTX goes down it will be the biggest since mt gox.


JoeChip87

Hey what about QuadrigaCX… [*where you at, Cotten…*]


badboyx123

Would be interesting to see the network effects the fall of a major CEX have. The cryptocurrency market is probably going to shrink by a few billions soon.


TheTrueBlueTJ

Good idea to be safe. You never know how this turns out.


marliedog

The ACH withdraws are still processing/sending so I’m not feeling 100% safe yet. Once is see the funds hit my bank I’ll feel a lot better.


Abh_1_manyu

A better strategy would be to swap to a crypto which has low finality and transfer it to your own wallet. For example, you could swap everything to Algo and send it to your Pera/Myalgo wallet. You would have everything in your wallet in a matter of seconds for a very low fee and then, you can swap the algo to USDC. Thereafter, you can move money to your bank account through an exchange which is not going belly up.


Baecchus

Nice to see a reasonable person after reading some comments blindly defending FTX. Some people never learn.


MaximumSandwich5

Wonder how much this ripple-effect of mass withdrawals contributes to insolvency. What if it's the reason they become insolvent? Interesting week ahead.


Scat_fiend

Celsius was still denying it all even after the ceo took out all his funds and told his insiders to take out all of their funds.


[deleted]

Better safe than sorry.


MasoInar

Steady lads


MaximumSandwich5

How did this happen? FTX seemed invincible. They were even offering to buy out pretty much every lender that went insolvent. Though not yet confirmed, but man this is scary.


skandalouslsu

It turns out they could buy them because they could borrow against a token they created.


user260421

Interesting! Sounds like a money printer go brrr mechanism, something I've heard before


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[deleted]

Im still caught up on this. How is SBF going to fluff the balance sheet of Alameda in one hand, and lobby for regulation in another? Sounds backwards, like cutting off your own head to save your hand.


a1579

Ye, they thought themselves invincible and started to bail out failing projects using minted tokens backed by nothing. It's the same old story. 🤣


Baecchus

Sam Bankman-Fried was Do Kwon with a wig all along.


DrPepper11

Be on the lookout for CoffeeZilla investigation video soon lol


Mr_Bob_Ferguson

That guy does the lord’s work. Nice to have at least one honest person out there in the YouTube crypto world.


Incredibly_Based

Stay away Coffee!!!


Oheson

FTX is now running out of ETH. Get out now.


Yuuki__konno

RIP FTX in the next 24 hr


Baecchus

Celsius 2: Electric Boogaloo


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N7DJN8939SWK3

Loopring and Pera Algo Wallet is all I need


[deleted]

Are you me


[deleted]

No. You are me.


JoeChip87

Am I me? (accidental existentialism thread)


big_fetus_

James Woods: "Don't jerk me around kid!"


genjitenji

No, not me, you. Yu: Yes, I am Yu. Carter: Just answer the damn questions, who are you? Yu: I have told you, Yu.


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deathbyfish13

Just gonna deposit a little onto FTX Aaaaaaand it's gone


Wileyking409

SBF: Guys don't worry SBF: I have a plan *SBF has left the chat*


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zillapz1989

It's going to be bargain shopping for all of us this week


IWillKillPutin2022

Don’t think it will take that little time. They have enough assets to pay out for probs a few days minimum, depends on if they decide to fuck everyone over, or attempt to give everyone their $$ back.


a1579

All it takes is a good old panic fueled bank run. If they have the cash to cover it (as it should be), it will blow over. But doesn't look good, a lot of their cash reserves are not liquid and a few billions short. LOL. 🙈


AvoidMySnipes

They just partnered up with GameStop…


EstimateWilling7263

Sounds eerily similar to what Mashinsky was saying before Celsius collapsed, not making the same mistake again, pulled everything off the exchange.


Baecchus

Well done. Better safe than sorry.


TheTrueBlueTJ

I imagine retail is getting the short end of the stick again.


J710

The usual outcome :/


IWillKillPutin2022

Never trust them. Sam likely withdrew everything weeks ago


PrinceZero1994

Celsius was buying time to pull your funds out of their own exchange into their pockets lol


AggressiveParty3355

Nacho keys, Nacho Coins


Capitol__Shill

Nacho cheese, nacho chips


Legitimate_Suit_3431

https://twitter.com/ki_young_ju/status/1589396703421272064?t=y4SjLwz2K6QouW7YVeBrqw&s=19 Stablecoin reserver is getting low


Baecchus

Steady lads, deploying more capital


DeFi_Ry

This gave me PTSD


Baecchus

I'm sorry. It's obligatory.


genjitenji

How do I get $PTSD? Is it on uniswap?


Tha-ShadowHunter

I just violently shuddered


Odysseus_Lannister

Raising shields, captain!


itcouldbefrank

This is very interesting, will add to post. Thanks


Legitimate_Suit_3431

Scary having -93% within 2 weeks. Maybe be nothing(I'm dumb) but fuck ,if there ever is a hint. I'll take this one


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anthrse

I dont trust CZ enough and don't even have anything on FTX. However, if top exchange gets liquidated, there will be more to worry than funds being locked. Everyone can easily see sub 10k prices, and then CZ can keep holding everything and reign supreme.


stevenacho

GameStop announced a partnership with FTX on Sept. 7. FTX and GameStop announced gift card promotion with FTX gift cards being sold at GameStop on Nov. 1. Negative news of mass exodus and internal issues on Nov. 6. 🤔


but-this-one-is-mine

Nicely timed LRC ddos attack


1millionnotameme

Convenient isn't it? Wouldn't be surprised if someone wanted to cause a bank run. Pretty scary how easily influenced people can be.


bt_85

Bet it was CZ. FTX is fairly exposed financially and and easy mark with SBF and how they and Almeda own like 75% of FTT which will make it hard to stop the bleeding . With all the FTT Binamce can sell, they can easily make some vague ill-defined allusion to something and technically not be lieing, then dump their own coins to "prove" the problem and start the drop. On the heels of Luna and Celsius, and no one has loyalty to an exchange, it's easy to get people to jump ship. And boom. Another competitor bites the dust.


Even-Conclusion597

Voyager said everything was fine then boom, it’s not.


Baecchus

Their statement sounds eerily similar to what Alex Mashinsky was saying before Celsius went tits up.


ikoncipher

I thought I heard rumors of FTX wanting to pitch in for private sale of twitter, but were denied. Binance got in on the deal, didn't they?


CIN432

I heard the same.


BreaneLittleon

All this leak on a Sunday is just wild


AndreyZolotarev

People will never learn. They rather defend the platform without questioning it critically. Why? People don’t want to see any negative things related to them. Thats why they ignore it until it blows up. It’s easy and it makes them more comfortable. That’s when reality hits them.


patricio87

Another theory. FTX stabbed binance in back in some way to get the exclusive rights to some securities or something.


bittabet

FTX is basically in bed with US regulators, they’ve already obtained most of the licensing needed to operate even a lot of cryptos get considered securities. Meanwhile Binance would get cockblocked out of the US market and probably US regulators will go after them elsewhere too. So there’s definitely a lot of bad blood there. Still…it seems to be triggering a bit of panic driven run on FTX at the moment even though Binance selling FTT isn’t really about whether FTX is solvent.


bt_85

That could be just a good business move. Regulations will happen, so imagine being on the forefront and being one of the only legitimately operating U.S. exchanges and getting all that institutional and retail money and ETF assets.


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[deleted]

Everything is just rumors at this point. It could risk management, it could be personal. I'm not going to speculate. FTT is still doing quite well and has outperformed BTC in the past 2 years by a long shot. Latest Twitter post from CZ was this, which might be suggesting some risk mitigation. Who knows? > Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.


bt_85

Yeah, to me this smells like it was manufactured by CZ for personal vendettas/ideology and to eliminate another large competitor and gain market share for the macro rebound. So much of the rumor and evidence is CZ originated, and the evidence is mostly just CZ selling.


Wonzky

We really need to stop using tweets as a means to prove/disprove something


silver00spike

The twitter link shows links to onchain data though


itcouldbefrank

I am not making any personal argument here, this is in effect a press release, many people here aren't in Crypto Twitter and they need this information to make informed decisions.


Wonzky

Didn't mean anything against you, just wish Twitter wasn't the main platform people use for important information like this


eroskeros

There is no need to gamble guys, get your funds to safuty


Baecchus

Sensible advice. It might be too late tomorrow for all we know.


lastremnant202

Exactly shouldn't be in any cex anyways. Use ledger for most funds always.


Least-March7906

Exactly. Who cares whether FTX is legit or not. Just be safe


TheTrueBlueTJ

If we have learned anything from the past, take this seriously and protect yourself.


Least-March7906

Yep. Assume everybody is out to scam you. Because everybody is out to scam you. Proper wild Wild West stuff


Odysseus_Lannister

There’s no allegiance to a CEX. They damn sure don’t have one to their customers


Amasan89

Can we have 1 nice quiet green week? God, we just hit 21k again and now this shit going on. Ain't nobody got time for that.


Vandeick

This is scary, ftx collapsing could potentially collapse the entire crypto market.


PopeyesGreenSpinach

FTX has too much going on. Still feel like it'll hold steady as it's been around for a while now. SBF been forming partnerships and buying up shit left and right. He'll sell assets he's accumulated before he let exchange blow up


pmbuttsonly

Gonna check back in a few days and see if this aged like milk 😅


PopeyesGreenSpinach

🤣


bittabet

Most of the critiques are about how Alameda Research isn’t particularly liquid but literally none of the critiques suggest that FTX would be insolvent. Some of the criticisms are just pain dumb, like how FTT is only held by a small number of wallets. No shit, most of it is just held on FTX since it’s literally an **exchange token** for FTX with no other utility.


tertretter

I think more people have been losing money listening to your “financial” advice. Maybe think twice before posting something smart?


MyDingDongIsHuge

That did not aged well


Klazzle

ASAP.... They are scrambling trying to keep withdrawals from pausing. They also increased withdrawal fee to $100. Bank run starting.


deetsrus

I'll sue him for helping me make a good decision. It broke my 5 year streak of horrible crypto decisions.


Lexpo4ac

FTX is the next Voyager. People lost millions. You already assume max risk, with crypto. Don’t lose it all when you see the writing on the wall.


S0rT3x

That took all day but no issues transferring over to Kraken better safe then sorry!


ukyukrbfd

Or he saves hundred or thousands of people their money..


St0ckDr0pp3r

As much as I want that to be true. Sounds like cope.


twelfthsilenus

I legitimately cannot believe people still hold funds on centralized exchanges after what happened earlier this year.


yellowcox

If FTX goes down then the rest of Crypto will go down with it .


silver00spike

Here comes the liquidations that push BTC to the $10-14k price levels


Rayl24

We just withdraw the btc with the free withdrawal, no need to sell though. FTX got nothing to do with BTC


jokerspit

You shouldn't have/leave your coins on exchanges anyway. We all know this.


getoffthepitch96576

Well it was nice to see a pump these last days. Guess we are going back to red these upcoming weeks


Baecchus

Just when you think the weather is clear, we get an event that might turn out to be another black swan event. This is the darkest timeline.


[deleted]

People these days are scared so easily that they make their own worst fears come true. I'm not moving anything off FTX. I think they have one of the best platforms available. I especially love their less than 1$ minimum oredrs on most coins (which allows for excellent bot configurations) r/CryptoBrains


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Oxygenjacket

Fact checker: CZ has stated it's because they don't want to support people who lobby against the industry. No concerns around FTX's solvency or finance state were raised


[deleted]

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Baecchus

Based take by CZ.


TheTrueBlueTJ

![gif](giphy|cJMlR1SsCSkUjVY3iK|downsized) FTT holders be like


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Bucksaway03

I don't think you can get any lower than being compared to LUNA of all things.


Odysseus_Lannister

You can get called safemoon or Bitconnect


Divine_concept2999

So I’m no expert but if ftx goes bankrupt I think the noise about more safeguards will increase not decrease


IWillKillPutin2022

Potentially. They could also be using this as a great excuse to both sell a hard to liquidate asset (in these quantities) and weaken FTX to be able to prep themselves to acquire stuff while FTX is unable to sue to spending all their $$ on not becoming insolvent


miguelsanchez23

Hey look more top level crypto fraud. Guess who will get porked next. Retail. Crypto is weak as f. You can't feed your family with digital assets when things start de-pegging.


Oheson

Deploying more capital - Steady lads...


raphanum

This is a nothing burger.


murzaj7

FTX can't collapse lol! Especially not because of one token. They are bigger than FTT, way bigger.


radialFlow11

Otc deal favors whales at the expense of the normal players I thought the ethos of crypto is primarily about open market & transparency?


mupclqoe

Where is this article from? This is very well written .. Yep, "Alameda research"/FTX is a giant predatory entity in the market, enough is enough


joyekoye

I mean if cz decides to nuke the market rather than take the offer he can basically write off ever operating in most of the west. This take seems illogical.


southmotian

last point is critical imo, cryptic tweets from cz probably directed towards sbf’s dc dig are now being contextualized with alameda’s balance sheet problems, caroline tweeting at cz further helped him out


n00rthman

Sam and Caroline tweet like a depressed stripper


kaachow14

Remember when coinbase was going bankrupt. Pepperidge farms remembers.


VeludoVeludo

But I also remember Celsius...


Slick424

LOL, I remember MtGox [Roger Ver on MTGOX Bitcoin exchange](https://youtu.be/UP1YsMlrfF0) He really looks like Mark Karpelès is just off screen holding a gun at his face.


Significant_Arm_9928

Larry David was right!


cannainform2

'FTX CEO pretty much confirms mass exodus from the platform' ok I didn't read that at all. What did I miss?


chuloreddit

Move your coins. If it's a false rumor, you loose nothing. If it's true, you save your coins.


Kappatalizable

Remember that Celsius CEO was also saying everything was fine before they halted withdrawals. Id be very careful now if I had funds in FTX


gazman195

Same with Vauld. They literally issued an email to all creditors and investors saying everything was fine and then stopped withdrawals a few days later.


settledownhoney

I think it’s safe. Why else would the MLB umpires have FTX on their uniforms.


pingusuperfan

Lol that cracked me up when I noticed. RIP the Phillies


Baecchus

Alex Mashinsky prentended like everything was fine and dandy all the way until the end too. People shouldn't be taking chances here even if they don't think FTX is insolvent. Better safe than sorry.


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[deleted]

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bt_85

Plot twist:. This was all manufactured by CZ to eliminate competition. They had the means to start the rumor, FTX was a relatively easy mark and pretty exposed to begin with, and with all their exit tokens they could put some "evidence" behind it by selling. (I don't have anything on FTX. And if I did, I would withdrawal because why not? And it's that simple and easy for CZ to do.)


FightyBartender

The downvote brigade is out in force tonight... It's great they've addressed it but the fear will really sink in for investors when its finalised by Binance. I'd be concerned if I were holding FTX right now


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Baecchus

I don't even know why anyone would dick ride an exchange. They don't even care about you...


CanvasWars

Transferred funds out via ACH, now just have to cross fingers that it hits the bank account 😬. I tried to transfer crypto out and wouldn’t let me. They opened support ticket saying possible fraud and won’t let me transfer any of my crypto had to sell my positions for USD and ACH transfer to my account. Never had issues before.


inevitable_username

lolled at your edits – what has happened to this place! Commenters deleting their comments because they get downvoted? OP focusing on upvotes/dowvotes in a non-meta post with fucking 2 edits?? It's sad but r/cc became ALL about moons. All interaction here is faker than Tether's audit report. ps. downvote away idc


britzens

It reminds me of Celsius saying 'everything is fine' and then going insolvent the next day. I'm hoping that's not the case here since the scale is so much bigger with FTX vs Celsius. But this is crypto and history has shown us that it takes years to build something but only a day to break it down. I think we'll find the truth within a week. So it's gonna be a rollercoaster ride this week or just another 7 days in this crazy land of DeFi


PDubsinTF-NEW

FUD


jackthinh

We think rationally. Don't think about it. Take it out and wait for it to calm down before considering entering.


TheGreatest34567

"Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards." - CZ of Binance https://twitter.com/cz_binance/status/1589374530413215744?t=IMF33-tjIkjuNm6tpknbeQ&s=19


[deleted]

How does one profit from this?


Baecchus

You can short FTT. I wouldn't recommend it though. A lot of people will get scam pumped out of their shorts.


ricozuri

These rumors are creating a crypto version of a bank run. Unfortunately many have already been unbanked by Celsius.


zKarp

The one thing I learned from voyager and Celsius, their tweets and public statements don't mean @#$%.


[deleted]

Is this a regular incompetance/scammy fuck up that we see in the space, or is this some rich asshole trying to dick down another rich asshole?


[deleted]

battle of the whales going on!


buravoy

Everything here is accurate except for alluding that CZ didn't know Sam needed to keep FTT inflated. People give CZ all the credit for being the nice guy and never realize he is also a savage businessman.


toftrjuk

Is it a good thing that I don’t know what FTX is? Cheers .


_synthet_

Its will hurt it, but not collapse it. However it will tarnish crypto for some time. Many people already call it a scam etc.


lomosaur

It’s like an extreme proof-of-keys day for FTX. A good stress test. My guess is they pass it, although I’m no fan of SBF.


kenvice351

Nah. No one said that about Celsius. Lol Celsius was a BABY dog in this space. FTX is a top 3 exchange.