/biz/ - Business & Finance

>>52300877
the company became insolvent

im trying to paste some explanation but 4chan keeps discarding my post

>>52300877
scam was using his own token as collateral in a flywheel scheme along with gambling with user deposits, coindesk published alamedas balance sheet which showed the extent they were using FTT as collateral, this scared cz into selling his FTT which made everyone question ftx solvency, this started a bankrun and when everyone tried to withdraw it became clear that ftx did not have enough funds to cover all the deposits indicating that they were gambling with user funds (because where are the funds if they were simply hodling them for the users)

>>52300877
Basically Cz dumped FTT holdings in a hostile attempt to destroy FTX and succeeded, FTX begged for mercy and he boughted it. He did it because he had insider info about FTX being overleveraged and sensitive to FTT price. Simple as

>>52300976
CZ hasn't even ''boughted'' you idiot

>>52300974
>scam was using his own token as collateral in a flywheel scheme along with gambling with user deposits, coindesk published alamedas balance sheet which showed the extent they were using FTT as collateral
Technically all of this is just a rumor, Cz wouldn't sell based on that, everyone heard that rumor before and there's no real verifiable data here, not even in Coindesk's story, and who the hell trusts Coindesk anyway
>scared cz into selling his FTT
Lmao that's just the cover story for the nice goys. Cz saw a vulnerability through his own insider channels, leaked the "balance sheet" via MSM and used that as a justification for his attack. If you can't see through a play as basic as that keep away from Jewish schemes

>>52300976
dumping a shitcoin is now a hostile action? this scammer should go to prison. what a fucking hypocrite, if he wants to give his money away than give it to your depositors that worked hard for their money! not everyone receives $10 million from their parents to start your career!

>>52301005
He made an offer, of course he could go back on it. Don't be pedantic
>muh "boughted"
How new

The jew got outjewed

>>52301027
Yes a mass dump of a token with a goal of triggering margin calls on your rival company is a pretty hostile action anon

the whole cryptoverse is becoming more centralized. binance owns the biggest exchange with competition dwindling by the day, the biggest price info site (coinmarketcap) and countless news outlets. binance makes up most of the crypto sector (with massive conflicts of interest of course, but no regulation lol). if they tank, everything gets dragged to hell, even BTC

>>52300944
they were always insolvent

>>52300877

>>52300964
Screenshot a text document.

>>52300877
Chinese Jew saw an opportunity to dunk on the Jewish Jew

>>52301055

The charges, officer?

>>52301055
they just wanted to get their money out of their investment on FTX. it's not binance fault they they chose to pay with FTT. if Alameda had the cash to buy the FTT over the counter, they could have just placed a huge buy wall with that capital. CZ couldn't know if they were bluffing or not. I am glad to see SBF lose 95% of his wealth, he doesn't deserve it.

Fuck that jewish DNC donor arrogant son of a bitch

WHO’S THE GOYIM NOW ? CZ IS THE ONE THAT KNOCKS

>>52301065
the way to to make it in crypto is to look at what schemes got so popular in traditional finance that regulation had to be put into place, then replicate them in crypto. bonus points for raising the drawbridge after yourself by lobbying for regulations after you put your monopoly into place to make it impossible for competitors

>>52301028
CZ literally said he will do his due diligence on FTX before he makes a decision to buy it. He hasn't ''boughted' it you dumb fuck. do your research before coming to this site

"I want to get rich to give all my money away". He is more hypocrite than Bill Gates. If you want to give your money away, why don't you give it to your depositors?

>>52301202
bill gates, warren buffet, the zuck and all those billionaires are so full of shit. if they really wanted to improve things they would drop 50 bill right now and fix the American education in a matter of months, but they don't

>>52301241
You'd have to exterminate 95% of teachers to fix the system.

>>52300877
https://twitter.com/LucasNuzzi/status/1590122590206824448
This is as logical an explanation as I can find

The hedge fund he founded before FTX (Alameda) was the trading arm while he used FTX as the piggy bank by using customer deposits. The separation of companies created plausible deniability regulation wise. FTT is the FTX native token and was swapped to Alameda at steep discounts which was then used to swap for real assets at FTX. The Alameda balance sheet leaked recently and it showed the massive amount of exposure they had to FTT. CZ forced Bankman's hand by selling FTT because without the price being pegged to ~$22 the whole scheme would collapse. Alameda is/was beholden to a lot of counterparties due to their degen trading strategies.

tl;dr FTX and it's at-arms-length trading arm got exposed as a ponzi and the market ripped them apart

>>52301287
kill the administrators first.

>>52301406
metaphorically speaking of course. admins are lazy donothings

>>52300877
The token dumped 80% and I bought a bag the moment I read that CZ is going to buy FTX. The easiest X10 of my life and literally free money.

>>52300974
>indicating that they were gambling with user funds
8% APY on every deposit including fiat has always been a massive red flag for me

>>52301785
FTT token is dead, if he was to buy the company it would be absorbed into binance and the fees would go to the benefit of BNB not the dead FTT token

>>52301845
>FTT token is dead
LOL of course, anon

>>52301090
Hostile is not illegal in this case

>>52300974
Correct except for the cz being scared part, he's obviously the one who leaked it to coindesk

>>52300877
why does he shave his face but not his neck? thats a weird choice

>>52301241
>if they really wanted to improve things they would drop 50 bill right now
that's why you'll always be poor.

>wake up and see this shit
My short on FTT got liquidated on that scamwick before dumping to my TP levels. I got Bogged again, simple as.

>>52300974
>this scared cz into selling his FTT
CZ and the kike hate each other, with the kike gloating that CZ and Binance won't ever be allowed to operate in the US. This backfired significantly as CZ found a way to attack him and throw his company to the ground. To add insult to injury, he bought the company he just ground to dust lmao

>>52301989
cobie said on stream earlier that he heard sam agreed to sell FTX to CZ for $1

>>52302015
>jew gets jewed
What timeline am I entering?

>>52300877
How does this guy go to the effort of shaving his face clean but leave a bunch of stubble on his neck, better yet who would buy this retard kike's scam coin

>>52302015
>cobie
gtfo

>>52300877
Here's what we know. Careful with the speculation in this thread.

1) Sam Bankman Fried created Alameda, a hedge fund / prop shop as well as FTX later, the goliath of an exchange. These are legally separate entities, but obviously there is some connection if the same guy made both.

2) FTT is the token for FTX. It gets you perks on the exchange, like free limit orders, exposure to buy-back-and-burn.

3) Coindesk releases report basically saying Alameda has some questionable balance sheet entries. Specifically noting that much of their loans are collateralized by the FTT token, much of which is illiquid. Why is this a problem? Because they're overexposed to a volatile token, plain and simple. You don't borrow, say, $10B USD against something like Solana, or in this case FTT.

4) On-chain analytics shows ~$500M USD worth of FTT removed from FTX exchange. CZ, CEO of Binance, confirms its Binance, then shortly later confirms that Binance will be "liquidating the remainder of their FTT" (the $500M), and that it should "take a couple months".

5) Speculation goes haywire and everyone en masse starts to believe Alameda and / or FTX is insolvent, so they proceed to withdraw their assets from FTX.

6) This becomes a self-fulfilling prophecy and FTX is bankran.

7) The next day, both CZ and SBF announce that Binance will acquire FTX, as it's dealing with a "significant liquidity crunch".

What we don't know:
Whether or not Binance will actually buy FTX.
Whether Alameda or FTX are really insolvent., even with this monumental FTT price drawdown that makes it statistically far more probable that they perhaps are.
Whether Binance started the selling pressure or not.

>>52300877
2/

If I had to guess, after combing through this all day? My best theory is that Alameda was using collateral from FTX user deposits in order to leverage their market participation and make more shekels. Pray that this is not the case for all users' sake. SBF did indeed say firmly this morning that "all user deposits will be redeemed 1:1", which arguably holds a little more weight as it was likely the most prepared statement he will have to make during this whole ordeal, and it came alongside the announcement that Binance will acquire FTX following satisfactory results during due diligence. Worst case scenario is Binance retracts their offer and a cascade of insolvency ensues, as all of the counterparties of Alameda and / or FTX cater.

>>52302155
>jew is scared
>Whether Binance started the selling pressure or not.
He absolutely did. It's pretty clear CZ started selling as stated in his Tweets then (((coincidentally))) rumors about insolvency ran around the press. CZ beat a jew in his own game. Fucking based.

>>52301155
Exactly what sbf did

>>52300974
CZ wasn't scared, I bet he was savoring every second when he sold his holdings and pretty tanked a company on the spot figuratively and literaly

>>52302197
I think it's too simple of a take. $500M is chicken scratch to Binance, especially if CZ was playing the longgame and knew that this would result in an acquisition, but yes I think it is likely he did start it, but we do not know, and I bet it's more complicated than it seems.

>>52301090
Being absolutely based to be honest. If I was CZ I would've done it sooner

Would you trust a fat man to guard your pantry? What about your money?

>>52302197
So how come FTX started dumping harder than ever AFTER cz announced binance were acquiring it? If it kept pumping back to normal after that you would say it's because cz came in and saved the day.

Disclaimer, I don't know. I am saying it's not that straightforward.

>>52302235
>>52302299
>Jew now getting more scared
Occam's Razor faggot. CZ started selling, then he tweeted to make sure others notice, then (((leaked))) the insolvency issues. He then even offered to buy out FTX after the whole company went down. Then tweeted this. The Jew wanted to stab CZ in the back, too bad CZ found a weakness and Jewed the Jew even harder. To add insult to injury, he pretends to do this out of the good will of his heart while exposing the kike as lobbying to exclude Binance from the US. Jew got outplayed. Based CZ

why is Binance banned in the US btw?

>>52302299
Whales probably took it as a close-enough opportunity to dump bags.

>>52302313
Plausible, but I don't live in the world of certainty you've deluded yourself into.

>>52302374
There is a Binance.us arm. Binance international has products, such as perps and options, that are forbidden by US regulators for now.

>>52302414
oh , i see. iirc FTX has a US version as well

>>52302414
How do burgers short crypto? What's the best non-KYC way?

>>52302629
Kucoin.

>>52302414
Binance.us basically licenses the binance name. Not the same at all.

>>52302374

Because we aren't allowed to have nice things. There's no IRS globohomo oversight. I think you can VPN in though.

>>52302198
>a Chinaman in a stahlhelm

The Han is superior to the Jew, it has been proven

>>52302629
VPN. Not sure, I'm not a burger.

>>52302870
I never said they were the same. Alameda is described as an arm, so it's reasonable to say Binance.us is an arm.

>>52303048
Thanks for the image just read an articles about how they ordered the helmets in the early 30s

>>52300974
Yep this

>>52302198
Jesus man

some dumbfucks trusted a jew and got what they fucking deserved

>>52301155
Tontines come to mind. We need a crytpo tontine.

>>52301185
Quit running damage control. Your asshole is prolapsed.

>>52300877
This whole thing goes way back to 2019 before Binance incubated FTX. In 2019, CZ tweeted that some small derivatives exchange was attacking futures markets on Binance.

He then invested in that small derivatives exchange, built them up, cashed out, weirdly took payment in their own tokens last year instead of taking entire settlement in tether or bitcoin, Alameda balance sheet rumours from substack gets picked up by coindesk, CZ goes public about dumping their tokens on the market, bank run, CZ swoops in and serves it back cold. CZ with the hostile takeover

CZ realized SBF was a doormat pushover around regulators. He's been planning FTX's funeral ever since. CZ wants influence over crypto regulations. Everything else is cover story. Simple as.

>>52304324
Pretty based

so did the slimy jew actually lose money and is going to jail or its people who got fucked and this rat is getting golden parachute ?

>>52301061
Decentralized exchanges are going to be big. IDEX is a good example of something like the OG ether delta but with more advanced functions that push the functionality towards that of mainstream exchanges. Derivatives coming this year apparently. Still kind of looks like ass and technically USA is blocked.

>>52304459
SBF might actually do time. I think this entire FTX will go on for years, will go to court etc

>>52300877
>implying hes not a glowie doing this on purpose to collapse the price of BTC as per instructions from his superiors

fuck the jews

>>52301099
he 100% knew. he would never have done it otherwise. and props to him for having enough confidence in his sources to pull the trigger

>>52300974
>ftx did not have enough funds to cover all the deposits indicating that they were gambling with user funds
Who the fuck even used this exchange. You would have to be retarded to trust a jew-run exchange with it's own scam shitcoin.

>>52302289
>trusting a person that looks like that to make you rich
its like you morons dont learn from the zukerberg days and when you see someone similar to you in appearance, you trust them completely. what a fking moron.
its like the male version of feminism where all you uggo band together to fight back at other people that isnt as uggo as you
imma scoop up all those coins for cheap, thanks for the Lamborghini ya losers

they were using their own token as collateral and started digging into user’s funds.
although it was considered just a rumor at the time, they were later caught doing scammy things like violating an agreement with BitDAO which constituted that Alameda wouldnt sell any BIT tokens for 3 years yet they did
BitDAO later confronted them and threatened to sell their entire FTT holding (around $100 million worth) which made FTX and Alameda go into panic mode and started buying BIT in massive amounts
This showed many that both FTX and Alameda aren’t credible or loyal and thus a chain for selling started

Sam Bankrun Fraud, couldn't have happened to a better guy you know

>>52306883
scam bankman fraud

>>52300976
As far as I'm aware, CZ didn't dump his holdings, he stated his intent to dump his holdings overall several months and then it crashed the next two day.

>>52300877
FTX/Alameda ran out of money, and people found this out
why is it hard for you to understand?

WHY I BELIEVE FTX IS NOT BANKRUPT: these were the two latest tweets he liked = implies he thinks the company is still solvent and able to return funds to customers?

>>52300974
This. Added bonus is that Alameda, a crypto hedge fund owned by SBF but a separate entity, were selling off most of their holdings and sending stablecoins to FTX so they could process withdrawals. FTXs stablecoin wallet was running out of funds. And despite this, they were still not able to make all users whole.

So why was Alameda, a crypto hedge fund and separate entity, have FTX customer deposits on their books in risky DeFi positions?

>>52307127
scam bankrun fraud, my mistake

>>52307177
it'd be even more hilarious if it was a purely meme induced a dump

>>52308144
That's actually exactly what happened. CZ probably did a lot of things (off twitter) that pushed FTX into this position. But Sam shouldn't have been playing with customers funds to begin with...

>>52300877
>>52300974
>>52301061
>>52301065
>>52301395
All of this great analysis. But the tldr is Jews.

>>52308161
Alameda getting margin called on their FTT backed loans was what would kill them. Caroline was the one who let the market know that they could not allow FTT to fall below $22. Everyone in the market knew blood was in the water at that point and that pushing FTT down a little bit would send Alameda and by extension FTX into insolvency

>>52307177
>Imagine a run on the bank
>This is not a run on the bank
>Everything is fine
>No data point

>>52302015
>listening to infloooooooencers
Cobie is a drunk bought out shill.

>>52300877
Since not a single person has linked this here.

cryptoleaks.info

>>52301090
I declare CZ guilty of being BASED BEYOND BELIEF

Same thing that is happenning with every crypto company. They ran out of the money people deposit. How that happens? Who the fuck knows

>>52307177
ok i changed my mind: FTX users are 100% losing all their money

>>52309799
>last person to understand the obvious because of a fucking cobie tweet
Stop polluting this board with your thoughts and go back to whichever shithole site you came from

USDT is next
>>52309776

>>52300974
isn't this exactly how normal banks work?

>>52310247
1000% buckle up homos

>>52301090
Racketeering

hey Romano

i'm just amazed this guy passed anyones physiognomy check