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FTX execs blew through $8B — testimony reveals how (techcrunch.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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FTX execs blew through $8B — testimony reveals how::Sam Bankman-Fried and other FTX executives spent $8 billion worth of customer funds on real estate, venture capital investments, campaign donations,

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[–] wazoobonkerbrain@lemmy.world 3 points 1 year ago (1 children)

Every crypto exchange is probably doomed to a massive dramatic collapse at some point or another just from a volatility standpoint alone.

Properly run, an exchange does not speculate on the underlying asset, it only facilitates trades, and there is zero volatility.

[–] shasta@lemm.ee 2 points 1 year ago* (last edited 1 year ago)

Yeah we're not talking about fractional reserve banking here