I mean this is classic run on bank, fucking crypto bros are facing issues that banks had until central banks started. Man I can't believe people grow out of their puberty and still think decentralised finance is somehow workable, despite history saying otherwise.
Fucking 2nd biggest crypto exchange goes tits up on an insolvency rumor.. I mean every fucking bank would be insolvent if everyone ran for their money ffs
Yeah that comes with financial illiteracy.... Dudes only see the bad side of banks and CBs and somehow think a totally unregulated shadow bank would do better....
It was a bit more someone i think dirtybubble media got hold of Alamedas BS and shared it, people realized how easy it would be to take down Alameda and CZ who hates SBF anyways saw a chance of taking both ftx and alameda down by liquidating hi FTT, ofcourse him announcing it in public only made the effect bigger and worse for FTX. The thing that shocks me the most is that if SBF is willing to deal with CZ it means he found nobody else willing to lend him money.
BTW coindesk claims CZ is unlikely to go through with it. Might be that they just wanted to stabilize markets with the LOI and get their books in order before FTX implodes... Would not surprise me if CZ was this big of an ass also if Binance survives the market belongs to him anyways wether he bails out FTX or not.
I m just really stunned how so many people still believe in this space and oppose regulation of the space, like what else needs to happen, the fucken poster child of the space was taken down in 2 days.
This all is great comedy though seeing how sbf just 6 months ago joked about him taking over GS or CME...Just like his cover shot on the fortune mag asking the question if he s the next buffett brings a smile to my face now.