Many are aware of FTX. Evidently there are some who arent quite sure what took place.
In this video I discuss how the exchange was taking customer funds and leveraging them up on trades. When it came time to redeem as people wanted their money, there was a liquidity crisis.
▶️ 3Speak
All I can add is this:
In CEXes we trust! NOT!
Good motto.
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It's a huge mess because it will be hard for most of them to have the cash reserves during the recession. I think a whole lot of them will be going under due to that and it makes me wonder how many companies even prepared for such a scenario.
Posted Using LeoFinance Beta
Mess is an understatement I believe.
Posted Using LeoFinance Beta
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