Oh, how the mighty have fallen. With all of the capital issues with these centralized exchanges over the past few months, Sam Bankman Fried was trying to look like the savior of crypto and absorb all of these insolvent companies. Well, it's hard to bail out other failing companies when your own company is collapsing.
Reports are flooding into crypto Twitter from all of the major news sources that SBF has officially resigned as CEO of FTX and that the company has begun its bankruptcy procedures. Not only FTX, but there are also reports out there that all of the entities, Alameda Research as well as both FTX, FTX US, and 130 other entities are preparing to file.
The problem is for people that do not use FTX, it's bringing the entire crypto market down with it! Not to mention on a day when the US Stock Markets are closed for Veterans Day.
FTX Official Statement
FTX just released their official statement on Twitter:
SBF Tweet Thread
Sam Bankman Fried also just released his own statement on Twitter discussing the chapter 11 filings and how he is oh so sorry.
We will be continuing to follow the situation closely and will report any updates. Make sure you bookmark Coin Logic for your crypto and economic research!
Not Your Keys Not Your Coins
We feel that this whole situation lends itself to a daily reminder for us that if you do not hold your crypto in your own wallet, with your own private keys, then you are doing it wrong.
Users of FTX are going to now be sitting in line with the rest of the creditors in bankruptcy court. This is when it's time to really start looking at how you are trading, and why you are trading and start using decentralized exchanges. If you are using FTX because you saw their logo somewhere, or because they named the Miami Arena the FTX Arena, then you are in it for the wrong reasons, that is called marketing and is meant to lure you and your money.
Centralized exchanges are really not your friend. Keep your money safe by taking your own responsibility for your own money. If you cannot do that, then you need to take a long hard look at yourself.
Nothing said is financial advice.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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