Saudi Press

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Sunday, Dec 04, 2022

What happened at FTX is straight-forward.

What happened at FTX is straight-forward.

FTX lent US$10bn of client funds to their trading arm Alameda, which used it for leveraged crypto speculation. Alameda blew up in crypto meltdown & can't repay. People got whiff of this & tried to pull US$5bn from FTX. FTX didn't have it.
A year ago Bitcoin  hit $69,000.

One of the main reason for the spectacular rally was all the leverage that funded unprecedented #crypto advertising and speculative buying.

The FTX bankruptcy proves the entire rally was a fraud.
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