"

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The CEO of Tesla thinks that major investors are partially to blame for the FTX fiasco. The collapse of the FTX cryptocurrency exchange within a short period of time is a financial disaster that has not yet exposed all of its consequences, collateral damage, and accountabilities.

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FTX, a company with a market cap of $32 billion in February, has emerged as the hero of cryptocurrency businesses that have been battered by the credit constraint brought on by the May collapse of sister currencies Luna and UST, or TerraUSD.

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The company that served as the nucleus of 30-year-old Sam Bankman-cryptocurrency Fried's empire was regarded as one of the most important and financially stable companies in the space. That's the way it was interpreted. Almost no one could have predicted that it would fall apart within a few days.

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And yet, on November 11, Bankman-Fried filed for Chapter 11 bankruptcy for his enterprise, which also consists of the cryptocurrency hedge fund Alameda Research.

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Following a bank run brought on by their competitor Binance's decision to sell $530 million of FTT, the cryptocurrency issued by FTX and used as collateral for the loans that made up their balance sheet, FTX and Alameda found themselves short of cash. There were also claims of customer money being misappropriated.

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As a cryptocurrency exchange, FTX carried out orders on behalf of its customers, accepting their money and purchasing coins. As a custodian, FTX kept the clients' digital currency.

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The company then leveraged the cryptocurrency assets of its clients to produce funds through market making or borrowing through the trading division of its sister company, Alameda Research. In the summer of 2022, FTX bailed out other crypto institutions with the money it had borrowed.

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Investors in FTX have some of the blame for this mess, according to Elon Musk. The wealthy investor is specifically going for the potent venture capital firm Sequoia Capital, a significant investor in the technology industry.

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On November 9, Sequoia wrote a letter to its limited partners informing them that it now views its $210 million investment in FTX as having been a complete loss.

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Trump is back and his campaign exaggerations are even worse than his tan [{ "selector": ".fpdlo-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }] Click Here

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FTX Collapse: Elon Musk Takes on a Silicon Valley Powerhouse

scottstorick.com

The CEO of Tesla thinks that major investors are partially to blame for the FTX fiasco. The collapse of the FTX cryptocurrency exchange within a short period of time is a financial disaster that has not yet exposed all of its consequences, collateral damage, and accountabilities.

scottstorick.com

FTX, a company with a market cap of $32 billion in February, has emerged as the hero of cryptocurrency businesses that have been battered by the credit constraint brought on by the May collapse of sister currencies Luna and UST, or TerraUSD.

scottstorick.com

The company that served as the nucleus of 30-year-old Sam Bankman-cryptocurrency Fried's empire was regarded as one of the most important and financially stable companies in the space. That's the way it was interpreted. Almost no one could have predicted that it would fall apart within a few days.

scottstorick.com

And yet, on November 11, Bankman-Fried filed for Chapter 11 bankruptcy for his enterprise, which also consists of the cryptocurrency hedge fund Alameda Research.

scottstorick.com

scottstorick.com

As a cryptocurrency exchange, FTX carried out orders on behalf of its customers, accepting their money and purchasing coins. As a custodian, FTX kept the clients' digital currency.

scottstorick.com

The company then leveraged the cryptocurrency assets of its clients to produce funds through market making or borrowing through the trading division of its sister company, Alameda Research. In the summer of 2022, FTX bailed out other crypto institutions with the money it had borrowed.

scottstorick.com

Investors in FTX have some of the blame for this mess, according to Elon Musk. The wealthy investor is specifically going for the potent venture capital firm Sequoia Capital, a significant investor in the technology industry.

scottstorick.com

On November 9, Sequoia wrote a letter to its limited partners informing them that it now views its $210 million investment in FTX as having been a complete loss.

scottstorick.com