So a bunch of people came up with the idea of betting on the movement of an underlying asset they didn't have to own that was moving on exchanges that didn't have what they said they had in that same asset.
How big were these frauds though? Like do they set up multiple different companies to get a small number of marks for each one? The Youtube channel screenshot have a very low number of views. Thank you for the helpful links in the article and for your great research. :)
FTX's European subsidiary was built on top of a binary options scam
So a bunch of people came up with the idea of betting on the movement of an underlying asset they didn't have to own that was moving on exchanges that didn't have what they said they had in that same asset.
WHAT COULD POSSIBLY GO WRONG
Have a look at this tweet from a Spanish analyst. She is currently writing a huge article about that topic when she noticed that all podcasts and channel of FTX had been deleted. https://twitter.com/criptodaisy/status/1599733521177665537?s=20&t=GJuPi8ObbR2B1TM4AWLQig
Thx, as always.
How big were these frauds though? Like do they set up multiple different companies to get a small number of marks for each one? The Youtube channel screenshot have a very low number of views. Thank you for the helpful links in the article and for your great research. :)
For an entertaining riff on the Wirecard debacle, watch the German series ‘King of Stonks’ on Netflix. Dramedy captures the insanity.
should credit @__tubes__ as well...
Good stuff Mike!!!
FTX also had “tokenized stocks” that they offered too. Could this have any connection with the tokenized stock part of FTX?