The fraud here is monumental. I’ve been saying all along that when you can have a system where money is held being hacked, it will be hacked and if the “digital blackhole bank” is not safe, the whole system is not to be relied upon. We have seen time and time again, pools of capital disappear into thin air and yet the “believers” ignore the facts and keep touting the future operability and use cases. Its all madness. Heres a few headlines I saw today, the FTX sage is not over and I will be shocked if the waterfall doesn’t touch Binance or Coinbase. Where theres 5 rates, theres 30.

JUST IN: At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, per Reuters.

ALERT: High probability insiders at FTX are currently trying to run off with funds. Both FTX and FTX US wallets have now been affected and commingled. The current amount being laundered is ~$380M.

Oh, and Forbes clearly should raise the bar for being in the tops list!

A track record for FTX that would be worth of Bernie Madoff! Im so amazed people still buy into these things. If it even remotely sounds too good to be true, run, don’t walk but run.