I moved some of my crypto holding to FTX because I trusted them and Sam and wanted the profits from my crypto holdings to go to EA/FTX Future Fund. FTX have always told me my funds would be secured, I did not trade leveraged funds, so I’m the only rightful owner of that crypto and FTX has likely been using it to make money on leveraged instruments. This seems like fraud, and the optics of this for the EA community, and the already difficult optics of lontermism, seem to me like they will be very bad.
I’m priviliged, my holdings in FTX were 2% of my net worth (I enjoy following crypto) so I’ll be fine, but many will not.
Just a note from someone who is an FTX customer.
I moved some of my crypto holding to FTX because I trusted them and Sam and wanted the profits from my crypto holdings to go to EA/FTX Future Fund. FTX have always told me my funds would be secured, I did not trade leveraged funds, so I’m the only rightful owner of that crypto and FTX has likely been using it to make money on leveraged instruments. This seems like fraud, and the optics of this for the EA community, and the already difficult optics of lontermism, seem to me like they will be very bad.
I’m priviliged, my holdings in FTX were 2% of my net worth (I enjoy following crypto) so I’ll be fine, but many will not.