I avoid cryptocurrency stuff, but this is too crazy.
The owner of a popular exchange #FTX had a separate entity called #Alameda that partakes in cryptocurrency speculation.
Allegedly, in attempt to either cover debt or to highly leverage their positions in #Alameda, the owner of #FTX moved _client funds_ from the exchange to the speculative entity without client consent. Worse yet, he likely used a freshly minted currency from #FTX itself as collateral for the transaction.
https://amp.theguardian.com/technology/2022/nov/12/ftx-collapse-missing-f
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I avoid cryptocurrency stuff, but this is too crazy.
@Decad3nce Every time I see cryptocurrency mentioned, it somehow always leads to a scam or to an uncovering of a huge scam...
@trinsec I feel the same way. I think that's just an inevitability of unregulated financial markets. It is inevitably going to attract bad actors.