Cobie

Cobie

09-11-2022

03:44

Arthur can’t do show today, am going back to bed. In my decade of crypto, think this exchange rug is by far the worst ever. Almost no time to react and lots of long-term and smart crypto ppl impacted by it.

When Gox happened, it sorta made sense. Everything was pretty new, when the rumours began it was very plausible. Every exchange that rugged in the past felt kinda unsafe to use pre-rug. I thought there was prob sub 1% chance of FTX insolvency.

As a reasonably paranoid long-term crypto user, even I held more on FTX than I have on any other CEX in history at times — thinking it “safer” than the old iterations of exchanges. After two blowups this year that I would’ve never bet on — maybe I’m just getting old and naive :)

The rumours for this blowup seem so egregious and unnecessary to me. I can’t imagine running an exchange that does mid 8 fig PER DAY in revenue and thinking “how can we leverage this for more?”. I can’t imagine risking a 40+bn business to try & get a multiple on client deposits.

The biggest exchange rugs of the past were incompetence or tech bugs. This one just seems to be…… just stealing customer deposits? Seems completely insane to me, but I guess now I am calibrated better on the extents ppl will go for greed. Cheers Sam.


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