this post was submitted on 02 Nov 2023
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They didn't make their own crypto coin.
I remember finding them in a list where they offered something like 8% interest if you deposited your bitcoins with them which was still fishy as hell. It looked like a sweet deal but I wondered how they managed to do that sustainably. I guess the answer was "they didn't".
I think you're thinking about Celsius. SBF absolutely had his own coin, and it is tantamount to the whole FTX collapse. Their competitor owned a shit load of it, it was called FTT iirc. He then just decided to tweet out that they were selling all their FTT, and then everyone started selling FTT which started a run on the token.
The company also pumped FTT and other tokens value through their hedge fund Alameda research. The man deserves every last day of sentencing.
I think you're right. I must be mixing up all these crypto-based scams.
It's almost like crypto itself is one giant Ponzi scheme?! Forget I said that. It's tHe FutUrE
Also, be glad you didn't put money in Celsius. I have a friend that did for the interest that they were offering. It worked... Til it didn't. He lost $50k.
Yet people do the same thing with literal U.S. dollars and we think nothing of it when banks lose billions gambling our money in the stock market. 🤔
Or open credit cards in their customers' names without their consent.
Or tear down whole economies with no consequences. Or take almost complete control of the housing market and turn Americans into serfs. Or...
Strange, that that fat fuck is only being held accountable because he used bitcoins to do the same things banks do on the regular. Strange indeed...
People absolutely think something about it when it happens, and hell sometimes the government even does something about it (as demonstrated in the article you linked). Just a whole lot of us would argue they don't do enough about it.
I'm not actually defending Sam Bankman-Fried. I'm pointing out the obvious hypocrisy in the system. Both that fat fuck and actual bank execs need to waste away in prison cells.