|$740M in crypto assets recovered in FTX bankruptcy so far24-11-2022 11:07|
NEW YORK (AP) — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company's coffers.
Seems like FTX was the only crypto owner, the account owners only investors, and never actually owned any of the coins they thought. Crypto is actually only a bank account number. The 'bank' uses your investment, as it's own, not to mention steal your investment with transaction fees, and devalued exchange rates. The scam is in making investors believe they are actual owners of something more than account numbers, with no content. What the are really buying is shares in a fund, which is really just a cash pool of all the products the exchange offers. The exchange uses that pool anyway they want or need. Long as there is no made rush to cash out by investors, they have enough cash on hand to keep the appearance of doing good business. Long as they don't get greedy, and steal too much, or take huge risks, they shouldn't fail. But, with any business doing well, with a huge pile of cash to play with, why not take bigger risks, for bigger payouts.
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