
Not All Crypto Bros / Esmé von Hoffman
This Is Hell!
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Is FTX US FDIC Insured?
FTX propagated the idea basically that they were what's known as FDIC insured so we have a government agency that backs banks and says you know customers if you put in less than $250,000 and the banks collapses we will guarantee that you get your money back. Now this was a lie. And over the summer, FDIC caught wind of the fact that FTX US was doing this and sent a cease into this letter which is certainly a really excellent thing to do. But for those who had already put their money in under the knowledge that it was FDIC insured they were not notified that they're placing their money into these bank accounts that was a lying.
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