Against the Rules with Michael Lewis Judging Sam: An FTX Victim Speaks Out
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Oct 24, 2023 Jake Thacker, a tech worker from Portland, shares his harrowing experience with the FTX collapse, revealing how he borrowed money to invest and lost it all. He discusses the initial thrill of cryptocurrency trading and the shock of the platform's failure, leaving him facing bankruptcy and uncertainty about his home. Thacker highlights the emotional turmoil of financial fraud victims and questions the justice system's ability to bring true reparations. His story sheds light on the human cost of crypto investment gone wrong.
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From Hobby to Investment
- Jake Thacker initially dabbled in cryptocurrency with small amounts, viewing it as a hobby.
- Later, realizing potential for larger gains, he increased his investment over several years.
Choosing FTX
- Thacker chose FTX due to its lower transaction fees, a crucial factor in his high-volume trading strategy.
- FTX's apparent legitimacy and rapid growth further solidified his decision.
First Signs of Trouble
- Thacker first noticed potential FTX issues through community chat alarms about limited platform access.
- Initial fears focused on a potential hack rather than the eventual collapse.