My First Million Reaction To The Collapse of FTX and Sam Bankman-Fried
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Nov 15, 2022 The podcast dives into the shocking collapse of FTX, unraveling the chaos that ensued after Sam Bankman-Fried's downfall. They discuss the massive loss of trust in the cryptocurrency market, highlighting the fraud allegations that led to FTX's bankruptcy. Insights from social media reactions reveal shifting public perceptions. The hosts explore leadership failures and the troubling connections within FTX, while drawing parallels to past financial scandals that have shaken investor confidence.
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FTX Collapse
- Sam Parr had a $25,000 withdrawal pending on FTX, which did not arrive.
- FTX, once a leading crypto exchange, collapsed due to alleged misuse of customer funds.
Twitter's Role
- The FTX saga unfolded publicly on Twitter, with accounts like Autism Capital providing real-time updates, akin to TMZ's role in celebrity news.
- While sometimes inaccurate, these accounts often reveal crucial information early on.
Alameda Research Concerns
- FTX, initially perceived as a blue-chip company, faced skepticism regarding Alameda Research, its affiliated trading firm.
- Concerns about conflict of interest and lack of transparency arose, foreshadowing the eventual downfall.