Money Rehab with Nicole Lapin Introducing: Scams, Money, & Murder
May 2, 2025
Jake Thacker, a victim of the FTX collapse who lost over $200,000, shares his harrowing story of trust and deception in the cryptocurrency market. He discusses the emotional turmoil and struggles during FTX's unexpected bankruptcy. Thacker reflects on the dangers of misleading promises and highlights the critical need for accountability in financial practices. Listeners will gain insights into the complexities of crypto investments and the importance of advocacy for victims navigating a chaotic landscape.
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Jake's Crypto Investment Journey
- Jake Thacker started crypto investing during the pandemic, encouraged by friend communities.
- What began as a hobby with small amounts turned into a serious investment pivoting much of his portfolio.
Crypto's Market Relationship
- Crypto was initially marketed as a hedge against traditional assets but instead moves in lockstep with them.
- Exchanges like FTX functioned like traditional brokers but for cryptocurrencies.
Trust in Celebrity Endorsements
- Celebrity endorsements from Tom Brady and Steph Curry helped Jake trust FTX.
- He used FTX mainly as a temporary wallet, not a trading platform, to avoid high transaction fees.