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I have not been following any crypto news POST mtgx and pulling all my crypto to local storage. What did this guy actually do? Did he mismanage funds or literal
by menomatter 2y ago
I have not been following any crypto news POST mtgx and pulling all my crypto to local storage. What did this guy actually do? Did he mismanage funds or literally took money from poeple and stashed it away?
- Flammy 2y agoHe let his private equity / investment company (Alameda) borrow unlimited customer funds via a software backdoor for various investments.
- ffsm8 2y ago(and lost most of it by "investing" in shitcoins, basically)
- __loam 2y agoDon't forget the part where they based most of their valuation on a currency they printed.
- deleted 2y ago[deleted]
- toomuchtodo 2y agohttps://youtu.be/KZYqL79GDXU https://youtu.be/KZYqL79GDXU Magic black box yield farming at 21:29 timestamp.
- Breza 2y agoAdditionally, they outright lied about things like their reserves. The website had what claimed to be a real time ticker showing the reserve level that was actually a weighted random number. SBF claimed that he fell victim to poor risk management, but the more investigators dug in, the more evidence they found that there was organized corruption.