[SERIOUS] FTX rumors & securing your crypto

I'm not a fan of spreading FUD or panic but this topic might be more serious then people think. Nothing has been really confirmed yet and it's a lot of rumors & speculations - yet better to stay up to date. We all know how fast crypto can freeze suddenly...

The background:

FTX is one of the largest crypto centralised exchanges and has a good reputation. The platform has been launched in 2019 and with millions of registered users trading over 300 different crypto currencies.

However, just today some drama dropped and it's getting worse every minute right now.

BINANCE Liquidating their FTT

https://preview.redd.it/ev51u913ley91.png?853&format=png&auto=webp&s=63c1a57f92ea830f28351a1196bdf7535660a685

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FTT token falling close to the lowest point of the year

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https://preview.redd.it/qb1r44qcmey91.png?885&format=png&auto=webp&s=e58ec2bd203d129f597816f5f68dc630c0b58070

others are warning as well:

https://preview.redd.it/3pkja2njmey91.png?865&format=png&auto=webp&s=dc47558bb8854fa0b737560897c0e46317189369

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https://preview.redd.it/ohd266ztmey91.png?867&format=png&auto=webp&s=6bb9a585fc8de3269bbf75da509fed9336edf12c

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But what exactly is going on?

First of all it's important to mention that Binance is also a big centralized exchange. Both are competitors / rivals. Keeping this in mind is important when it comes to bias around the entire topic.

a simplified TL;DR of the CURRENT situation:

1. FTX mints FTT and lends it to Alameda Research
2. Alameda borrows USD stables against FTX
3. Alameda send the USD back to FTX

The result is something called a "flywheel scheme"

https://preview.redd.it/kcx0r4uwney91.png?709&format=png&auto=webp&s=59448b37b838d37116627e21ac7c4a8287e9dbe9

The problem: FTX & Alameda Research seem to hold ~ 8 Billion in FTT tokens like that. The catch? The market cap is only 3 billion. 5 Billion could potentially be false reported money on their balance sheet.

TL;DR : It's a heated topic and all rumors but safe to say that something shady is going on in the background of FTX. Getting your crypto off exchanges that you don't need anytime soon is always the safest way to secure your funds. We are in a nearly year long bear market and it's safe to say that it'll continue through at least early 2023. Better safe then sorry!

Since this is an ongoing drama right now :

If anyone in this sub knows more about the current situation feel free to add anything but keep it serious and informative. It's a concerning topic and shouldn't just be ignored or not taken serious.