FTX used clients money to take risky bets. Those bets lost as the market fell further. Many companies saw their assets grow as clients saw crypto gaining. Once the trend changed, companies problems started showing up. Tether is a stable-coin that aims to have parity with the USD. However, it has never been audited. Never keep your funds on an exchange unless you’re you’re moving cash in or out. Hold your crypto offline. This is non-negotiable.
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What’s Bigger Than FTX? 4:25
Elon Musk 12:47
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