yego.me
💡 Stop wasting time. Read Youtube instead of watch. Download Chrome Extension

Let's talk about FTX.


2m read
·Nov 7, 2024

So I've been waiting to talk about this since the situation seems to be changing every few minutes. But as some of you may have seen, FTX US has been a sponsor here on the channel for the majority of the year. Their international counterpart, however, FTX.com, has recently faced liquidity issues, disabled withdrawals, and because of that, I'm worried about the potential impact to FTX US.

I think it's pretty safe to say, as a result of that, I'm no longer working with them. Fortunately, as of right now, FTX US maintains that they're a separate entity from FTX.com. They're fully backed one-to-one and they're operating normally. In fact, you're still able to buy, sell, and withdraw as usual, although with everything going on, I'm not sure how much longer that's going to last.

So if you hold anything on FTX US, you could still take it out and transfer it to an external wallet or wherever else you please without any issue. Now, I really hope that I'm preemptively jumping the gun, that FTX US is fully backed, as they say, that there's not going to be any issue and everything will continue operating normally. I would love to be proven wrong, be overly cautious, and say all of this for nothing, but I'd rather be overly cautious to remind people to move their money off of the exchange, especially during a time where everything is still functioning.

Of course, this just comes as a huge shock because I've always been completely transparent about everything I do here on the channel and everything involving personal finance. So I feel like I owe it to you to explain the situation, what's going on. As much as I trusted the information that I was given, I was wrong, and I'm sorry. I trusted them, but in the end, their parent company was not forthcoming with all of the risks, this being one of them.

This type of behavior is not something that I ever would have expected, but if FTX US is at risk, I don't want anyone to get screwed. Like I said, thankfully all funds at FTX US are not impacted, and I pray it stays that way. I know just as much as you do at this point.

So after watching everything transpire outside of the US with FTX.com, I wanted to give you my full thoughts so that you're up to date. And again, I do my best to research and vet everything that comes my way, and this one I did not see coming. I've also personally used them as an exchange because of how trusted they were in the industry. I saw that they were backed by really big investors like BlackRock, Tiger Global, and Sequoia Capital, so I didn't think this was ever a possibility of ever happening, but here we are.

Everybody who watches the channel means the world to me, and I would not be here without you. So thank you so much for hearing this out, and I really hope this is all for nothing.

More Articles

View All
The Rainiest Place On Earth
[Derek] This is the world’s largest rainfall simulator, located in Tsukuba, Japan. Now, I know that it just looks like a warehouse with a lot of sprinklers, but this building is incredibly important. The science conducted here keeps tens of millions of pe…
Follow THESE Watch Brands For Your Collection | Kitco
[Music] And Jordan is still alive today. He’s not, uh, you know, he’s still with us. If you had to ask him one question, you had to ask Jordan today, what would that be? Well, I see FP quite a bit. We were at Watch Week in Dubai just a few weeks ago. I w…
From Broke To $500,000,000 (The Empire of Ben Mallah)
So I’d like to introduce you to the most loud-mouthed, over-the-top offensive real estate mogul you’re ever going to meet: Ben Mala. “I bought it because I’m a big fat [__] business, that’s what you worry about.” He is your true rags-to-riches story, hav…
How to Find the Right Mentor | Ask Mr. Wonderful Shark Tank's Kevin O'Leary
So my question is: how can a 22-year-old make himself useful or stand out to a business person that can perhaps take a risk to pull me along and teach me what are the skills and things you would need to see in a candidate to even consider teaching him? He…
The 19th Amendment and citizenship | Citizenship | High school civics | Khan Academy
[Instructor] We’re nearing the 100th anniversary of the ratification of the 19th Amendment, which says that the right of citizens of the United States to vote shall not be denied or abridged by the United States or by any state on account of sex. This was…
THE FED JUST FAILED | Why The Market Is Falling
What’s up guys, it’s Graham here. So by now, most of us have probably heard the phrase, “The Federal Reserve is beginning to crash the market.” Throughout the last few days, that has been the number one headline. The stock market began to sell off, crypto…