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
15 Ways to Create GENERATIONAL WEALTH
By the time 65 rolls around, only one in 100 people will be well off financially. 70% of wealthy families lose their wealth by the second generation and more so around 90% of families lose all wealth by the third generation. So, even if you make a fortune…
Example punnet square for sex-linked recessive trait | High school biology | Khan Academy
Hemophilia is an X-linked recessive trait that affects blood clotting. If someone has hemophilia, their blood has trouble clotting. If a carrier woman and a hemophiliac man have a daughter, what is the percent chance that she, the daughter, will have hemo…
Gradient and contour maps
So here I want to talk about the gradient in the context of a contour map. Let’s say we have a multivariable function, a two-variable function, f of x, y, and this one is just going to equal x * y. So we can visualize this with a contour map just on the …
What I Wish I Knew When I Was Younger
Welcome to beautiful Vancouver, British Columbia. This is actually where I grew up, just across that water. And I remember when I was a teenager here I wanted to be a film maker. And so what did I do? Well, I found a film director with a strange name who …
Introduction to Middle school biology | Khan Academy
Hi everyone! Sal Khan here and welcome to middle school biology. I have Iman Howard here who manages our STEM content. Welcome, Iman! And why should folks care about middle school biology? Biology is the study of life and so in this course, it really ans…
Shaping American national identity from 1890 to 1945 | AP US History | Khan Academy
[Instructor] In 1890, the United States was not exactly a major player on the world stage. It was an industrial behemoth, attracting immigrants from all over the world, but it was focused on its own internal growth, not foreign affairs. There was little i…