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
Big Short Investors Weigh In On The Banking Crisis (Credit Suisse - Michael Burry, Steve Eisman)
Hello everyone and welcome back to yet another episode of which major bank is failing this week! What a massive season it’s been for the show. We’ve had Silvergate on the program, we had Silicon Valley Bank bite the dust last week, it was all Signature Ba…
Showing a potential client our video wall at The Jet Business!
So, you’re going to earn a profit of a million. This video wall is the exact width and length of the passenger compartment of a G700 and a Global 7500, from the galley door to the LA door. We can compare every single airplane, full-size, GR section, and f…
what exchange students don't tell you
During my exchange year, I had a surgery, and here are the photos of that surgery. When it comes to exchange, there is something that most of the exchange students don’t tell you, so today I’m gonna spill all of the tea about student exchange. Hi guys, i…
Inaction Is A Slow Death
Thank you. Um. [Music] It’s hard to take action. It’s painful. Washing the dishes isn’t fun. Meditation can be tedious. Waking up early is hard. The discomfort we feel in the face of action often paralyzes us from doing anything at all. So we sleep in…
3 Sources of Water on the Moon
Is there water on the Moon? The obvious answer seems to be no. Because during a day on the Moon, which lasts 2 Earth weeks, the temperature on the lunar surface gets up to 123 degrees Celsius, which would be enough to boil away any water if the Moon had a…
Amazing Art and MORE! IMG! #49
Babies with beards and cups of warm kitty. Take it easy, because we are about to lose control. It’s episode 49 of IMG! Okay, whose legs are whose? And can you find the hidden scary face? If Pac-Man has a skull, it probably looks like this. And Informatio…