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
What Actually Happens When You Are Sick?
There is this idea floating around that what doesn’t kill you makes you stronger. That surviving a disease leaves you better off. And it seems to make sense because we have all experienced this. When you go through hardship, often you come out more resili…
Introduction to integral calculus | Accumulation and Riemann sums | AP Calculus AB | Khan Academy
So I have a curve here that represents ( y ) is equal to ( f(x) ), and there’s a classic problem that mathematicians have long thought about: how do we find the area under this curve, maybe under the curve and above the x-axis, and let’s say between two b…
David Rusenko at Startup School 2012
Well, thanks for having me, guys. Uh, you can hear me all right? Cool. So, I wanted to start by just uh, going over the Weebly story a little bit, telling you uh, kind of how we got to where we got to today and some of the lessons we learned along the wa…
2015 AP Chemistry free response 6 | Studying for the AP Chemistry exam? | Chemistry | Khan Academy
A student learns that ionic compounds have significant covalent character when a cation has a polarizing effect on a large anion. So what are they talking about? So if I have a cation, so this is my cation, and then this is my large anion, my large anion…
Would You Bite Into a Raw Bison Liver? | Expedition Raw
What am I supposed to do with this? I am a white kid from Brooklyn, and I’d never been to an Indian Reservation before. Is this the liver? Take a bite. The bite like this. I’ll never… just like this. You all have to now. It’s completely sterile. There you…
Inside Japan’s Earthquake Simulator
This is the world’s largest earthquake simulator. It’s called E-Defense. Its huge shake table can support a 10-story building and then move it in all directions with the force of the world’s most destructive earthquakes. E-Defense has conducted more than …