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
Why The $1 Electric Scooter Will TAKE OVER The World
And for all the young entrepreneurs out there, just realize that sometimes it’s the most simple ideas that often do the best. I think we have the natural tendency just to overcomplicate things because we believe the more complicated something is, the bett…
How Engineers Hack Cameras to Photograph and Study Sharks and Lions | National Geographic
[Music] [Music] Crittercam was an animal-born imaging device. It’s basically a camera plus a bunch of sensors for collecting scientific data as well as point-of-view imagery. This was the first HD Crittercam we actually made. We built that camera in like …
Power rule (with rewriting the expression) | AP Calculus AB | Khan Academy
What we’re going to do in this video is get some practice taking derivatives with the power rule. So let’s say we need to take the derivative with respect to x of 1 over x. What is that going to be equal to? Pause this video and try to figure it out. So…
Example reflecting quadrilateral over x axis
We’re asked to plot the image of quadrilateral ABCD. So that’s this blue quadrilateral here under a reflection across the x-axis. So that’s the x-axis, and we have our little tool here on Khan Academy where we can construct a quadrilateral, and we need to…
Warren Buffett Warns About Diversifying Your Portfolio
Hey everyone! In this video, we are going to listen to Buffett describe why he recommends serious and knowledgeable investors should ignore conventional wisdom and purposely have a concentrated portfolio of stocks. Make sure to stick around to the end be…
Alligator Moms Are Nature's Helicopter Parents | National Geographic
[music playing] NARRATOR: What would you do if you could not chew? Did Dr. Seuss write this script or maybe Roald Dahl? [singing] What would you do if you could not chew? Simple. You just thrash your food apart. Alligators go through 2,000 to 3,000 tee…