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
TRACTOR PULLS: It's Not What You Think - Smarter Every Day 276
This is an absolutely preposterous tractor and it’s pulling [Music]. Something; all these people are in these stands to watch what’s called a tractor pull because it’s awesome. The winner is whoever pulls this sled the farthest before getting bogged down …
AP US history long essay example 1 | US History | Khan Academy
Okay, this video is about the long essay section on the AP US History exam. Now, you might also have heard this called the free response question or FRQ. I think it is officially called the long essay question, so that’s what we’re going to go with for no…
Feedback in living systems | Growth and feedback in organisms | High school biology | Khan Academy
So last weekend, my family and I went out hiking in the desert. And as you can tell from these pictures I snapped along the way, it was a gorgeous hike. We made our way to this lake around a small canyon range and up and down this mountain trail. Now, al…
Steve Jobs' 2005 Stanford Commencement Address (with intro by President John Hennessy)
[Music] This program is brought to you by Stanford University. Please visit us at stanford.edu. It now gives me great pleasure to introduce this year’s commencement speaker, Steve Jobs. [Applause] The chief executive officer and co-founder of Apple and …
How To Beat The Odds When Buying Stocks (Mohnish Pabrai: The Dhandho Investor)
[Music] So there’s been a lot of people trying to get into the stock market over the past year or so, and I actually just finished re-reading Monish Pabrai’s book, “The Dondo Investor,” which is a very good stock market book. But I’ve actually forgotten h…
Make Others Respect You | The Philosophy of Niccolo Machiavelli
According to Machiavelli, if you wanna lead effectively and live in glory, you need to follow three principles: Number one: the people must respect you. This means they fear you but don’t hate you. Number two: fear means fear of punishment. You must be …