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
The president's bully pulpit | US government and civics | Khan Academy
What we’re going to do in this video is talk about what is often referred to as the bully pulpit of the United States president. It’s making reference to the idea that the president has a platform from which they can convince people, that they can convey …
Khan Academy Best Practices for High School
Hey everyone, this is Jeremy with Khan Academy. Um, thanks so much for joining us on this Friday afternoon or Friday morning, depending on where you’re calling from. Wherever you’re calling in from, you’re in for a special treat today because we have Matt…
Why the Smart Money is Buying Alibaba Stock
So we’ve talked about the business. We’ve talked about the risks. Now I wanted to explore why our super investors are buying into Alibaba. So if you’ve been living under a rock, in Q1 Charlie Munger and Monish Pabrai were buying. Then in Q2, Monash Pabrai…
How to Use Khan Academy's Free Courses for Texas Teachers and Students
To share valuable free resources with you today that I believe will not only benefit your students but also lighten your load as you manage the many decisions and tasks that come along with teaching nowadays. I really truly appreciate everything that you …
Example using estimation for decimal products
We are told that 52 times 762 is equal to 39,624, and then we’re told to match each expression to its product. These products, this is the exercise on Khan Academy. You can move them around so the product can be matched to the appropriate expression. So p…
What 300 DIRTY JOBS Taught Mike Rowe About TRUE SUCCESS | Kevin O'Leary
If I were in a seat, I’d be on the edge of it. All right, here we go. [Music] You are watching yet another episode of Mr. Wonderful. I’m not him; I’m just a guest. I might grow your questions; we answer them. It’s gonna be great. Hi, my name is Monty. I’…