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
Introduction to series analyzing income and wealth trends in the US | Khan Academy
Sal Khan here from Khan Academy. What you’re seeing over the next few videos are analyses of charts and data that are put together by The New York Times around trends in wealth, income, and income inequality. Our goal here is to give you extra context, e…
15 Things Slowing Down Your Journey to $1,000,000
You know, the first million— that first million is hard. The second is pretty much inevitable. To get to your first million, though, you have to become a completely different person. You have to become different from 90% of the world, and that climb is st…
Tenant Trashed My Property | What It Looks Like Now
What’s up you guys? It’s Graham here! So today is gonna be a really special video because what you’re about to see has taken six months to put together. This has really been quite the journey that’s about to come to an end. So for those who have not been…
The Worst Global Recession Is Here
Everybody’s talking about global recession. The World Bank, the IMF, there are a lot of questions in these reports and in this review that they issued today. The United States plans to impose fresh sanctions against Russia and China. What’s up, guys? It’…
The Jacobian matrix
In the last video, we were looking at this particular function. It’s a very non-linear function, and we were picturing it as a transformation that takes every point (x, y) in space to the point (x + sin(y), y + sin(x)). Moreover, we zoomed in on a specif…
Your Mass is NOT From the Higgs Boson
Twenty-one grams. That is the mass of all of the electrons in your body if, like me, you weigh about 70 kilograms. Now, all of the mass comes from the Higgs mechanism, which means that as your electrons are traveling through space time, they interact with…