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 6 Money Mistakes That Keep You Poor
What’s up guys, it’s Graham here. So here’s the deal: it was recently found that Millennials were more stressed about money than any other generation. They also have more financial regret than any other generation, and over half are said to be reduced to …
15 Ways to Get Rich in the New Economy
People used to get rich because of oil and big industry. You had to employ thousands of people to be one of the select few that service the population in order for you to become wealthy. But now, things have changed. The way the economy works has changed.…
WATER BALLOONS in SLOW MOTION - Smarter Every Day 24
Hey, it’s me, Destin. So, um… We got a hairbrained idea and we came to an art festival… It’s not really an art festival, it’s a festival, here in Alabama. We’ve made art with bullets and tried to sell it. So this is what we’ve got. We’ve got a bunch of a…
How to reduce test prep anxiety: 3 tips from Sal Khan
Here are my tips for reducing stress around taking important tests. Tip one: Build a habit of practice. Building a habit of practice is super valuable. I know I’m guilty of myself sometimes; I get so caught up with something or I’m stressed about somethi…
A New History for Humanity – The Human Era
Humans have existed for millions of years, as part of nature. But then, something changed. And in an incredibly short amount of time, we terraformed this planet and designed it to fit our needs. As far as we know, we’re the first beings to awaken and comp…
Lunch On Board The Hot Tuna | Wicked Tuna: Outer Banks
We’re bite chasers today. The strategy today is going to be tackle the guy with the ball. If we hear someone’s marking or someone’s getting bit, we’re beelining right for them. Right now, the clock is ticking. Whoever’s on the meat is getting mugged today…