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
How Much Does a Shadow Weigh?
Hey, Vsauce. Michael here. And I’m sure that we all love to have fun with hand shadows, but how much does a shadow weigh? It might sound like a silly question, because it is. I mean, a shadow cannot be put on a scale and weighed. But the material that it…
Parallel resistors (part 1) | Circuit analysis | Electrical engineering | Khan Academy
In this video, we’re going to look at another familiar pattern of resistors called parallel resistors. I’ve shown here two resistors that are in parallel. This resistor is in parallel with this resistor, and the reason is it shares nodes. These two resist…
Schopenhauer: The Philosopher Who Knew Life’s Pain
When Arthur Schopenhauer was walking his poodle, he looked at the world with sadness. He saw humans and animals struggling to survive in a world they never chose to be in. And from the day they were born, the suffering only worsened as they contracted dis…
THE ULTIMATE STOIC GUIDE ON HOW TO BE HAPPIER IN LIFE | STOICISM INSIGHTS
Welcome back to Stoicism Insights, your guide to unlocking the wisdom of the ancients for a modern world. I’m thrilled to have you join us once again as we embark on a journey of self-discovery and introspection. Today we’re diving deep into the heart of…
Significant | Vocabulary | Khan Academy
Wordsmith, hello! We’ve got important work to get to, so I won’t keep you. The word we’re looking at in this video is “significant.” It’s an adjective. It means important, worth paying attention to, a large amount. Something can be emotionally significan…
YC SUS: Gustaf Alströmer and Eric Migicovsky discuss growth tactics
Exciting! Welcome to another week of Startup School. I’m joined this week by Gustav. You want to tell us a little bit about yourself? Maybe your background? Sure! So I work here at YC as a partner. I’ve been here for two and a half years. Before that, I …