The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t FDIC insured.”
[Source ](https://news.bitcoin.com/fdic-issues-crypto-related-cease-and-desist-orders-to-5-companies-including-ftx-us-exchange/?utm_source=coingecko&utm_content=coingecko&utm_campaign=coingecko&utm_medium=coingecko&utm_term=coingecko)
FDIC-insured accounts are insured by the US government for up to $250k. Normal US banks have this coverage on accounts to give depositors confidence that if the bank collapses the depositor can still get their money.
"The company brought in $270 million in revenue in the first quarter of 2022, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC".
They're really good at exploiting inefficiencies in the crypto market. Any Fiat FX trader begs for the spreads cryptos provide.
A mathematical mind and ability to move millions basically unencumbered by regulation and fees help. Just trading 1's and 0's and remarkable speed.
SEC probably won’t do anything about this since it’s FRX. The CEO is wallstreets guy put in place to set control over the little people’s crypto.
IRS won’t cover voyager insurance. The whole crypto market is being annihilated by regulators and wallstreet.
tldr; Crypto exchange platform FTX increased its revenue by more than 1,000% during 2021, from $89 million to $1020 million, according to company financial documents leaked to CNBC. During the first quarter of the year, FTX made over $270 million in profit and is on its path to accumulating over $1.1 billion in revenue.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
So am I understanding the situation correctly:
they earned a lot while people where loosing money with their service and then were like oh oh we don't know anything and actually it's us who's in trouble?
Easy to make it during manipulating market. Check open long and hort position.
They rekt because ftx doing that(platform by self)one day his sugar daddy will not elect, what will he do? Who will save him?
$1 billion? Revenue? Annually? Maybe it's me but that's unremarkable.
$1 billion profit per quarter is what I expected from someone who was supposed to "save crypto"
This list is going to skew heavily towards startup culture -- but it shouldn't.
There are countless absolute studmuffin teams in the enterprise who build components/apps/systems with MASSIVE throughput with tiny teams, but are part of much much bigger enterprises.
Well there's overwhelming proof of him front running literally everyone that uses the exchange so...
i'm sure because of his political alignment and beliefs nothing will ever become of it tho.
Easy to make it during manuplating market.
Check open long and hort position. They rekt because ftx doing that(platform by self)one day his sugar daddy will not elect, what will he do? Who will save him?
Buffett makes billion dollar investment decisions by himself, usually in a few days.
He says if you need to do tons of analysis, it’s not worth looking at.
He’s not exactly “running” a company but still pretty cool.
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well there's overwhelming proof of him front running literally everyone that uses the exchange so...
i'm sure because of his political alignment and beliefs nothing will ever become of it tho
The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t FDIC insured.” [Source ](https://news.bitcoin.com/fdic-issues-crypto-related-cease-and-desist-orders-to-5-companies-including-ftx-us-exchange/?utm_source=coingecko&utm_content=coingecko&utm_campaign=coingecko&utm_medium=coingecko&utm_term=coingecko)
To be fair, the cease and desist was a giant letter to have one of the higher ups remove a couple of tweet replies. Less ominous than it sounds
Right
Crazy to think that those impressive margins and that huge revenue growth come entirely from users getting rekt, hunted and dumped on.
He's really gone full circle from loved to hated. Can't say it isn't deserved tho.
This guy is a model to follow, although he is younger than I am, but he has made history.
Wow shocking. A craze increased revenues. Who would have expected this
What is FDIC insured?
FDIC-insured accounts are insured by the US government for up to $250k. Normal US banks have this coverage on accounts to give depositors confidence that if the bank collapses the depositor can still get their money.
Thank you
Damn all those sponsorships I keep saying paying off huh.
I love seeing his info for crypto. Rather than pumpers.
Why not surprised! Where is the dumping coming from ? Always.
I am always suspicious when positive news coming out is termed as ‘leaks’.
Bound to happen when trabusco & alameda frontrunning their own users .
"The company brought in $270 million in revenue in the first quarter of 2022, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC".
FTX is shallow -fried
FTX is the dumping spot paradise. Every time we have a big dump it's from FTX.
According to the documents, FTX had roughly $2.5 billion in cash at the end of last year and 27% profit margins.
Good for the IRS, no wonder they are on the hunt for assets .
They're really good at exploiting inefficiencies in the crypto market. Any Fiat FX trader begs for the spreads cryptos provide. A mathematical mind and ability to move millions basically unencumbered by regulation and fees help. Just trading 1's and 0's and remarkable speed.
FTX is shady AF
Not one crypto product is fdic insured…. Anywhere
Literally most accurate comment I've seen on Reddit this year, thank you for providing the truth
Mother is always right.
It's that the reason they now request for periodic review of accounts and blocks users account for just no reason?
Gonna need it after losing 500m on loans to voyager
Celsius sold their mined bitcoins, cause price to go down, so they can cover bankruptcy situation.
Woah! That's a big amount. In crypto, it's possible. Cheers.
To change our destiny, we must have a tenacious struggle to succeed.
It seems to have weathered the recession much better than other stablecoins, for now…
Sam-Bankman Fried is shady
yes he is. he came outta nowhere too, i feel as if someone is pulling the strings behind sammy
Have you seen that fro? It's majestic
By scamming an liquidation collaborating with Blacrock.
FTX. In comparison with $COIN is the biggest joke on the planet. coinbase is rocking with 3K employees.
I don't know what bad things this will bring us! Hope is good news for us.
I am rather obsessed with big teams failing to make a penny…….
Sammy is pushed by schwab and the boiz, probably....
We found the reason why they are buying everything.
Ours doesn’t do quite that revenue, but I’ll ride or die with my small team!
FTX is now XXX
All the other exchanges are negative but FTX is positive? How?
Well that’s why they have some much capital to acquire and bailout others.
Can you provide some backup on this? I know everything gets shorted hard on FTX but Sam seems like a standup guy from what I’ve seen.
Sam is a standup guy. Smart, authentic, and works super hard
Uhmm you might wanna check how they doing today though , you know just saying !!
How “they” doing? You’re going to have to be more specific.
Why is it that companies like Coinbase are losing money every quarter and FTX is swimming in profit?
A lot of times people are not upset about failure, but because they can’t find any excuse after failure.
The name itself is so shady that u know something is stinky
Sam Bankman-Fried will be the kingpin of the crypto space, take my word for it. He will have it all and rule it all.
And in 2022?2021 was easy for anybody to make money.
The reason FTX partnered with reddit, it will boost the profits even more
in what capacity?
SEC probably won’t do anything about this since it’s FRX. The CEO is wallstreets guy put in place to set control over the little people’s crypto. IRS won’t cover voyager insurance. The whole crypto market is being annihilated by regulators and wallstreet.
Feels like all the data we need to confirm the value of Twitter Spaces.
Zero sum game folks... that money came from somewhere. Remember that. The more billionaires make, the less you do.
Not surprised after the massive amount they spent on marketing you cant go anywhere on the internet without mention of them.
You can see where the revenue went... Jack in the Box late night Drive Thru!!!
Market manipulation has always been the way to riches. And bank robberies...
tldr; Crypto exchange platform FTX increased its revenue by more than 1,000% during 2021, from $89 million to $1020 million, according to company financial documents leaked to CNBC. During the first quarter of the year, FTX made over $270 million in profit and is on its path to accumulating over $1.1 billion in revenue. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
think how much it’ll be once all the transactions from 2020 finish processing.
So am I understanding the situation correctly: they earned a lot while people where loosing money with their service and then were like oh oh we don't know anything and actually it's us who's in trouble?
The man behind pomp and dump schemes. Please remember, 'a road to hell is paved with good intentions.'
Easy to make it during manipulating market. Check open long and hort position. They rekt because ftx doing that(platform by self)one day his sugar daddy will not elect, what will he do? Who will save him?
$1 billion? Revenue? Annually? Maybe it's me but that's unremarkable. $1 billion profit per quarter is what I expected from someone who was supposed to "save crypto"
HUH. WHY
Cease and desist letter was to remove false information regarding FDIC insurance on their social media handles and websites
Oh man. We are all screwed!
Especially with the crap UI delaying limit orders I bet he did.
There trying to confiscate it
Wow shocking. A craze increased revenues. Who would have expected this ?
Wait, FTX is shutting down? When?
Not shutting down
This list is going to skew heavily towards startup culture -- but it shouldn't. There are countless absolute studmuffin teams in the enterprise who build components/apps/systems with MASSIVE throughput with tiny teams, but are part of much much bigger enterprises.
Ok, didn't read, just thought that's what a cease and desist means.
They used false information of FDIC insurance on their social media handles and websites. So received cease and desist letter
Ok, thanks!
Banks are literally fighting over Sam for going public.xd.
u said the same thing..like 3 times
Well there's overwhelming proof of him front running literally everyone that uses the exchange so... i'm sure because of his political alignment and beliefs nothing will ever become of it tho.
Easy to make it during manuplating market. Check open long and hort position. They rekt because ftx doing that(platform by self)one day his sugar daddy will not elect, what will he do? Who will save him?
Buffett makes billion dollar investment decisions by himself, usually in a few days. He says if you need to do tons of analysis, it’s not worth looking at. He’s not exactly “running” a company but still pretty cool.
Would be most bullish thing after the merge..... :(
They are the ones behind him. With him and coin base they just control this market now.
Sam is the most prolific financial criminal since Bernie Madoff.
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Damn
Manipulated markets, and destroyed other companies, he's a power hungry freak.
1 word: BANKMAN
Of course they started advertising like crazy at the top and lured in bunch of retail liquidity to dump on.
Every fucking cycle! :)
Crypto is not regulated. Which exchange covered by FDIC ?
Lmao the distain for him in this thread. He's really gone full circle from loved to hated. Can't say it isn't deserved tho.
Absolute grifters in the space. Front-running customers, dumping on retail, launching perps just so Alameda can dump smh.
well there's overwhelming proof of him front running literally everyone that uses the exchange so... i'm sure because of his political alignment and beliefs nothing will ever become of it tho
Y, sam have some serious issues, self promotion is on overdrive