"Four little crypto exchanges, going out to sea. Interpol followed one, and then there were three. Three little crypto exchanges, walking in the zoo. A big bear market hugged one, and then there were two. Two little crypto exchanges, sitting in the sun. One got liquidity crunched, and then there was one. One little crypto exchange, all alone. It went and left its bagholders hanging, and then there were none."
For some reason, your lyrics creeped me out. It reminded me of Freddy Kruger. The cadence below is how I read it and how it sounded in my head. Glad I don't trade cryptos!
This is really good sleuth work: "Here's what I think happened: - Alameda blew up in Q2 along with 3AC+ others. - It ONLY survived because it was able to secure funding from FTX using as "collateral" the 172M FTT that was guaranteed to vest 4 months later. Once vested, all tokens were sent back as repayment."
FTX and the people in-charge are the lowest of the low They still have not turned off deposits or provided a warning that withdrawals are halted so people depositing crypto assets or fiat are going to find out the hard way that they will lose most of it and may need to participate in a long bankruptcy proceeding I do not think Binance will buy FTX
The same is true for all stablecoins, Tether being the biggest fraud that propped up the markets. There was very little new money coming in the last 2 years. Most are aware of the fraud and SEC did a good thing as well by using it as one of the reasons to reject the ETF applications every month for the last few months. It only created loud voice in the BTC cabal as the fake money propped up the markets and they were looking to dump and exit on noobs. But most of it is just earlier investor vs anyone coming new and of course traders who couldn't care less but go with momentum.