If you wonder how they are doing financially: https://www.ft.com/content/7587d510-894a-4b1c-8923-b9711e3ce4d1 "Shares in the largest US cryptocurrency exchange dropped more than 15 per cent in after-hours trading after the company reported net losses of $430mn, far greater than the $47mn expected by Wall Street analysts. Revenues, the majority of which come from trading fees, fell 35 per cent year over year to $1.2bn, missing analysts’ expectations of $1.5bn."
Wow. Simply, wow. Imagine IB stating, ,,In case of .... < > all of you holdings will be used to cover our liabilities" Kinda like a bucket shop, but even more outrageous. And we are talking about publicly traded company. $COIN https://finance.yahoo.com/quote/COIN?p=COIN&.tsrc=fin-srch
Its all a giant , obvious, disgusting scam, perpetrated by sociopaths masquerading as technodweebs TERRA 20 billion +++ gone in a week lol lets bring it ALL o zero , and move on with real life
Refco was a New York City-based financial services company, primarily known as a broker of commodities and futures contracts. It was founded in 1969 by Raymond Earl Friedman as Ray E. Friedman and Co. Prior to its collapse in October, 2005, the firm had over $4 billion in approximately 200,000 customer accounts, and it was the largest broker on the Chicago Mercantile Exchange. The firm's balance sheet at the time of the collapse showed about $75 billion in assets and a roughly equal amount in liabilities. Though these filings have since been disowned by the company, they are probably roughly accurate in showing the firm's level of leverage. Source Wiki.
Pretty hilarious O.P. keeps attacking crypto but doesn't acknowledge Dodd-Frank's "bail in" provisions allow banks to do the same things with depositer's money.
I use FTX now. They are private but I am not sure how safe my money is...risk is risk. safe is zero return with 8-percent inflation. P.S. anyone with a sizeable holding ($5000+) should use cold wallet - NEVER leave it on a trading platform.