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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Has anyone else been following the FTX and Binance drama? The two companies were rivals and the Binance CEO tweeted some negative things about FTX which caused them to go bankrupt. My question is: isn’t this illegal? Did Binance cause a run on a bank, which is illegal? I have no stake I’m just fascinated by this train wreck. Billions of dollars just evaporated.[/quote] It is worse. FTX's partner comapny was using customer assets to fund risky investments. Total Sh&t show.[/quote] It sounds like every bank utilizing fractional reserves. Binance caused a run and there is no central bank to supply liquidity or FDIC/SPIC to insure account holders. FFX sounds like it was an utter and total fraud, but if they had done the same to binance first, I doubt binance would have been able to survive a run either. [/quote]
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