Categories: Business

Like rats fleeing a sinking ship . . .

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FTX Group has filed for Chapter 11 chapter within the US. That may imply purchasers are pushed to the again of the road as unsecured lenders — except they’re among the many accounts that appear to have circumvented the asset freeze to withdraw cash up to now day.

The group’s submitting will include around 130 FTX subsidiaries out of the agency’s huge org chart. The Bahamas’ securities regulator introduced Thursday it will freeze FTX’s property, and FTX’s worldwide alternate has had withdrawals frozen since Tuesday.

However there have been loads of rumours about accounts utilizing workarounds to get their money out of FTX, earlier than they’re compelled to compete with different lenders for no matter is left over.

And what are you aware? One account was withdrawing hundreds of thousands of Tether from FTX in public blockchain transactions till about seven hours in the past! And it did so with an account that has interacted with Coinbase, which is a publicly traded US firm with fairly strong “know your buyer” rules. Looks as if a reasonably questionable technique legally, given every thing that’s occurring, however who is aware of!

One other fascinating word: Some of us on Discord have been providing to purchase customers’ FTX accounts for cents on the greenback. Some larger Twitter accounts additionally publicly broadcast their requests to purchase customers’ accounts.

Is that this the democratisation of distressed investing? Or a decentralised rug pull?

UponlyTV’s Cobie has a nice round-up of the way it may have labored. And hey, there’s some excellent news for the digitised-beanie-baby set — appears to be like like FTX’s NFT market stayed unfrozen for some time, which may have allowed customers to get cash out:

https://twitter.com/cobie/status/1590977412732710913?ref_src=twsrc%5Etfw” target=”_blank” rel=”noreferrer noopener” data-trackable=”link

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