From $32 Billion to ZERO in 24 HOURS | FTX
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- Опубликовано: 20 июн 2024
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On November 2022, Binance CEO Changpeng Zhao put up a tweet on Twitter that his firm Binance intended to sell its holdings of FTT, FTX's token. As soon as he put up this tweet, he moved all his FTT out. Then the market started panic selling. C.Z's tweet literally caused the entire market to panic sell, crashing FTT and making FTX insolvent. Basically they couldn’t process withdrawals anymore because they didn’t have enough cash if someone gave them tokens. In 2021, FTX raised $900 million at an $18 billion dollar valuation from investors like Sequoia Capital. When Binance invested, they did not believe that FTX would become this big this quickly. Now the competition was heating up. And Sam Bankman-Fried, well, with more and more fame, Sam became the Godfather of crypto. He started saving crypto companies that were going through problems to “save the space”. You see, crypto was going through customer sentiment being hurt by lots of scams and shutdowns, and lot of customer money was lost when an exchange shut down
00:00 - Intro
1:40 - Story of Sam Bankman-Fried
2:50 - Traditional World Vs Crypto World
4:17 - How FTX Raised $900M From Top VCs in the World
6:13 - Lesson#1
7:39 - Lesson#2
9:44 - Lesson#3
11:47 - Lesson#4
13:35 - Lesson#5
Couple of corrections:
1. Wecrashed is on AppleTV not Netflix
2. tweet date was not Nov 22, that was a proofreading error
3. zerodha is not an exchange they are a broker, we meant that liquidity questions on the wallet can still exist
4. Last thing is that the correct word is token reserve. To make things simpler, we said cash reserves instead of token reserves. When we said that FTX didn't have cash liquidity, we not only mean FIAT, we also mean token liquidity. It was easier to explain it as cash liquidity since that's something people can understand easier. Here is the asset balance sheet if anyone wants further reading: www.ft.com/content/0c2a55b6-d34c-4685-8a8d-3c9628f1f185
Another thing... contextually an American accent would have made more sense for the skits. Instead of whatever it is you guys used. Or no accent. That works too.
@@RoktimBhattacharjya811 exactly not
Few more errors - Robinhood is not an exchange, what sam did for them is not "saving" and it was a pure investment in the broker-dealer.
Also - you missed out the point that Alameda was actually took a loan from FTX. The loan was made up of people's deposit in the in FTX..... that's why FTX was not able to cover up for the massive selling. It's not about solvency, it's more about holding 1:1 of customer deposits.(Technically a bit different).
The issue is not CZ selling FTT and using his influence(although wrong). The issue is the exchange not holding 1:1 for customer deposits
Good that you came up with corrections fast, clear and organised.
You should pin this edited comment
I'm a noob in these complex topics but the way you guys make complex topics easy and funny is really appreciable.
Also, it seems scary that a single tweet from an influential guy can literally make you go broke within a 24 hours and you can lose everything you made so far !
By the way, missed the funny skits and song you guys make after every ep!
There is nothing complex a bunch of guys create a digital number and say that each number is valuable as much as x of real money. and some fools are believing in it without a real value backing the random digital number
1 Week Story in 14:21 minutes with this much clarity, Amazing 👏👏👏👏👏
Incredible how you guys pulled this off so fast. This is the content youth needs to absorb. 1M soon ⚡
I agree
youth needs to absorb 😑
1) It is beyond me how you guys covered this topic with such an amazing video in just 3 days.
2) This is the biggest reason why I use exchanges just to buy the crypto and then transfer them to metamask. Remember folks; not your key, not your token.
If you are that smart, you wouldn't have invested in cryptos in the first place. Remember folks, no earnings, not your money.
@@harikrishnanchandramohan4209 True as well! For now, it’s is as good as gambling.
Let’s see what the future holds.
new scam
@@harikrishnanchandramohan4209 Could you have said this back in 2020-2021?
@@harikrishnanchandramohan4209 Ikr, crypto isn't a place full of ponzi schemes, the entire market is a ponzi scheme.
Aevy is truly a vibe
This was very knowledgeable case study as always .
I remember me and my friend, both were discussing about the crypto and whole decentralisation thing, about when the *Doge coin* had become a thing . I just recalled a line from our conversation back then while watching the video :
*Decentralised market dikhta hai ke sab log eksaath chala rahe hai lekin asal mai wo market un logo chalane waale chala rhe hai*
Translation: *Decentralised Market seems to be controlled by people ,but it's actually controlled by the people who control the rest of the people*
Nope, the decentralised market is actually controlled by the people who created that decentralised platform.
@@chaz-e this! The video is in reference to centralised finance ( exchanges, hedge funds, etc)
I really enjoy this channel and the quality content that you guys produce together, you all are very underrated.
I know for sure that this channel is meant to blow up very soon so I hope you guys keep pumping out this type of content !
constructive criticism,, you should explicitly mention at the start of the videos that the skits are purely fictional and not the true facts cause some people might misinterpret those skits as actual facts sometimes, for example, in this video's skit, the guy playing the role of FTX said "you will earn 100x returns on all your investments" which wasn't what FTX offered from what I can recall so yeah it can be misleading !
I still can't believe how fast you guys covered this topic!
Clear and concise with no bs 🙌🏻
You guys are really awesome 👍. Explained a complicated topic so simply.
You're editing, thumbnail and storytelling is pretty much on point! Nice work !
Always giving informative content in best way possible ❤️
Aevy is a vibe 🙌🏻
This was extremely helpful in understanding the situation. Great Video!
Please make a video on MLM scam, and cover the point ~ economy depend on exchange and creation of value, and there is no such thing in that ponzy scheme.
Yeahhh please
Yes, it's about time! And make it long form of 14-20 mins. So people can really begin to smell the bs
This is just unbelievable clarity! Great work!
As developer who is writing smart contracts, working with teams to build various decentralized protocols. People like SBF evil and selfish, makes it difficult to convince our parents to work in this industry.
Yup, that’s what makes it sad
Do you make good money in the industry as developer?(asking because I want to break into it )
Very informative. Thank You
You all come up with this set in just 3dayd with this kind of video production. More power to you all. Aevy tv is a vibe.
am a regular viewer. Love the work. Keep up the quality, u will go very far
This is amazing stuff! Loved the efficiency 🌟🙏🏼 would love to see how you guys research and script your videos❤
In short span of time you have made such good video and editing, kudos! 👍👍
You guys are fast! Lots of efforts in this video. Amazing
extremely nice video, I can see the amount of effort you guys have put in this. Well done Aevy TV
Best channel for being Consistent and Case Studies ❤❤❤
Great advices, thanks so much 🙏🏾
Love your videos man!!!! . I just wait to watch one more
Keep it up!!!🔥🔥🔥
These Keep Getting Better! My New News Scource
what a explanation mere bhai...😍
congratulations for 200k( in advance😉)
People say that quantity is inversely proportional to quality but you guys are a good example to prove them wrong ☺️
Love you and your content 💓♥️💓
I watched this covered by coffeezilla but man your way of explaining and covering these complex topics are out of the world it's like something I'll remember to tell my friends and bros about at evening walks
Edit: You'll are so fast in giving hearts Aevy it's not even 24secs since I posted this cmnt 😂
Edit2 - Didn't knew hearts get removed after editing cmnt 😂
I like the thumbnail 💯 💯💯 It's inch perfect..plz don't change
Mind Blowing, very well explained concisely in a limited time. Loved the efforts of Aevy Team ✨💖
Glad you liked it!
@@aevytv Thank you for the knowledge you are providing in an entertainment way.🤩
Most underrated channel fo sure man
Amazing case study!
I am still amazed how much effort you guys are doing to make the knowledge more interesting and funny . Loving it man
Please keep it up guys
Thanks! Will do!
Thank you for the amazing info !
Very informative..Thanks
I lost 410$ which I was holding in FTX, I had too much trust on FTX as it was my fevorite exchange.. anyways, I got my lesson.. over trust is always dangerous..
Btw love your content AevyTV. Keep it up..❤️
FTX tokens or other coins/tokens in FTX exchange??
Make it a point to split your holdings and store them in different exchanges and wallets. That way you can never lose all your holdings. Also, I never thought LUNA and FTT could go to zero but here we are. Solana seems to be going down hard as well now without the help of Sam bankman. BTC and ETH are the only constants.
you can only trust when you hold the keys. always hold a private wallet with keys.
@@varunv8403 yes, luckily I had not stored my whole fund in FTX, I had divided my fund in 3-4 places. I never had imagined that exchange as big as FTX which is also sponser of T20WC 2022 could go bankrupt in just 24 hours.. well, I got my lesson.. never trust on something blindly.. :(
@@tejapraveengummala5333 No, I never bought FTT token, I had 410$ USDT in my FTX account.
Lot to learn from this thanks for making such content keep it up guys👌
Mai toh aevy-aevy aevy-aevy lutt gya😂😂
No , seriously you guys are doing great job
Thanks for making video on this topic
Great content. Topic made so easy
Damn, broke it down so well and explained with clarity!!
I am *amazed* how you have created an quality video within 2 days 💀
So good and so nicely explained. Hats off👍👍👍
Finally trending things in content! Go aevy tv!!!
Last 30 sec was just even more than true❤️❤️🔥🔥 quality video team
Great videos! Very informative! Keep these videos coming!
great information & explained it very well. thanks for this
This was a great one guys.
Such a complex topic yet explained in an understanable way
So fast you guys acted on this news !! Incredible work. 10Million subs coming ❤️
Top notch.. keep it up
Excellent explaination 🔥
in my opinion this is the best video from this channel
aevy is a vibe
What an informative and insightful video!
Mind blowing guys . Keep going ..
The thing about FTX was that they ran it like a bank and used the assets of it's users without their permission. In crypto, usually it's expected that the exchange is a custodian and keeps the funds of users as is unless mentioned by the exchange in their t&c. Many exchanges including FTX provide additional features which allow users to lend/stake etc to earn interest on them. Only in this case are the user funds used by the exchange and is exposed to the risk undertaken by it in return for interest. FTX wasn't transparent about what it was doing with user funds and misled everyone.
There was probably a lot more going on behind the scenes which may or may not come out in the public given Sam's political ties.
Yes, this video is brilliantly made but kind of paints CZ as a villain. CZ possibly took advantage, but it was SBF who messed things up by operating illegally. I think the news on his Ukraine's donations and possible money laundering to help a specific Political agenda also added fuel to the fire.
Enjoyed the sketches so much 😂🔥🔥
Aevy is a vibe 💫
Love your content Aevy TV ,may you reach 1 million ASAP.
Most needed content of the hour.
This is probably the biggest scam in the world. Kudos to the team for their hard work and Varun Sir for taking the lead.
The content is pure gold man the you are explaining, editing,presentation and all those acts everything top notch.
I would like to appreciate your videos and the way u present every topic.
The way you make videos to send out the message is incredible!
wow, hats off to the information provided in such a simple way. You guys did a great job, keep it up.
Thank you! Will do!
Thank you! Will do!
Great content! Plz make more videos related to crypto, blockchain & decentralization.
From day 1 i knew this channel deserved 1 million subscribers.
Amazing Presentation...
Loved your efforts ❤️
Hats off to the entire crew❤️
very well said!
The consistency and quality of Aevy📈📈📈📈📈
Wow ! Totally amazing very well explain varun and team with such beautiful presentations
Aevy will reach 1M before Mid 2023 ! ⭐❤
Brooo you are literally coool
I am student doing MBA( kidding preparing for jee)
I just wanna meet your team
Now that I have watched aevy tv at night... I might get a beautiful day tomorrow.👍
Love Your Channel ❤️
Just found out your channel and it is amazing. I can learn so much from your videos 🤩😇
Wow man, surely you guys will reach great heights for the work you are putting for all of us
Awesome! It is very interesting to watch this vedio
Very good video explaining how this happened. Being cautious I hold cash maybe not right for everyone but right for me.
Great content!
Aevy is vibey 😎
Namaskaram 🙏🏾
Incredible to see the efforts you've put in this video. ❤️
Quality content and quite in-depth analysis in crypto area, keep it up guys! 🚀
Very good content.
Great video🔥🔥🔥
Great work
Best explination on the topic.
I will give 10 out of 10 for your complete explanation . 👍
You guys doing great job with in dept analysis.
It is a great video man. I love this channel😇
Education in most entertaining way 👍🏻
Excellent explanation, you should make more vids exposing such types of scams. Great work aevy.
What a piece of art 🔥
Hello aevy tv I am Trisha, now I really think that Varun mayya and aevy tv team has to be featured on shark tank's next season.I JUST GUESSED FTX TO BE YOUR NEXT VIDEO.!!!
Pushing the algorithm ❤️❤️
Yay new video
Most underrated channel
Kudos for your efforts
loved it
Amazing video