If they pull off a few more Justin Sun shenanigans, and force users to voluntarily take haircuts and write off 90% of the debt, then they’ll only need 1-2B to become solvent again. I thought creativity was a marketer’s expertise, turns out finance guys have it as well.
According to Reuters, SBF is seeking a rescue plan of $9.4b, including $1 billion each from Justin Sun, OKX, and Tether. Little progress has been made so far. SBF declined to file for bankruptcy and to appoint a restructuring adviser. https://t.co/00s3ODid8j
So users “voluntarily” accept a haircut, SBF gets to lower his debt to the users, new buyer snaps up remaining assets for cheap. Still wrapping my head around how users are getting played left and right by supposed “crypto leaders.” Justin Sun is not a savior, don’t be mistaken.
Isn't it illegal?
1/ FTX allows withdrawals only for TRX & TRC20.
2/ Users exchange assets to TRX to request withdrawals.
3/ TRX price goes up like 50x in FTX.
4/ Justin deposits TRX into FTX and sells them.
5/ FTX users sell TRX in other exchanges with a significant loss.
Radical transparency and genuine sincerity is what the crypto community wants to see. Hell, that’s how we should be treating each other as human beings anyway.
It’s exciting to finally bring Aptos to mainnet.
Acknowledged that it could have gone better. Building a decentralized protocol from the ground up is tough! Aptos is fortunate to have a fantastic community that's constantly evolving together.
Addressing some concerns below:
Our trailer for Taipei Blockchain Week is now LIVE! 🇹🇼
We’re giving away 1 VIP ticket 🧋
RT and tag a friend you want to visit Taiwan with 🤩
Super early bird tickets on sale now! 🔥
https://t.co/d49cBKm242
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1/🧵 Raydium is excited to launch the open beta for Concentrated Liquidity pools, contributing to the advancement of capital efficiency & ecosystem-wide liquidity on #Solana! 🤟
Find out more👇
https://t.co/ptTIZbjHUH
1/ We need to evaluate DeFi adoption through a new lens.
A new vocabulary for the space, a retro on the past, and a plan for domination in the future: [🧵👇]
The 3 types of DeFi adoptooors:
(A) Retail users (🧑🤝🧑)
(B) "Degen" users (🐳)
(C) Institutional users (🏦)
Web3 education needs to be obsolete if we want to ever get to mainstream adoption. Let’s break down those barriers and make web3 so easy even your (hip) grandma can use it!