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GDLSCanadaOfficial t1_j28t6ow wrote

The issue isn't with crypto being a non backed asset.

The issue is that FTX stole customer deposits from their exchange and funneled them into their hedge funds (which then lost big time). Directly against their terms of service. And had zero collateral to back up these transfers.

SBF had a literal money making machine (fees from his exchange) and got greedy with it.

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