1 Minute Video Summary
Transcript
This week, FTX signed a deal with BlockFi. giving FTX the option to buy them at $240 million. The big question here is are user accounts safe. And the answer is no one really knows. The majority of this mess is tied to the 3 Arrows Capital situation as they recently filed for bankruptcy.
And on a similar note, Major crypto broker Voyager Digital suspends trading, deposits, and withdrawals also blaming 3 Arrows Capital. Basically, you have a bunch of kids playing the blame game and taking no professional responsibility.
So why is this important to you and me?
The first reason, expect more cryptocurrency firms to be in the hot seat throughout the year.
Secondly, make sure you watch your balance like a hawk if you are crazy enough to leave it on any exchange.
The last reason, expect billionaire investors to buy these fragile companies for pennies. And making massive profits in the next bull cycle.
In the future, as this industry matures, expect to see a decentralized approach that separates and protects users. Enjoy your day.
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Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.
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