FTX WIPEOUT

 

Massive disturbance in the Force. Sam Bankman Fried (SBF) was rolling the bones to the tune of billions, borrowing massive amounts of money from his crypto exchange FTX to pay for his hedge fund Alameda Research's trading. And everything else, including mega millions to the Ukraine > Democrat funding funnel.

Smart, and what was the collateral for the loans, the billions of dollars borrowed? FTX's native token FTT, which disastrously nosedived 75% triggering margin calls and FTX bankruptcy. The money, you see, just wasn't there. Is this a Lehman moment? I don't know, but I'll leave you with a helpful Day by Day infographic via Ed, widescreen it if you like:

Smart people are cleaning weapons, loading mags and getting ready to buy low. As always, my money's on the monkey.

Your Old Pal,

LSP

CRYPTO CARNAGE!

 

It's been a rough week for crypto. BTC's crashed to a wretched just over 16k, ETH's down to a miserable 1.2k and everyone's beloved DOGE sits and wags its adorable tail at a mere 8 cents. Wipeout across the board. So what happened? Several things, not least the collapse of the ponzi laundromat FTX exchange. Here's a helpful infographic:

Word to the wise, don't put more in than you can afford to lose and while you're at it, think about getting tokens off of exchanges and into secure wallets. That said and for what little it's worth, I'm long crypto and see an opportunity to buy at bargain basement prices, but caveat emptor, buyer beware. Do you dare reach out and catch the falling knife?

Money on the monkey and twice as fast, eh?

Cheers,

LSP