reply on: FTX had a $1.4 billion bitcoin liability (~ 70000 BTC) \ stacker news ~bitcoin

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10 sats \ 1 reply \ @siggy47 14 Nov 2022 \ on: FTX had a $1.4 billion bitcoin liability (~ 70000 BTC) bitcoin

I suspect they never owned them to begin with. They created fake wrapped bitcoin to trade without keeping the 1 to 1 reserves to back the wrapped bitcoin up.

20 sats \ 0 replies \ @whitecoatHODL OP 14 Nov 2022

and there were people trading wrapped BTC in the so called DEXes of solana which were only redeemable for real bitcoin through FTX exchange. what a shitshow! anyways good riddance!