The collapse of a cryptocurrency trading firm may have cost more than one million people their money. Some had big chunks of their life savings disappear into a black hole. 'It feels like someone stealing your money, It feels like theft.'
Jake Thacker in Portland Ore. had about $70,000 worth of investments in his account on FTX. He may have lost it all.Jake Thacker in Portland Ore. had about $70,000 worth of investments in his account on FTX. He may have lost it all.FTX spent big money to make trading crypto popular and gain people's trust. The company had an arena in Miami named after it and aired scores of TV commercials with superstars like Tom Brady and Steph Curry.
It was because the FTX trading platform itself imploded. Sort of like if you were investing in stocks using E-trade or Schwab or Fidelity and the company said"oops, sorry we're declaring bankruptcy and you can't withdraw your money." He says he had $16,000 worth of paychecks still in his account on FTX when it imploded. At 33 years old, he says that was about half of all the savings he had.
Thacker is 40 years old and works in the tech industry. He's traded crypto for a couple of years. He says he started out cautiously, got advice from investing groups, and managed to make about $200,000."I went in, looked at where some of my account balances were, it didn't seem to be right," Thacker says."Everything was frozen, there were all kinds of error issues. I was definitely in freak-out mode.""I got my lawyer involved," Thacker says.
"The company is short $8 billion dollars," Gerstein says."And there's only two conceivable categories of explanation for what happened to that $8 billion. The first is they traded it in speculative investments and lost it."There's also this. There are also reports that hackers may have stolen several hundred million dollars of customers' money amidst the frantic wave of customer withdrawals.
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