Sing it Bon Jovi style for the Crypto Players that have given Crypto a Bad Name!!

No hopes for FTX customers to recover their funds - Sorry guys):

Right, I suppose FTX users should keep no hopes of recovery of their funds from FTX Exchange. Sorry guys):

FTX’s Depositors’ dilemma to make costly purchases of Tron assets to withdraw their deposits

Last article I wrote about a scheme FTX had announced on its website, about the possibility of depositors who own Tron assets - SUN, TRX, BTT, HT, JST being allowed to swap assets 1:1 from FTX to external wallets.

This was because Justin Sun put some amount of liquidity into the exchange and FTX and Sun entered into that pact.

Obviously, it looked like a scheme from which FTX can make money, as all those Tron assets were selling at a 70% premium in FTX exchange than market price. So, the market makers who have access to FTX’s order books would make money selling these assets at premium to desperate FTX users whose depositors are held hostage in the exchange.

So, insider trading and arbitrage trading may have been taking place there, and our Justin Sun gets publicity and buy volume for his assets.

Exploitation of unfortunate FTX Depositors forced to purchase Tron assets at Exorbitant Rates!!

400$ million funds just left the FTX exchange in an unauthorised fashion!!

However, things are worst than ever for FTX users… FTX’s Sam Fried Bankman is out of the picture as he stepped out as FTX’s CEO and FTX filed bankruptcy, yes yawns, it’s filed under the same Chapter 11 provision like Celsius did.

Then immediately 400$ million worth of fund outflows happened from FTX to external wallets with addresses of various crypto networks - Binance Chain, Ethereum, Solona. FTX had said it got hacked, but who knows it could very well be an insider job as well.

So, I feel FTX customers can abandon any hopes of recovering their deposits): …

Contagion effects of FTX’s collapse

No Relief for troubled Voyager that FTX acquired

However, matters are rotten for unfortunate FTX users, this FTX collapse has other contagion effects as well making things awful for users of other platforms.

In September. SBF, you know I mean Sam Bank Friedmen acquired bankrupt Voyager. Now, Voyager, well…what’s to say has not got any aid here, now that FTX that supposedly rescued Voyager has now abandoned everybody. Ha… Bankruptcy proceedings will be now on for both Voyager and FTX.

FTX had earlier won the bid where it was to purchase Voyager’s $1.4 billion worth of auctioned assets, now Voyager is to re-auction those assets again. Voyager is looking for bidders willing to acquire it.

It looks like FTX has Voyager’s auctioned assets for which it made a deposit of 5$ million in good faith, so Voyager is waiting for FTX to return back its auctioned assets…

Things are further complicated because Voyager has confirmed its exposure to FTX with 3$ million worth of crypto funds that are mostly in the form of SRM and Luna tokens locked in FTX’s contracts. So, Voyager’s Bankruptcy gets more heavy!!

More funds of Bankrupt platform Celsius wiped out due to FTX’s collapse

Hmmm… sorry Voyager customers, FTX customers but wait Celsius too has confirmed exposure to FTX with Celsius having given 13$ million undercollateralized loans to FTX accepting FTT coins as collateral(Ha… FTT coins!!). In addition to this, Celsius has 3.5$ million worth of SRM locked in FTT contracts… ohhh…

So, Celsius bankruptcy restructuring proceedings also get further heavy.

By now, one can also be sure Block FI too has exposure to FTX because it has confirmed that due to FTX collapse it is suspending user withdrawals. Looks like Block Fi acted before it faced the consequences of a bank run!!

Sing it Bon Jovi Style for the Crypto Players that have given crypto a bad name…

Source

Ouch… I am so compelled that this song of Bon Jovi be shouted out now with changed lyrics to express the sentiments of us swindled crypto investors.

It goes …

'Shout through the Heart and you're to blame

(Scoundrels) you give crypto a bad name…(instead of darling you give love a bad name)

I played my part, you played your game,

You give crypto a bad name…

You give crypto… a bad name… a bad name

(And then…)

Ohh ohh you heartless cheaters… (instead of ohh your a loaded gun)
No one can save me from the damage you've done…
Shout through the Heart and you're to blame

(Scoundrels) you give crypto a bad name…

Sorry all, that’s all I can say… I would like to shout that song out to Do Kwon as I was badly hurt by Terra-Luna collapse and other crypto retailers who lost their funds due to whatever malpractices done by other platforms be it Celsius, Voyager, FTX or Block FI may want to shout out the same.

All these scoundrels give crypto a bad name for sure..

** Thanks for reading!!**