A controversial solution was shared to fix the FTX issue, which caught the attention of its creator, Sam Bankman-Fried (SBF). The solution eventually reverberated through the community, with many opinions opposing the action.
On November 6, 2022, the FTX token crashed due to concerns that the exchange had run out of money. To make matters worse, Binance CEO CZ publicly stated that he was going to unload his position in FTX Token (FTT), driving the exchange’s coin down further.
A few days later, FTX already announced that it had no money and filed for bankruptcy with the authorities. The case shocked the community, which until then had followed the growth of what became the third largest brokerage in terms of volume in the market.
With the collapse of FTX, now without credibility, miraculous solutions are starting to circulate to revive the platform.
What would be the way to solve the FTX problem, a solution that satisfies the broker creator?
Several FTX clients continue to experience astronomical losses with the Bahamas-based brokerage. Unhappy, they call for “miracle solutions” to try to save their assets by giving public pitacos.
One of the wonderful suggestions was shared by Ran Neuner, a Twitter user and cryptocurrency trader. According to him, it is enough to reconnect the FTX and issue new FTT tokens to all customers who have blocked funds on the platform.
According to him, the simple act would solve the problem and FTX could come back and become the largest broker in the world.
“Activate FTX exchange. Issue new FTT token. Distribute token to creditors/depositors. Collect 100% of profits for token holders. It will be the largest exchange in the world and users will be more than fully created.”
Seeing the suggestion, oddly enough, FTX maker SBF liked what he saw and said he hoped the current executives of the bankrupt brokerage would look into the alternative.
“I keep thinking this is a productive avenue for the parties to explore! I hope the existing teams will.”
I keep thinking this would be a productive path for parties to explore! I *hope* that the teams present will do so.
— SBF (@SBF_FTX) December 9, 2022
“Fraud or fraud,” say customers who didn’t like the suggestion
🇧🇷Let’s solve fraud with more fraudsaid one netizen which accompanied the SBF solution to restore the FTX.
Another netizen stated that given Sam Bankman-Fried’s experience with mismanagement, the suggestion is bad.
The speeches are just a few that echoed on “crypto twitter” and demonstrate the utter dissatisfaction with the solution proposed by the brokerage creator.
After the company goes bankrupt and the looting stops, Sam struggles with image problems. So nothing he talked about made any sense to his former investors, who hope to see him in prison.
“I still think rotting away in jail would be a productive way for the sides to explore! I hope the existing teams do.”
I keep thinking rotting away in jail would be a productive path for parties to explore! I *hope* that the teams present will do so.
— Farokh (@farokh) December 9, 2022
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
