Technology

59312 readers

4597 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

[email protected]

174

FTX execs blew through $8B — testimony reveals how (techcrunch.com)

submitted 1 year ago by [email protected] to c/[email protected]

18 comments fedilink hide all child comments

FTX execs blew through $8B — testimony reveals how::Sam Bankman-Fried and other FTX executives spent $8 billion worth of customer funds on real estate, venture capital investments, campaign donations,

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 18 points 1 year ago

how does an exchange determine how much money in usd and different cryptocurrencies to keep on hand to safely cover all depositors with them when there is such dramatic volatility in all the different cryptocurrency values?

If you move 1 BTC to an exchange, and you keep it in your account on the exchange, the exchange is meant to keep the 1 BTC on behalf of you.

They are not meant to do anything other than keep it.

An exchange is not a bank.

If the exchange takes your tokens (or fiat) and does anything other than what you ask them to do, they're not legit.