Jesse Powell

@jespow ↗

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Last Checked March 13, 2023

Created

Sun Dec 11 03:45:29 +0000 2022

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Jesse Powell @jespow

@JohnReedStark @TYonClubhouse Big red flag for me is that this seems to be more of an attempt at proving collateral rather than proving reserves. They even admit to be insolvent with regard to actual assets owed vs tokens controlled. The “collateral” accounting trick is exactly how FTX played solvent as well. — PolitiTweet.org

Posted Dec. 11, 2022

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Jesse Powell @jespow

@KyleLDavies What could the exchanges with lower counterparty risk have done to get your business? Or, we’re you at FTX for services that the long-standing legit exchanges were prohibited from offering? Why were you trading on FTX despite many red flags when there were less risky options? — PolitiTweet.org

Posted Dec. 11, 2022

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Jesse Powell @jespow

@zhusu @KyleLDavies Makes sense. Thanks for the color. Turns out, the liquidity was effectively a rebate out of the client funds. Was the liquidity too good to be true? Maybe hard to know but lesson is diversification across venues/custodians is probably worth paying a few extra bps here and there. — PolitiTweet.org

Posted Dec. 11, 2022