THE COLLAPSE OF FTX CRYPTO EXCHANGE

Sometimes things don’t turn out as we planned and yesterday certainly was that kind of a day for me, with a power outage in our neighborhood that threw everything off schedule and out the window. So, this is the first #CryptoDevo for the week and we’re starting off with the latest developments in the FTX drama.

Last Wednesday we chatted about Binance backing away from the deal to purchase FTX. From what I can tell, the collapse of FTX happened suddenly, and it happened quickly. FTX filed for bankruptcy last Friday in a move that move had the cryptocurrency industry spinning, trying to figure out what went wrong.

CNN Business reports that FTX had a strategy of “revolving door hires” from the Commodities Futures Trading Commission (CFTC) and other places so that maybe he could use what they knew, leverage their influence, and have access to people in Washington DC who could help them to advance the agenda of FTX. Seems like this was a well-thought-out and strategized plan by FTX, to gain access and open doors.👀

Speaking to CNN Business in a phone interview on Friday, the CEO of crypto exchange Coinbase said that “people feel duped. On the surface, FTX was able to garner a lot of attention. But as people looked into it, the fundamentals were not there.” They’re also suggesting that this situation will probably roll out like it did with the Bernie Madoff scandal back in 2008/2009 and every day I’m guessing we’ll learn more.😳

Businesses that invested with FTX are now floundering, figuring out what to do next. One such company is BlockFi Inc., a cryptocurrency lender that is now also preparing for possible bankruptcy filings. They’ve already halted their customer withdrawals and acknowledged “significant exposure” to bankrupt cryptocurrency exchange FTX.com, the Wall Street Journal reported on Tuesday. Sigh.

If you had any dealings with FTX or had money/crypto on their platform, let me know - because one way or the other God is going to make sure that you are recompensed! Not only will you be recompensed but you will be restored! You’re not going to lose, only GOOD can come out of this situation for you! Let that be your confession over your life.

This isn’t the time to run scared, it’s the time to press in even more to what the Holy Spirit is showing you to do. If you remember, back in February this year, I began sharing what my Mentors were saying about what BTC was going to do, what we should do with our BTC as a result, and what could possibly happen after that. Well, here we are watching it all unfold!

We’ll chat more about this tomorrow. Until then, have a good one!🙏🏿

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.