FTX Files For Bankruptcy. SBF Resigns

GM Readers! It's Friday, and it's that time of the day when we update our mental database.

Today's selection:

• SBF Resigns, FTX Files For Bankruptcy
• SBF & SEC Conspiracy?
• Community Day
• Answer to Yesterday's Puzzle
• Bite-Sized News

SBF RESIGNS, FTX FILES FOR BANKRUPTCY

Looks like this hell-of-a-week in crypto is arriving at some kind of conclusions.FTX has just announced on Twitter two major updates.First: SBF has resigned. He's no longer the CEO.

Second: FTX has filed for bankruptcy in the US.

Before, SBF was seeking $9.4 billion from investors.

If every person alive today gave him $1… It still wouldn't be enough.

So other solutions were needed.

Therefore FTX has announced that it has reached an agreement with TRON for a credit line.

"We have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets," the announcement read.

But if only things were that simple. Here's how the pipeline of this process looks like:

In order to be able to do so… People have to exchange their assets for TRX and other TRON network's tokens. Only then they can request a withdrawal.

Everyone's doing so en masse. This results in Tron-based tokens' price surging.

For example JUST (JST) token's price increased by as much as 1000%. TRX price increased 5x.

And this is happening ONLY on FTX.

Once people manage to exchange their assets and withdraw them into their external assets… They're not going to be able to sell these tokens for the same price elsewhere.

It's like trying to escape a sinking ship. You may lose some of your belongings… But at least you've made it alive.

But such consolation is poor. Many are angry, and regard this as a rigged method of 'solving' the crisis.

But there's more shades of Grey in the whole NFT business.

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SBF & SEC CONSPIRACY?

The scale of the FTX collapse opened the Pandora box of rumors.

But there's one rumor to rule them all.

If this gets confirmed, then reality will be weirder than fiction.

The chairman of the SEC helping a crypto billionaire to acquire absolute power and influence over how the future crypto regulations will unfold.

That's not only wrong. That's straight up sinister.

And some facts look suspicious. SBF was one of the most generous donors for Joe Biden's presidential campaign. And this sentiment is widely spread:

COMMUNITY DAY

Okay. It's time for something uplifting. Here's the story of Vasav Trehan. A blogger, educator, content creator, and a programmer from India. He's already amassed almost 80k followers on his instagram. But here's the catch. Vasav's only 13-years-old.

Here's his backstory. When pandemic hit the world back in 2020, Vasav, 10 at the time, got stuck at home.

Vasav started spending his time 'glued on the phone', playing mobile games. Until a question popped to his mind.

'What makes these things work?', he wondered. And that's how his interest in coding, tech, and crypto was planted.

2 years have passed, and he's been constantly writing on his website Technifyed.com.

He's sharing tips, guides, coding-related hacks, career inspiration, reviewing apps, tech industry updates, plugins and all other stuff that other 13-year-olds definitely don't do.

Vasav's a great guy. He's just begun, but he's already got a motto: 'Simplify tech for everyone'.

What a great guy. BTW, he even made a video about us. Check it out!

ANSWER TO YESTERDAY'S PUZZLE

So yesterday we asked you to solve this:

And the correct answer is... 182.5Here's the calculation for it:1. 1500 / 48.9 = 30.67 2. 5.95 * 30.67 = ~182.5The $0.5 fee is not applicable since the funds got stuck in the exchange.

BITE-SIZED NEWS

• Ledger Live Experienced Downgraded Server Performance. Sometimes it's the people who underperform, sometimes it's the machines.
• SEC, DOJ and CFTC Launches Investigations Into Troubled Crypto Exchange FTX. It was only a matter of days.