Those are the equity investors in FTX, but it has been reported that there are about a million retail customers owed about 8 billion dollars. You might think they’re not “crypto people” because they sent their coins to a centralised exchange but if that disqualifies you then crypto people are a tiny and unimportant part of the cryptocurrency ecosystem.
Make no mistake, real people chose to purchase cryptocurrency and send it to FTX based at least partly on some pretty sophisticated marketing and endorsement from establishment figures. They will almost certainly lose that money. It’s definitely not just VC funds being burned here.
Make no mistake, real people chose to purchase cryptocurrency and send it to FTX based at least partly on some pretty sophisticated marketing and endorsement from establishment figures. They will almost certainly lose that money. It’s definitely not just VC funds being burned here.