SG Talk

Jacob* was immediately intrigued with cryptocurrencies and digital assets when he first heard about them as a teen, but only found time to learn how to trade during lockdown in 2020.

He quickly built up a decent sum, mostly using Binance – the world’s largest cryptocurrency exchange. But government regulations introduced last year limited the services Binance could offer Singaporeans, so the 26-year-old decided to shift his money to another exchange, FTX, a platform with around one million users.

On Nov 8, he noticed that something was wrong as major institutions began unloading their holdings of FTT – native cryptocurrency tokens used on FTX.

But management trainee Jacob was unable to withdraw all his $50,000 before FTX collapsed and filed for bankruptcy.

“I happened to have my money in the wrong place at the wrong time,” he said. Imagine having S$50,000 in [a bank] and then suddenly you don’t any more, not because you bought the wrong stocks, but simply because you left your money in there.”

Last week, in mere hours, he lost almost his entire savings when FTX saw a huge sell-off triggered by a tweet by rival Binance’s CEO Zhao Changpeng, announcing the firm had decided to dump all its FTT holdings.

The tweet sparked an investor exodus from both the token and the exchange. An FTT worth US$78 in September 2021 fell to around US$24 before the tweet, and less than US$2 (S$3) this week.

More at https://shrtco.de/KLkisl

Why bankruptcy ? I see no reason for that.

Losses... yes !!

Where he file? Like to understand how he do ...

Just a 50k loss is enough to file for bankruptcy?

He can just do a few balance transfers and pay off slowly. Bankruptcy is for the big boys, not a small boy like him.

Bankruptcy is a rich man game.
Trump bankrupted 6 times.
He used this tactic at his advantage to make him a winner eventually and became US president some more.

https://www.washingtonpost.com/politics/...six-times/

(20-11-2022, 10:26 PM)Niubee Wrote: [ -> ]Why bankruptcy ? I see no reason for that.

Losses... yes !!

I also dont understand.
不是你想要破产就可以破产。

(20-11-2022, 10:22 PM)pinkypanther Wrote: [ -> ]“I happened to have my money in the wrong place at the wrong time,” he said. Imagine having S$50,000 in [a bank] and then suddenly you don’t any more, not because you bought the wrong stocks, but simply because you left your money in there.”

The real story is unfortunately this boy, Jacob, appears to have learnt nothing from this saga.

Instead of recognizing his mistake in investing in something that was built solely on speculative mania without any legal, financial or asset backing, he attributed his wipe out to plain bad luck. He has also learnt nothing of the financial markets as evidenced by his ignorant comparison of his predicament to that of losing a deposit placed with a bank.

He is a prime target for the next round of fraud and speculative mania in a few years' time if he doesn't wake up his idea.

(20-11-2022, 10:26 PM)Niubee Wrote: [ -> ]Why bankruptcy ? I see no reason for that.

Losses... yes !!

if he borrow from somome or bank heavily to buy crypto
declare bankrupt mean no need to pay
but he cant buy a car or travel overseas

if a company goes bankrupt
all debts owe to u has to be write off
since the company is bankrupt mah
bankrupt means no money
no money pple/company still can pay u meh
maybe sell his wife

(21-11-2022, 10:48 AM)red3 Wrote: [ -> ]Where he file? Like to understand how he do ...

I he use the word loosely. When he say "I am bankrupt" it means he has no more money ...not that he file for bankruptcy.

title file for bankruptcy? another attention grabber....

(21-11-2022, 11:05 AM)RiseofAsia Wrote: [ -> ]Bankruptcy is a rich man game.
Trump bankrupted 6 times.
He used this tactic at his advantage to make him a winner eventually and became US president some more.

https://www.washingtonpost.com/politics/...six-times/

WAHHHHHHHHHHHH

sure or not ,

even real rich is till really no choice than declare Bankruptcy

is not fun etc to declare hor

got lots of restriction etc also will be bad on your record.

Why need to file for bankruptcy as he only loses all his savings? Unless it's not his and he borrow them with leveraging. Misleading.

(20-11-2022, 10:26 PM)Niubee Wrote: [ -> ]Why bankruptcy ? I see no reason for that.

Losses... yes !!

Maybe he has debts? Now he cannot pay his debts as his savings gone?

$50K need to file Bankruptcy ?

Thanks for PAP ba. lol

https://www.bnnbloomberg.ca/singapore-de...inance.com.

binance not allowed but FTX allowed coz temasek invested?

he said 1 million