Cryptocurrency

The FTX Collapse Explained



One of the biggest sponsors in esports is collapsing as we speak.

FTX, a cryptocurrency exchange, sponsored Team SoloMid in a record-breaking $210-million deal. But that seven-year agreement barely made it to year two.

The timing is bad – esports hasn’t exactly been bulletproof this past year, and cryptocurrency as a whole is swinging downward.

So today we’re taking a look at what the FTX collapse means for esports – and where things might go from here.

Written & Hosted by: Josh Bury (@ThrownGauntlet)
Edited by: Jason Durante
Thumbnail by: William O’Keefe (@magoo_o)
Produced by: Danny Burke (@lurkeyburke) & Keith Capstick (@KeithCapstick)

Music used under license from Associated Production Music LLC (”APM”).

Skip to esports Chapter: 07:44

All footage courtesy of: https://pastebin.com/WXDyRGKG

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28 Comments

  2. Michael Gonzalez

    Only white people can pull off a Ponzi scheme of this magnitude. Look a Thermos and FTX, Enron, Madeoff, Ect. These are all example of White privilege, only they can put themselves in such a great position to pull it off despite all the tell tail signs. Ask yourself has Biden roll back the death tax that Trump put in place to keep all the money in the family?

  5. Portuducks

    Cryptocurrency is no bigger of a gamble than fiat currency is now, but FTX was the antithesis of the essence of cryptocurency, which is decentralization.

  6. RaventhortheWarrior

    I mean, it's basically a middleground between stocks and a bank. You're effectively storing money online in the exchange, but just like a bank, if everyone pulled out at once of course it's gonna crash. But because it's more open-market like stocks and not a federal and well-regulated commodity that can be bailed out by the government like banks were, then like…it can always happen, and unless one gets really lucky and is really well done, is a when not an if. It's just a shame it was involved with so many things and now it's just, done.

  9. QuincelSC

    Dude when are you gonna do a video on the FT report that he sucked at League which he played during work meetings (!) and offer an SBF Coaching Course, for the noob crypto king in your life?

  11. Adawg 303

    Glad i use coinbase. I never liked FTX i always thought it was some kind of scam since they had their own token, i felt like FTT was worthless inflated bubble asset which i was right.

  13. Jeff Dunham

    Any attempt to recentralize a decentralized currency isn’t just a scam but a plot perpetrated by the governments of the world to attack crypto currency’s and victimize the people using them.

  19. Nadia Smith

    IT’s all linked : Sam Bankman Fried’s mother Barbara Fried is a Stanford Proff. She is involved in MIND THE GAP a left wing super PAC dedicated to funneling millions of dollars to the Democratic Party . Sam’s Brother Gabe Bankman-Fried a wall street trader visited the White House on March 7.( he obviously has White house connections) .
    Sam Bankman Fried also owns Alameda Research a trading firm, which is led by CEO Caroline Ellison. She is the daughter of Glen Ellison MIT prof teaches teaching Blockchain and crypyo currency . Caroline and Glen Ellison have close ties and connections with Gary Glensler , The chair of the US securities and exchange commission , SEC .

    On Nov 10 Sam Bankman Fried said in a report that Alameda research was winding down but that FTX customer's funds were fine. (reported by Danny Welson ,Nick Baker)

    Then Days after FTX collapses the government rolls out it’s CBDC digital currency program .

  20. MrGeesikser

    The more I read and watch about this FTX affair…. the less I read and the more I watchI mean, seriously….did anyone trust these characters with millions of their money or crypto or whatever? Well, he wouldn't give them two buns.I know I KNOW!! It's terrible to judge people based on their appearance. Shame on me! If I look at myself, who am I beautiful? It's not appropriate to judge people by their looks, clothes, face, hairstyle, yadda yadda… except that – it's appropriate. Everyone does it everyday. I think the problem with this guy and his girlfriend LOL is precisely that most of the investors in their stuff have never seen them in a photo. If it was, I wouldn't give them even 50 cents…No one has any idea how the heck someone who run crypto-exchanges look like, until these characters themselves become news. Then you look at it and think, fuck, this rat had (was) my money?!? Look at them and you immediately understand why banks and insurers, when they want to give off an impression of stability and seriousness, insist on a strict dress code, probably the strictest next to the legal profession. I mean, it's not like a character in a suit can't fool you… he can… but you'll be less ashamed than when someone like these two fools you- You mean, I was fooled by some high level playa and not a geek in a greasy t – shirt…

  21. mathias sharda

    I'm speechless, all I have to say is that when it comes to hacking or recovery of funds LOATEDCYBER is genius and perfect
    thanks for helping me get back my money sir……

  22. mathias sharda

    I'm speechless, all I have to say is that when it comes to hacking or recovery of funds LOATEDCYBER is genius and perfect
    thanks for helping me get back my money sir……

  25. David Lalremruata

    So, it's a case of what was worth a 100 dollars in the morning was not worth 5 dollars or less in the afternoon?
    Is it like that?
    The causes of such a drastic fall, what could the factors be?

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