Real talk — FTX “sold” $1B worth of paper Bitcoin to its users, while holding less than $1M real Bitcoin.

How many other zombie “crypto” exchanges are issuing spot BTC IOUs with hardly anything to back it, thus temporarily suppressing the price by artificially increasing supply? This strategy works until it doesn’t. Tick tock.

Lesson: Take your coins off exchange. Don’t trust 3rd parties.

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