Name: FTX的崩潰遠比你想象的要嚴重 (FTX Collapse is Far Worse Than You Think)
Uploaded: 2022-12-06T17:50:37.000Z
Duration: 10 min 17 s

One of the largest Crypto Exchanges FTX collapsed in a matter of a few days. Investors sold

最大的加密貨幣交易所之一FTX在短短几天內就崩潰了。投資者出售了

程度副詞

off 6 billion dollars worth of FTT in just 3 days, FTX's crypto token. the price plummeted

價值60億美元的FTT在短短3天內脫手，FTX的加密代幣。 價格暴跌

from 26 dollars to a little over 1 dollar losing more than 90 percent of its value.

從26美元到1美元多一點，損失超過90%的價值。

FTX wasn't just another crypto token, it was the third-largest crypto exchange. Hundreds

FTX不僅僅是另一個加密貨幣代幣，它是第三大的加密貨幣交易所。數百個

of other crypto companies heavily relied on FTX for their survival. BlockFi is also getting

的其他加密貨幣公司嚴重依賴FTX來生存。BlockFi也在得到

ready to file for bankruptcy. By the time this video is out, they might be bankrupt

準備申請破產。當這個視頻出來的時候，他們可能已經破產了

already. In July of just this year, FTX bailed them out with a 400 million dollar credit.

已經。就在今年7月，FTX以4億美元的信貸保釋了他們。

So if FTX is going bankrupt, BlockFi is definitely going to follow. BlockFi is one out of hundreds

是以，如果FTX要破產，BlockFi肯定也要跟著破產。BlockFi是數百家公司中的一家

of other companies that have been relying on FTX to make ends meet. There are also 50

的其他公司，一直依靠FTX來維持生計。也有50

other creditors to whom FTX owes over 3.1 billion dollars. To some of them, FTX owes

其他債權人，FTX對他們的欠款超過31億美元。對其中一些債權人，FTX欠下了

more than 200 million dollars. That's a huge sum of money, and that kind of money could

超過2億美元。這是一筆鉅款，而這種錢可以

push some companies to the brink of bankruptcy. Now the main question is - What exactly did

把一些公司推到了破產的邊緣。現在的主要問題是--到底是什麼

FTX do wrong to go from 32 billion dollars to zero in less than 3 days? How SBF fooled

FTX做錯了，在不到3天的時間裡從320億美元變成零？SBF是如何被愚弄的

the world's largest investors? And how deeply will FTX collapse impact the crypto market?

世界上最大的投資者？而FTX的崩潰對加密貨幣市場的影響有多深？

We will answer all of these questions and many more, but before we do that, give this

我們將回答所有這些問題以及更多的問題，但在這之前，請看這個

視頻中豎起大拇指，讓我們潛入其中。

Sam Bankman-Fried is a perfect example who has been giving an image of a hero that has

薩姆-班克曼-弗裡德就是一個完美的例子，他一直在給人一種英雄的形象，他有

been trying to save the world but ended up being the devil who has been exposed. There

一直試圖拯救世界，但最後卻成了被揭露的魔鬼。在那裡

are a lot of things that could be said about him, but he is not the first who has been

有很多關於他的事情可以說，但他並不是第一個被人說成是 "不合格 "的人。

trying to justify his actions to achieve his ultimate goal. Despite his 16 billion dollar

試圖為他的行動辯護，以實現他的最終目標。儘管他有160億美元的

net worth, he has been driving a corolla, wearing a t-shirt with shorts, and never cared

淨資產，他一直開著一輛卡羅拉，穿著T恤和短褲，而且從來沒有關心過

about the luxuries that your typical billionaire loves like supercars, expensive yachts, and

關於典型的億萬富翁喜歡的奢侈品，如超級跑車、昂貴的遊艇和

luxury watches. However, the hero turned out worse than any

豪華手錶。然而，這位英雄的結果比任何

billionaire you can think of. More than one million people may have lost their money in

你能想到的億萬富翁。超過一百萬人可能已經失去了他們的錢，在

the spectacular collapse of the cryptocurrency trading firm. Some had big chunks of their

加密貨幣交易公司的壯觀倒閉。一些人有大塊的

life savings disappear into a black hole. Most of them were the people who lived paycheque

一生的積蓄消失在一個黑洞中。他們中的大多數人都是生活在工資單上的人。

to paycheque and saw crypto as their only chance to win the lottery of life and finally

他們認為加密貨幣是他們贏得生活彩票的唯一機會，並最終

join the ranks of rich people, but the pyramid had collapsed. And all of these people have

加入富人的行列，但金字塔已經坍塌了。而這些人都有

lost their funds. To understand why FTX has collapsed we have

失去了他們的資金。為了瞭解FTX崩潰的原因，我們有

to understand Alameda's research. Sam Bankman-Fried co-founded Alameda Research,

以瞭解阿拉米達公司的研究。薩姆-班克曼-弗裡德是阿拉米達研究中心的共同創始人。

a quantitative cryptocurrency trading firm, in 2017. to raise money for his company, he

是一家定量加密貨幣交易公司，在2017年。為了給他的公司籌集資金，他

has started a cryptocurrency exchange where people could buy, sell and trade derivatives.

已經開始了一個加密貨幣交易所，人們可以購買、出售和交易衍生品。

The exchange was so successful that it become the third largest in the world. But that success

該交易所是如此成功，以至於成為世界第三大交易所。但這種成功

became because Alameda research, sam's first company was heavily trading in FTX, it brought

成為因為阿拉米達研究，山姆的第一家公司在FTX中大量交易，它帶來了

enough liquidity to start drawing the attention of average crypto traders.

足夠的流動性，開始吸引普通加密貨幣交易商的注意。

But then in June 2022, Alameda research started suffering serious losses but SBF didn't want

但後來在2022年6月，阿拉米達研究開始遭受嚴重損失，但SBF不想

the company to collapse so it lent the money that customers deposited in their FTX accounts

該公司崩潰了，所以它把客戶存入FTX賬戶的錢借給了他們。

to Alameda Research to keep trading which is a direct violation of FTX rules. Both companies

給Alameda Research公司繼續交易，這直接違反了FTX規則。這兩家公司

are owned by SBF which is a textbook example of a conflict of interest. You don't simply

是由SBF擁有的，這是一個教科書式的利益衝突的例子。你不能簡單地

lend 10 billion dollars to another company without the awareness of the CEO.

在首席執行官不知情的情況下將100億美元借給另一家公司。

The problem is that, if Alameda's research used that money and made profits, it wouldn't

問題是，如果阿拉米達的研究使用了這些錢並獲得了利潤，它就不會

be a problem even though it's a direct violation of FTX's terms of service, but the opposite

是一個問題，即使它直接違反了FTX的服務條款，但相反的是

has happened. Alameda Research has lost money again and that was leaked to Binance. Binance

已經發生了。Alameda Research再次虧損，這被洩露給了Binance。Binance

is the largest crypto exchange, it invested in FTX back in 2019 and last year sold its

是最大的加密貨幣交易所，它早在2019年就投資了FTX，並在去年出售了其

stake back to FTX for 2.1 billion dollars worth of Binance USD and FTT tokens. so, no

價值21億美元的Binance美元和FTT代幣的股權還給了FTX。

real money was transferred here, FTX gave back to Binance over a billion dollars worth

真錢在這裡被轉移，FTX將價值超過10億美元的資金還給了Binance。

of their coins that they have been holding and hundreds of millions of their own coins

他們一直持有的錢幣和數以億計的自己的錢幣。

that they create called FTT. So when it was leaked to Binance FTX lend

他們創建的名為FTT。是以，當它被洩露給Binance FTX貸款時

more than half of its funds (over 10 billion dollars) to Alameda research to trade crypto

其一半以上的資金（超過100億美元）交給阿拉米達研究，用於交易加密貨幣

but in return Alameda research lost most of their funds, Binance anticipated that FTX

但作為回報，Alameda的研究失去了他們的大部分資金，Binance預計FTX

is going to go bankrupt pretty soon so they sold all of their FTT in early November, 23

很快就要破產了，所以他們在11月初賣掉了所有的FTT，23日

million FTT tokens, worth about $529 million at the time. The tension between 2 men, the

百萬FTT代幣，當時價值約5.29億美元。2名男子之間的緊張關係，在

CEO of Binance and SBF further pushed the price to plummet. That scared investors and

Binance和SBF的CEO進一步推動了價格暴跌。這嚇壞了投資者和

everyone began withdrawing their money from FTX, customers withdrew 6 billion dollars,

每個人都開始從FTX取錢，客戶提取了60億美元。

eventually leaving FTX with literally no cash left. at this point, FTX knew that they are

最終使FTX的現金幾乎蕩然無存。在這一點上，FTX知道他們是

heading into bankruptcy so they began to look for someone to acquire them and Binance was

陷入破產，所以他們開始尋找人收購他們，Binance就是其中之一。

like - why don't we buy you?! Seemed like a great deal, imagine the number

像--我們為什麼不買你呢？看上去是一筆很好的交易，想象一下這個數字

of clients they could have drawn to their platform, but after looking at their financial

他們可以為自己的平臺吸引更多的客戶，但在看了他們的財務狀況之後

statements, binance was like - this is worse than we have imagined! we are going to stay

聲明，Binance就像--這比我們想象的還要糟糕！我們要留下來。

out of this! so the deal didn't go through. SBF kept trying

出了這個問題！所以交易沒有通過。SBF不斷嘗試

to raise money but it was pointless at this point. Leaked documents showed that the company

以籌集資金，但在這一點上是毫無意義的。洩露的文件顯示，該公司

had less than $1bn in liquid assets, against almost $9bn in liabilities. The company needed

該公司的流動資產不到10億美元，而負債卻有近90億美元。該公司需要

8 billion dollars to match its liabilities, who would invest in that company?!

80億美元來匹配它的負債，誰會投資於該公司？

Just to remind you, SBF moved 10 billion dollars of client's funds to Alameda research (the

只是為了提醒你，SBF將客戶的100億美元資金轉移到阿拉米達研究（the

company that 90 percent of which he owns) to trade crypto. to top it off, on the day

他擁有90%股份的公司）來交易加密貨幣。

when FTX filed for bankruptcy, it came out that around 500 million dollars worth of customer's

當FTX申請破產時，有消息稱價值約5億美元的客戶的

funds were missing. What's FTX's response to that, well they claim that they have been

資金丟失。FTX對此有何迴應，他們聲稱他們已經

hacked. I mean, come on! why is it coming out on the

黑了。我的意思是，來吧！為什麼它要在《世界日報》上發表？

day you file for bankruptcy? But it doesn't matter whether it was an inside

你申請破產的日子？但這並不重要，因為它是一個內部的

job or real thieves have stolen the money. Regardless of the situation, clients lost

工作或真正的盜賊偷走了錢。不管是哪種情況，客戶的損失

their money. The more regulators dug into FTX financial statements, the worst it got,

他們的錢。監管機構對FTX的財務報表挖掘得越多，情況就越糟糕。

between 1 to 2 billion dollars of clients' funds were missing. The collapse was so severe

10至20億美元的客戶資金丟失。崩潰是如此嚴重

that over 100 companies that were affiliated with FTX also filed for bankruptcy and SBF

超過100家與FTX有關聯的公司也申請了破產，SBF

was replaced by John Ray as the new CEO. John Ray was the guy who oversaw the liquidation

被約翰-雷取代，成為新的首席執行官。約翰-雷是監督清算工作的人

of Enron - another corporation that was too optimistic about their future profits but

安然公司--另一家對其未來利潤過於樂觀的公司，但是

ended up as the biggest corporate failure of all time.

最終成為有史以來最大的企業失敗。

The aftermath of FTX's failure goes much beyond FTX. The Crypto market is still trying

FTX的失敗所帶來的後果遠遠超出了FTX。加密貨幣市場仍在努力

to stabilize but when one of the largest exchanges goes bankrupt, that sends a clear message

以穩定下來，但當最大的交易所之一破產時，這發出了一個明確的資訊

to investors - Crypto is still too risky to invest!

對投資者來說--加密貨幣的投資風險仍然太大!

Everyone suffered. Crypto.com's token Cronos lost over a billion dollars worth of value.

每個人都受到影響。Crypto.com的代幣Cronos損失了價值超過10億美元的價值。

Genesis suspended withdrawals, and Gemini also paused some withdrawals.

創世紀暫停提款，雙子座也暫停了一些提款。

FTX isn't the first crypto disaster. A few months ago in May, terra Luna collapsed and

FTX並不是第一場加密貨幣災難。幾個月前的5月，terra Luna崩塌了，而

lost more than 99 percent of its value. Dogecoin that's down more than 70 percent. The whole

損失了超過99%的價值。Dogecoin那是下跌了70%以上。整個

purpose of crypto was to decentralize the financial system so that the public would

加密貨幣的目的是將金融系統分散，以便公眾能夠

have some control over the supply of money and not just the government, but it turns

對貨幣供應有一定的控制，而不僅僅是政府，但它變成了

out that when the control is given to people, they would be as corrupted as the corporate

當控制權交給人們時，他們也會像企業一樣被腐蝕。

greeders. so regardless of how much we hate the government, there should be some level

是以，無論我們有多恨政府，都應該有一定程度的

of regulations for something like this not to happen. just look at home much money people

只要看看人們在家裡賺了多少錢，就知道這種事情不會發生。

have lost. So it doesn't matter how many bots are in

已經輸了。是以，不管有多少機器人在

the comment section below criticizing me or anyone else who points out the facts, average

在下面的評論區責備我或其他指出事實的人，平均

people with limited knowledge of crypto and finance shouldn't get into something they

對加密貨幣和金融知識瞭解有限的人不應該涉足他們的東西。

do not understand. For god's sake, study the subject, and understand how everything works

不明白。看在上帝的份上，研究這個問題，瞭解一切是如何運作的。

but even then be careful when you invest, and don't really follow a random billion on

但即使如此，當你投資時也要小心，不要真的跟著一個隨機的億來投資。

Twitter who is investing in a coin that's named after a dog just for fun. He can afford

推特，他投資於以狗命名的硬幣，只是為了好玩。他能負擔得起

to throw 5 million dollars to waste on a crypto coin but you risking your entire life savings,

把500萬美元浪費在一個加密貨幣上，但你卻在拿你的整個人生儲蓄冒險。

that is very different. Even if that billionaire drives a corolla,

這是很不同的。即使那個億萬富翁開的是卡羅拉。

and behaves as if money doesn't matter to him.

並且表現得好像錢對他來說並不重要。

It's just funny how everyone praises you while you are succeeding even if you are doing some

這只是有趣的是，當你成功時，每個人都會稱讚你，即使你在做一些

shady things, even if you are directly stealing the client's funds but the moment you get

陰暗的事情，即使你是直接竊取客戶的資金，但當你得到了

caught, you turn into the villain. Take a look at Elizabeth Holmes. She was looked up

被抓住了，你就變成了反派。看看伊麗莎白-霍姆斯。她被人看中了