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This story was originally published on HackerNoon at: https://hackernoon.com/revisiting-the-ponzi-patterns-behind-ftxs-notorious-collapse.
FTX’s $10B empire collapsed like a Ponzi scheme. Here’s how leverage, FTT, and diversion triggered one of crypto’s biggest crashes.
Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #crypto-ponzi-schemes, #ftx-ponzi-scheme, #ftx-collapse, #ftt-token, #cefi-vs-defi-regulation, #alameda-research-scandal, #future-of-defi-regulation, #hackernoon-top-story, and more.
This story was written by: @escholar. Learn more about this writer by checking @escholar's about page, and for more stories, please visit hackernoon.com.
This research uses a Ponzi model to explain the fall of FTX, which at its height was the third-largest centralized cryptocurrency exchange in the world. We demonstrate how the combination of three key drivers—its native token FTT, unsustainable borrowing, and reserve diversion—exacerbated instability and finally led to insolvency in November 2022.
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