First, let’s count the losses in this FTX event.

● The assets still in the FTX: $225,000;

● FTT’s loss: $100,000

● Total $325,000

This is the largest loss in the investment career, the lesson is extremely deep.

I have heard about FTX since 2019, but I didn’t use it much because it was newly founded at that time.

I started using it in 2020, when there were very few people around who used it, partly because it really didn’t fit the mainstream exchange user habits at first, and partly because it was a small firm with not enough branding.

I began to use frequently at that time, I think the experience also okay, and the team behind FTX gives a very good feeling.

I bought FTT at $3 and SOL at $1.6（small postion）

With the arrival of the bull market, ftx performance began to shine up, and I also followed the FTX ecology all the way to earn money

At that time the exchange prevalent IEO, FTX the first few IEO start I did not miss, and even each IEO I opened the OTC group to collect the tickets, basically every time is profitable, the opening generally several times to dozens of times. The most impressive is the two new project atlas (2021.8) and C2X (2022.3), atals’s ticket cost of about $700, the listing soared up to dozens of times, earnings of up to $80,000, I have a few friends around the large position involved in this IEO, with 8-digit funds, earned 8 digits! C2X this project is also, the listing soared, a ticket up to more than $20,000, and this project I also participated in, the return is good.

I remember ray first IEO (2021.4) a friend earned $600,000, the operation is not complicated, is to use the program to create a batch of sol account bulk stake to participate in the final opening skyrocketing, income is quite rich. I was also involved in this project, and shouted some people to participate, all earned money. ray later also have many times IEO, the return is also okay, but the more to the back, the worse the market earnings are getting worse.

What’s great about FTX

● FTX did the first in terms of withdrawal fees, erc20 withdrawal fees in the other exchanges have been very high, but FTX are free at the beginning, very friendly to customers, it is said to subsidize tens of millions of dollars of GAS fees, later, although the limit of 3 free times, but is also very powerful.

● Various innovations: the U.S. presidential campaign can even go to bet; can also buy and sell part of the U.S. stock market, and even early pre- IPO, airbnb I just bought in advance to earn some money; can also play volatility, other exchanges did not see; can also trade USDT/USD perpetual contracts, convenient hedging; borrowing is very convenient, overdrawal that is borrowing; unified account full position margin; USD a collection of several stable coins (BUSD USDC TUSD USDP), very convenient.

● sbf’s rocket-like growth, obscurity in 2019, become the top industry people in 2021. The company became the top three in the industry in only two years; the company has only 300 people, while almost all other exchanges are configured with several thousand people.

● Sponsored a lot of tournaments, which was helpful in expanding the WEB3 crowd, although this thing seems very controversial now.

FTT up to $80+ and SOL up to $200, a lot of people relied on these two bids and gained a lot. Although I bought these two very early, but the position is not large, did not eat a big rise, the return is average.

Throughout the bull market, I have been involved in FTX eco’s all kinds of activities, and have been told various friends about it, think there is a good chance to make money (and indeed make money). And I also have a good relationship with the official, often receive their peripherals and participate in their online activities.

In the process, my faith in FTX and SBF gradually deepened!

FTX news of the collapse, I did not withdraw a penny of my money in FTX, and even added FTT against the trend.

I have built 3 OTC groups of FTX, probably trading $20~30M USD in FTX. The vast majority of them were traded at less than 20% off, all with blood chips.

A $2M lesson

● Always be in awe; Don’t get so close to the project that you become emotionally attached. The weakness of human nature, perceptual, rational will lose the role, under the perceptual, all the facts and logic are useless; If there is a danger signal, withdraw as early as possible. In fact, there are many ways to save after it is impossible to withdraw. For example, Justin Sun’s TRX channel, one of my friends swaped into TRX at the first time, and finally the principal did not lose much.

●Some friends withdrew their money at a 50% discount through OTC, and OTC finally discount to 10%.

● Faith is easy to blind, verified is the truth. For example, FTX does not have a cold wallet and has been withdrawing coins from other platforms to ftx for users. This is very dangerous in itself and also a disguised admission of misappropriation of users’ assets. If there’s no misappropriation, why not use a cold wallet transfer?

I’m lucky I only put some of my assets in there, but if I zoom in on some of my assets, it really blows up. I have seen online that some people put most of their money in FTX. As a result, it is really breaking. Some people put millions or even tens of millions of dollars in FTX.

There is a principal, it is easy to turn over, no principal, and then to accumulate, it is very difficult. And most people can’t afford to lose all their principal and start all over again.

Source: https://mp.weixin.qq.com/s/3FZo4qKiTsmXIdCDK9fnwQ

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