FTX Stimulus Plan Gets Attention From The Crypto Community

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The crypto community has expressed skepticism over FTX’s stimulus plans, with some questioning the apparent discovery of $7.3 billion in missing funds.

On April 12, during a bankruptcy hearing, it was revealed that the discovery of missing funds could pave the way for the exchange to revive.

The FTT token soared 103% on the news. Some 12 hours later, the token held onto most of its gains, giving up around $0.40 on the high of $2.72.

The FTX Scandal

In November 2022, rumors that FTX was insolvent turned out to be true, causing FTT to collapse and user accounts to be frozen.

The weeks that followed revealed a scandal that went down in history as one of the worst to affect the crypto industry.

The mismanagement of user funds was at the heart of the case, particularly concerning inter-company transactions. It emerged that the exchange loaned $10 billion in user funds to sister company Alameda Research, which then squandered the money through risky leveraged trades.

The scandal had many subplots, including mainstream media support for Sam Bankman-Fried, the exchange’s favorable regulatory relationship, and a mysterious hack alleged to be the work of an insider, to name a few. .

Crypto community skepticism

Members of the cryptocurrency community have taken to Twitter to share their thoughts on FTX’s potential relaunch.

Some have taken a humorous approach, including The Bitcoin Mindset, which posted a Samuel L. Jackson meme in Coming to America, saying, “WHAT?!

Similarly, Nebraskangooner responded with a sarcastic meme showing people smiling, giving thumbs up and the OK sign. He asked why anyone would use FTX again.

“Hey, sorry, we stole all your funds, but don’t worry, they’ll be safe this time!”

Others have advanced theories about rebirth. Nazeem Elkommos asked how $7.3 billion was recovered. Elkommos speculated that the money came from vested interests determined to keep the exchange going.

“Someone on Wall Street is launching #FTX behind closed doors to continue their Ponzi scheme.”

Max Keizer doubts that the discovered funds exist. The Bitcoin lawyer proposed that it was all a ruse by the political class to pump the token out and minimize its losses.

“FACT: Many American politicians have booby-trapped FTT tokens and hope that by publishing this lie they can release some FTT tokens and recoup some of their losses.”

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