🥛The FTX Saga Continues 👀

What does the latest news mean for the rest of crypto? Find out inside 👇 November 10, 2022 | [Read Online]( GM. This is the Milk Road. It's been another crazy day in crypto. So let's get right into the action. THE FTX SAGA CONTINUES People are asking us - Are you feeling disappointed? Yes, it’s disappointing to find out FTX was lying & misleading customers. Yes, we are preparing for more pain. (This isn’t just going to blow over in a day) Yes, the Milk Man came into work today with his “This is Fine” hoodie. But we're not going anywhere. We're still in it for the long haul. ALRIGHT - so what’s the latest on the FTX saga? Well yesterday, [we got word]( that Binance (the company that was supposed to buy & bail FTX out of this mess) is NOT going through with the deal. If the richest man in crypto can’t bail out FTX, then it’s unlikely anyone can/will. Here’s a leaked image of how it went down: So, how big is the damage? It’s reported that FTX has a ~$10b hole in its balance sheet. You can check out the tangled web of cross-holdings [FTX had here](. Samuel…what did you do…?! Now Justin Sun [says he’s trying to put together a plan]( to bail it out. Yea, the guy behind “Tron”. That’s what this has come to… sad! Then this morning, Samuel released his official "apology". [tw profile: SBF] SBF @SBF_FTX [tw] 1) I'm sorry. That's the biggest thing. I fucked up, and should have done better. Nov 10, 2022 27.5K Likes 8.42K Retweets 6.44K Replies SO, WHAT HAPPENS NEXT? I won't lie... it's gonna get uglier before it gets any better. Today, Samuel announced that Alameda is "winding down trading". (R.I.P - Alameda Research) FTX will do everything it can to raise money for liquidity over the next week. But "no promises". If FTX can't successfully raise money, they will most likely file for bankruptcy. FTX, Alameda, and FTX Venture's websites are all down. Withdrawals are frozen and users are locked out of their funds. Most of FTX’s legal & compliance team have quit. The SEC and the Department of Justice are investigating everything. Get ready for the hammer to come down. VC investors are taking a big hit. Sequoia has already [marked their FTX investment down to $0](. And other big investors like Jump, Genesis, Paradigm, etc will most likely all suffer from the FTX contagion. [Here’s a list & thread]( of people that had exposure to FTX. Oh, and did you order some extra SALT with this news? This week marks 1 year since Ethereum hit its all-time high of $4.8k and Bitcoin hit its all-time high of $69k. OK, that’s a lot of bad news. But let’s ask ourselves, what are some positives that will come from this? 1/ Exchanges will face more regulation, and customers will now demand to see Proof-Of-Reserves. When the tide comes in, we see who's swimming naked. Turns out, these exchanges were partying at a nude beach. Having proof of reserves will help make exchanges safer in the long run. (OKX, Binance, and others have [announced]( they're dropping theirs soon) 2/ More people will learn to self-custody their assets. People are learning the golden rule in crypto: "not your keys, not your cheese". Now everyone is racing to get their money off exchanges and onto hardware wallets **BREAKING: LIVE FOOTAGE FROM LEDGER HQ** 3/ Anyone who survived 2022 has earned their “OG” status. You will never need to hear those 2013 crypto snobs tell boring Mt. Gox stories ever again. Congrats! FTX is your Mt. Gox! So is this the end for crypto? Crypto is a lot like the rapper 50 Cent right now. They've both been shot like 10 times and are still alive. Crypto will survive this one too. *"Yo Milk Man, hit em with the [Many Men]( remix"* “Many Men, wish red upon me Blood on my screen dawg and I can’t see I’m trying to be what I’m destined to be And they trynna take my bag away” *** P.S - HERE ARE SOME MORE OF THE BEST TAKES FROM TWITTER [tw profile: vapor] vapor @trading_vapor [tw] In retrospect, seeing Sam’s health deteriorating week after week (getting fat, translucid, shaking on every podcast) was telling that something wrong was going on You usually don’t turn into a goblin if everything is okay in your life twitter.com/i/web/status/1… Nov 9, 2022 9.41K Likes 928 Retweets 541 Replies [tw profile: wassielawyer] wassielawyer @wassielawyer [tw] Unlike Voyager, Celsius etc where their terms of service allowed them to onlend or rehypothecate your assets for yield, FTX's specifically states that title to assets remains with the customer. Which means FTX was literally stealing customer funds. Clearest criminality so far... Nov 9, 2022 2.31K Likes 234 Retweets 42 Replies [tw profile: gainzy] gainzy @gainzy222 [tw] calling it now, jonah hill plays sam in the subsequent movie made after all this shit unfolds Nov 10, 2022 9.69K Likes 643 Retweets 268 Replies [tw profile: CL] CL @CL207 [tw] wtf he just played a league game Nov 10, 2022 11.4K Likes 1.39K Retweets 671 Replies TODAY'S EDITION IS BROUGHT TO YOU BY [MISO ROBOTICS]( The Best “Proof Of Work” Is Not On The Blockchain [Miso Robotics]( has already supported U.S. fast food brands amid a labor shortage. While restaurants are short 500,000 workers every month, Miso’s [autonomous kitchen assistants]( have helped fry food and pour drinks for brands like Jack in the Box, Buffalo Wild Wings, and more. But demand for these kitchen bots is growing even faster in Europe, where labor gaps are 50% more costly to fill. That’s why Miso is going global and expanding its addressable market by 17x. With a strong foundation built in the U.S. and increasing demand in the $675B global market, Miso will be cooking worldwide in no time. And for a minimum investment of $995, you can [become a Miso shareholder](. Opportunity ends 11/18. MEME OF THE DAY The next season of Squid Games is gonna be crazy🤣🤣 SAY HELLO TO NEXO With Nexo, you can buy and swap crypto with instant rewards, earn interest*, and borrow funds from 0%. Used by 5 million people. [Sign up for an account on Nexo today.]( That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter [(@MilkRoadDaily)]( Share The Milk Road You currently have 0 referrals, only 1 away from receiving An Inside Look At What The Crypto Whales Are Betting On. 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