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SBF admits that they sold paper crypto that did not exist on any blockchain to customers. Other exchanges are doing the same thing. Until you click withdraw to your own wallet you should assume your balance on exchanges is not real and is just a number on an excel spreadsheet as was the case on FTX.

Written by Blockchain News


In a recent talk on twitter space, Ran Neuner from CryptoBanter asked SBF:

Ran: The reason why there were no BTC left on exchange was because no BTC existed on exchange. You were just letting us buy notional tokens that really didn't exist. Because, if not, you should at least have USDC somewhere if not BTC (if SBF sold BTC for USDC).

SBF replied: Yeah right. I believe that what you are saying is in-fact part of what happened.

Not your keys, Not your coins!

Also this is why some cryptos are suppressed. They sell more fake crypto than the market can handle. They cant be caught or punished while people keep their supposed balances on exchanges.

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