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Coinbase quantum report flags exchange cold wallets among millions of bitcoin exposed by address reuse

$BTC crashed 28% when the Clarity Act passed the Senate Banking Committee. Will the same happen when the Clarity Act is signed into law? https://t.co/8cO8jXKrsu

FTX: THE $32 BILLION LIE At its peak, FTX was valued at $32 billion Nine months later, it was bankrupt There was no outside hack No protocol exploit No anonymous attacker The people running the exchange had already moved the money Here’s how one of crypto’s most trusted companies collapsed in seven days: FTX presented itself as safe, liquid, and sophisticated Its founder, Sam Bankman-Fried, became the public face of responsible crypto Investors trusted him Politicians welcomed him Millions of customers trusted FTX with their money But behind the scenes, FTX and Alameda Research were operating as one interconnected machine Alameda received privileges that ordinary traders never had It could access billions in customer deposits and avoid the normal risk controls applied to everyone else That money was used for: • risky investments • repaying Alameda’s lenders • political donations • luxury real estate • personal expenses Customers could still see their balances on the screen But much of the money was already somewhere else Then the structure began to crack On November 2, 2022, CoinDesk revealed details from Alameda’s balance sheet A huge part of its apparent wealth depended on FTT A token created by FTX itself FTX issued it Alameda held billions of it And as long as FTT remained valuable, both companies appeared stronger than they really were Four days later, CZ announced that Binance would sell its remaining FTT holdings due to “recent revelations” He did not create the problem But the public announcement turned suspicion into panic Customers rushed to withdraw approximately $6 billion in just 72 hours FTX suddenly had to prove that the balances displayed on millions of accounts were backed by liquid assets They weren’t SBF tried to calm the market: “FTX is fine. Assets are fine.” Two days later, Binance announced a non-binding agreement to rescue the exchange Then it examined the situation And walked away On November 11, 2022: • FTX filed for bankruptcy • Alameda filed for bankruptcy • more than 100 related companies followed • SBF resigned as CEO The collapse exposed more than $8 billion in missing customer funds The bank run did not create the hole It forced FTX to reveal it SBF was later convicted on seven criminal counts He received 25 years in prison and was ordered to forfeit more than $11 billion On June 12, 2026, a federal appeals court upheld his conviction and sentence FTX was not destroyed by one tweet The tweet simply made everyone ask the same question at the same time: Where is the money? The $32 billion lie was not the valuation It was the promise behind every customer balance: Your money is still here