Post
Topic
Board Bitcoin Discussion
Re: Proof of reserves? Insurance fund? Best I can do is a random number generator!
by
LoyceV
on 16/11/2023, 11:42:37 UTC
The first picture above shows how the value of 5,250,000 FTX Token supposedly in the insurance fund was "calculated". It wasn't. It was just coded in. insuranceFund.size = 5250000 FTT. Cheesy

The second picture above shows how the value of USD in the insurance fund was "calculated". The daily trading volume on FTX was multiplied by a random number, and this was used to adjust the insurance fund to a new size. Cheesy
To me, this looks like a bunch of nerds IT guys who got in over their head. It looks like they're just kidding around, without realizing there are real-life consequences to what they're doing.