Jake Thacker
speaker
130 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
Jake Thacker’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
Oh, no, no, no. This was right before November. So I had transferred some out because the market started to kind of track back up a little bit. So I was going to try and use some of that that I pulled out from FTX to make up a little bit of losses that had occurred over the summertime. And so that came out around beginning of October, end of November.
end of September, so I'd have to go double check that, but it was before November. Because when November hit and everyone scrambled to try and figure out what was going on, I, myself, many others hit transfer, transfer funds out. Okay, great. And then it just was like that spinning wheel of death that just sat there and nothing happened.
And in even some instances, when I would log in, it would say, Transfer complete.
No. It's not transfer complete. It's just transfer. Their side said, the system said, we sent the proper messages to have the transfer be completed, but there was no money. There was no mechanism to actually send anything. And then it was just gone. It was just a black hole. You couldn't even go to the website and it just had their spinning logo.
Yeah, this was November 8th, November 9th, because it was abrupt. I mean, there were some leading indicators, right, and that kind of thing. But in all honesty, myself and others, again, in retrospect, probably should have been paying more attention. But... There was nothing in our mind where an entire platform in 24 hours, in 48 hours, could just vanish and be gone.
No money, no assurance, no backups, no nothing. That had not happened yet. Similar to FTX, in June, Coinbase had to freeze trades for a few days because of some liquidity issues. They needed to transfer... out some of what they had invested in, get some liquidity, put it back into user accounts and so on and so forth. And so they had X trades for a few days.
Myself and I think others were thinking that's probably what's happening here is that they have over leveraged themselves. They need to dial it back. They need to sell off some of whatever they were messing around with in order to have the liquidity pool be exactly right for the amount of volume that was being traded on the platform.
And it did freeze, but forever.
I primarily used a tool called Bitsgap and there's a community there that I had been involved with and they were kind of like ex-day traders and more kind of hobbyists than anything else. No one was like serious, serious, this is our job, this is what we do on a day-to-day basis for our well-being and our paychecks.
But they were all very smart and had been in traditional markets for many, many, many years. And
i probably was more the anomaly there's probably four or five others out of a group of a few thousand that actually had jumped into ftx and just decided to toy around with it so i immediately obviously got on the forum the message board with them and said hey are you guys having issues yes we're having issues and then that spiraled to texting other people just that i knew that traded crypto are you using ftx are you able to get access
But in reality, I didn't have a strong network of people that were FTX experts or were predominantly using it as their primary exchange. And so I myself was left with a lot of question marks and trying to keep up with all the news that was going back and forth. It was this one day, it was that one day. Then there was the bankruptcy. The website went up, the Kroll bankruptcy website went up and
Figuratively checking that out and filing a claim and it was total chaos. And then the interviews started to roll in and, you know, the story kind of evolved because what I knew, I knew in that first NPR interview was it had been two weeks and so much happened in the timeframe of the initial platform release.
And then the next day, bankruptcy filing to then a month later or even into January of 2024, where people really started to get the landscape of how serious this was and that there was no money, that it wasn't hidden. It wasn't mismanaged to the point where they had siphoned it off into all these other things and we just had to go to these other things. It was up in smoke. It just evaporated. And
That was not something anyone else thought of either that, okay, platform can collapse. Okay, great. That can happen. But then $10 billion worth of assets can just disappear as well. Where did it go? Who did it go to? How did it happen? Why are these people going to cough it up? And how do we find it? It was very challenging for me because again, the community that I
normally messaged in, they didn't have a ton of insight. And so I tried my best to try and go find resources. There are some people also that have been interviewed over the course of all of this that I had reached out to and gotten their two cents on and that kind of thing. But there were a lot of people that were left on their own without questions, without any resources.
And maybe the few people that they did know that had used the platform didn't have any other information either. They had the same questions with the same lack of answers. And so you could have had 10,000 people texting in one group and it would have all been the same. It would have been a lot of frustration more than it would have been proactive.
I saw that.
I didn't see it come out in real time. I saw a post about it. I think it was on Reddit, actually. Somebody had posted it there because I don't have Twitter. And so I wasn't trolling the Twitter feeds or anything like that. But I did see that. That was my biggest red flag that things were wrong. Because again, Binance was someone that knew what they were doing.
how to do it regardless of any nefarious activities that they were involved in or not they had been around they had played the game they knew how to manage upturns downturns in the market so on and so forth and so i respected that it was a huge sign that if they are not confident in an investment of that size and magnitude there's something very wrong.
Showing 41–60 of 130 · page 3 of 7
← Previous
Next →