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.
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Appearances
Because again, they had been talking for some time and SBF had hinted at partnership or some sort of investment from Binance, which would have raised their profile significantly. There was the tweet also that SBF put out about Everything's fine. Liquidity's fine. I didn't see that until maybe a few days after it came out because I didn't have Twitter. Then it came when the implosion happened.
People obviously came back to that saying like, well, why did he say this? And so on and so forth. So I didn't see that in real time. Even if I had the question of why did Binance all of a sudden just shake it and say, hey, without rhyme or reason, we are simply just liquidating everything. Not like, hey, we're going to pause. We're maybe going to do this in phases. It was, we're out.
We're not saying anything. Good luck. That was a big... message in the marketplace.
Of course. Yeah. My first thought was, how does this affect the market? How does this affect the legitimacy of all the other platforms? And are they doing the exact same thing? And do they equally have cash on hand to make good on all of their users or creditors? I immediately thought that. And I immediately stopped trading.
pulled out any of the remaining assets that I had or as much as I could at the time. Because again, there were some restrictions because the run on the bank was definitely a real concern, I think, amongst the other platforms. And it took a few months, but finally I had divested everything I had in crypto, which at that point was not a lot and had got it back into a traditional bank account.
After that, I haven't jumped back in. And clearly things are operating differently fine for the most part the market has had that recovery has been had a fabulous year this year for the most part and maybe I missed out but at the time I was not in a position to even consider that it was ships on fire everyone for themselves kind of a thing
It was probably a couple of weeks. I can't remember the exact date. It was the first week in December. I had given the first NPR interview and
made me think you know i really should go check i should i should go back through and i should be seeing if i can get out on the platform seeing what's really there versus not there because they were transfers on the end of bitcoin and finance that said pending that there had been something that had triggered a notification that said there's a transfer pending
And I figured because of that, eventually the system would get sorted out. Because at this point, there's still a huge doubt in everyone's mind that the money is completely gone. that it's just trained and that it's a system issue and that they need to reconcile this versus this. And there's just a lot of movie pieces and it's taking time. The bankruptcy had been filed.
So obviously the legal entities need to get involved and verify things. So it was definitely that first week in December when I sent a message to, I think it was Coinbase support and said, Are these going to go through? And they said no. As far as we know, these are just system triggers when an event happens.
There hasn't been any other data sent through or any other meta tags suggest that these are legit. And if you want, we can cancel them out. But the likelihood of them coming through is nil at this point. so on and so forth. So I was like, okay, it's really just gone. And that realization was very stark because at that point it wasn't, I've lost some money. I'm going to have some, it was zero.
I don't know how many people have had that happen before, but I had never had that happen in any other investments that I had, whether it was a bet, whether it was something from my youth or anything like that, never from a fairly decent amount to zero in less than three weeks and with almost no recourse of recovery. It was mind-boggling, but it was also terrifying at the same time.
Yeah. I immediately got in touch with a debt restructuring company because I had essentially told my debtors or creditors that I was planning to pay back what I had leveraged at the end of the fiscal year. That was kind of an expectation. And They had brokered a deal with me, understanding that it was a short-term loan, essentially, that was going to be paid back in quick succession.
And so they were fine with allowing me to go on this list.
Yeah, I used that money to invest more heavily in crypto in general, not necessarily... So I immediately knew I was going to have to work with them and I was going to need professional help that I wouldn't be able to do that on my own. So I met with the debt collection company
We worked out a plan and, you know, their job is to work with people that you have debt with, your creditors and so on and so forth to come up with reasonable repayment structuring plans and so on and so forth. And I had my job. I worked at a company called Loom at the time and was doing fairly well from a career standpoint.
And it was going to be extremely tight, but it was going to be manageable. I would be able to do it if nothing else happened. Well, it wasn't until February when the tech layoffs happened and I got laid off from my job that things really got serious. And at that point, debt collection wasn't an option. And I thought, okay, where are the real options here?
Bankruptcy was one of the first things that somebody recommended. It's not something that I had ever considered myself doing. having to do, needing to do, or having to consider it all in the course of my life. I had liked to think that I was pretty financially prudent and, and that, um, something like that was not in my future, but it was.
And I had opted to do chapter seven, personal bankruptcy, but that is a qualification process that takes quite some time because they look back at your history and they say, okay, if you were here at this point and you're now here, why can't you do this? Or why couldn't you do this? Or what happened? And so my bankruptcy lawyer essentially said, you can't file right away.
We can get everything ready, but we have to wait at least eight to 12 months because you won't qualify. There's a very specific bar that has to be met. And unfortunately, if they wouldn't look back right now, you have had some tough times, but you still wouldn't qualify. And so that started
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