Jamie Loftus

An exchange is basically like a bank, right?

It's a cross between a bank and like a trading platform called FTX.

which was one of the largest cryptocurrency exchanges in the world and was also considered by most people to be the most stable and like ethical and legitimate.

Right.

People who are just kind of on the outside looking at when everything collapsed earlier this year.

Right.

You remember that we have.

Yeah.

So when that when the when crypto like fell apart, when a lot of crypto fell apart earlier this year and like a bunch of places went under, FTX was one of the ones that stayed stable and actually were buying up a bunch of like failing crypto companies to try to like prop up the industry.

They just collapsed.

And like the value of all everything has been plummeting for for the last several days.

It's a big disaster.

It is very light.

Yeah.

It is not solvent.

Oh, no.

Oh, because they lied.

So they were they were operating the short end of how to describe it.

And we may there will be more details to come.

But at present, it seems fair to say that it was a giant Ponzi scheme.