Anthony* (a friend) called a few weeks ago, deeply worried. A deputy principal of a high school in Queensland, Australia, over the past year he spent hundreds of thousands of dollars buying cryptocurrencies, borrowing money using his home as equity. But now all his assets, valued at A$600,000, were stuck in an account
*Name has been changed. he couldn't access.
He'd bought through FTX, the world's third-biggest cryptocurrency exchange, endorsed by celebrities such as Seinfeld co-creator Larry David, basketball champions Steph Curry and Shaquille O'Neal, and tennis ace Naomi Osaka.
With FTX's spectacular collapse, he's now awaiting the outcome of the liquidation process that is likely to see him—and more than 1.2 million customers worldwide—lose everything.
“I thought these exchanges were safe,” Anthony said. He was wrong.
Not like stock exchanges
Cryptocurrency exchanges are sometimes described as being like stock exchanges—but they are very different to the likes of the London or New York stock exchanges, institutions that have weathered multiple financial crises.
この記事は Personal Finance の January 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Personal Finance の January 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
'Hack' your money psychology
Spending too much money? Tempted by sales? These money psychology hacks’ can help
Accounting tips for small businesses
It's important to properly manage your business finances
KIDS AND MONEY: FIVE WAYS TO START THE CONVERSATION
WHEN IT comes to teaching young children about the world, parents may feel that some topics—like politics and religion—are too tough to broach.
REDUCE THE PAIN OF DOWNSCALING
Investing in a holiday home as a retiree
THE RISKS INVOLVED IN INVESTING
Finding the balance between eating well and sleeping well
TESLA: WHY IT MIGHT BE TIME FOR MUSK TO GO
What 2023 holds for the electric vehicle company
FINDING SOMEONE TO STEP INTO YOUR SHOES
The Eskom crisis demonstrates again the importance of proper succession planning—loDSA
BORROWING MONEY ISN' ALWAYS A BAD THING
On the contrary, debt can be a sensible way to build wealth
WILL SOLAR POWER INCREASE THE VALUE OF YOUR HOME?
The upfront investment is high, which you'll want to recover when you sell
WHERE NEXT FOR THE GLOBAL ECONOMY?
Why central banks face an epic battle against inflation in 2023