Know The Difference Minute

FTX lawyers say there could be over a million creditors.

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Welcome to the Know the Difference Minute for Tuesday, November 15th.
The collapse of cryptocurrency exchange FTX happened in days. Untangling the mess is going to take years.
Forget Brady, Giselle, and Steph. When FTX filed Chapter 11 last week, it indicated more than 100,000 creditors.
You can strike that. In today’s filing, FTX lawyers said there could be over a million creditors. One million ranging from bored COVID investors to those who went incredibly deep. There is plenty of pain to share.
Crypto always had its wild side—that of decentralized finance roaming free on the blockchain. Add in Millionaire Crypto bros posting their W’s on TikTok, and you could see the appeal.
The truth is: cryptocurrency is unregulated and uninsured. There is no FDIC for crypto. It’s a speculative commodity riding the waves of human emotion. Even when that emotion is disbelief.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.