I do not think the shop in Cabarete can do anything for people who bought something via FTX.
I think the losses ere more than $8 Billion
The only people allowed to get any money out were Bahamian residents or companies.
Most of the money has been laundered and stolen and you can be certain Sam Bankman-Fried got his billion stashed away along with the mansion he owns in the Bahamas. Not to mention some famous political campaigns that took his 'contributions' (other people's money).
Ok
There was a report this morning in the Financial Times that $260 million of Crypto coins were withdrawal from wallets at FTX in a recent 'hack'.
Ok
If your Bitcoin (or other crypto) was held at FTX, nothing in the Cabarete store can be done to restore it (and it is not that store's fault). I feel bad for those who got duped - I think this is the beginning of the end for 'Crypto Wallets'.
You are right that it is not the fault of the Cabarete store if they advised clients to purchase crypto through FTX. It is their fault if they did not advise them to take their crypto off the exchange and place it into a non-custodial wallet.
Not your keys...not your crypto‼️
It is not a failure of "Crypto Wallets".
The Cabarete office should be advising their clients that when they purchase crypto through an exchange then they are simply getting a IOU for the coins.
They should have advised them to make their purchases and place them into a non-custodial wallet where they have possession of both the public and private keys.
FTX is a failure of centralized exchanges.
Not a single DiFi exchange has failed during 2022.
And every single purchaser of crypto can avoid the problems of centralized exchanges ranging from bad business practices up to straight out fraud and theft by pulling their coins off the exchanges and placing them in a non-custodial wallet.
Also the idea of what is a real crypto wallet" needs to be cleared up.
What you are actually getting is a pointer to the blockchain where the record of your transaction is stored and the wallet has the information (keys) that allows you to authorize transactions with the coins that you own.
There are two types of wallets: software (hot) and hardware (cold).
Hardware wallets are nearly impossible to hack (cold)
They are not on the internet. They should not connect to the internet.
You have to hack the person.
Software wallets are subject to hacking because they are exposed to the internet.
But they are better than keeping your coins on an exchange because they are 'chump change' compared to the pools of money that sits in these centralized exchanges.
Far from being the end of crypto wallets...there should be an explosion of sales for hardware wallets and safes.
So, far reading this thread the only thing I see is a lot of misinformation about how crypto actually works.
Read a white paper and learn what a block chain actually is.
So if you don't know what you are talking about...individuals should just say nothing...until they educate themselves and can speak with knowledge on the subject. Because misinformation is part of the problem and is often worse than the lack of it.
Scream all you like about the decline in asset values.
Anyone own stocks up in here?
What do your investment returns look like this year❓ 🤑📉
Not your keys...not your crypto ‼️
