One channel Telegram with three thousand subscribers. Many young people. Almost everyone started investing with the rise of the crypto world. And everyone had a portfolio on Ftx, the cryptocurrency platform that collapsed in early November causing a 32 billion crash. Since November 8, when the company blocked withdrawals from wallets (and interrupted communications on its official channel), the Italians affected by the Ftx crash have organized themselves on a Telegram channel.
“We went from 18 to 3,000 people in a short time. Hard to think that in Italy there are many more. I’ve read that it could be 100,000, but it seems to me a bit exaggerated”. Talking is Mario Garofanoentrepreneur and crypto investor via Ftx.
3,000 registered people, 5,000 euros the average investment
He is the coordinator of the Telegram group of Ftx Italia (Unoficial), and of a committee to protect Ftx investors created in recent days. “At the moment it is not possible to have precise numbers, but investors in Ftx are people with at least good digital skills. Difficult that they have not activated online in some way”. And Telegram, as happened in the past with the crashes of New Financial Technology and Juicy Fields, often becomes the platform for organizing collective actions.
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From what we read on the channel, and Garofano confirms, on average investors had around 5 thousand euros invested in cryptocurrencies: “Many of them had no other investments. They’re young. They had savings and they put all their savings into these platforms to buy cryptocurrencies. Cryptos are their first, and perhaps only investment”. From a quick calculation, the money invested in Italy in crypto via Ftx could be 15, 20 million. Little compared to the billions capitalized worldwide by the company.
Ftx, a committee in Italy to try to recover part of the money
But Ftx in Italy was much less popular than Binance and Coinbase. The committee was therefore created to try to recover at least part of the funds. A difficult mission, admits Garofano. However, in order to be effective, it must move on different levels. In the United States, in Europe, and looking for footholds in the nebulous (often non-existent) crypto legislation to try to achieve something: “It won’t be easy, but the only way to try is coordinated action”, adds the entrepreneur.
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“From the cases I have noticed, cryptocurrency investments are all the money saved up over the years. Often young people attracted by the narrative in circulation on the crypto world. But they are not naïve investors. Indeed, most of them invested in what are considered the safest cryptocurrencies: Bitcoin and Ethereum. Unfortunately, this was not a question of imprudence. The collapse happened on the other side. From the other party”.
Expert investors, but the cause of the crash is Ftx, the counterparty
From the platform. The one founded by Sam Bankman-Fried. It imploded at the beginning of the month due to an 8 billion shortfall in homes, exacerbated by the turbulence on the cryptocurrency market. In a letter to his employees he said he was “deeply sorry”, and that he had not “calculated the risks”.
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The first court hearing following the bankruptcy filing was held in New York on Tuesday. During the hearing of some lawyers, it would have emerged how Bankman-Fried managed his company as a personal fiefdom, using the funds for private purchases, like a luxurious vacation home in the Bahamas. Accusations. Which at the moment seem not to affect Bankman-Fried. On November 30, he will meet again in public at a New York Times conference on innovation. He apologizes, but does not repent.
Meanwhile, the world of cryptocurrencies is trying to run for cover. Changpeng Zao, number one of Binance, has announced a one billion fund to finance the purchase of assets based on cryptocurrencies in difficulty: “If it’s not enough, we can do more”. A demonstration of strength, in a market that seems to need it right now.