Per the latest podcast of The Decibel by the Globe and Mail – FTX and Canadian crypto FOMO, FTX wanted to enter Canadian Market because but it never completed. One possible reason is that they didn’t open their accounting/financial records to Ontario Securities Commission. Should we Canadians be proud because Canadian investors have better regulations protection than American ones? 😊
Some Canadians still suffered a loss from FTX. Ontario Teachers Pension Plan (OTPP) invested $95 million USD in FTX. The podcast described the FOMO of OTPP. It claimed that OTPP missed out on a very lucrative deal on another crypto trading firm prior. It created this strong fear of missing out inside OTPP. Industry insiders said that people would get frowned upon if they dare to ask basic accounting/financial questions towards those cool crypto genius from FTX.
It also said how they actively courted Kevin O’Leary to be their promoter and paid him 18 millions, which included “approximately $10 million in tokens held in FTX wallets” and roughly $1 million in FTX equity.
Guessed that he didn’t do his due diligence.
I guessed Crypto’s recent crash is due to its hype from FOMO, just like many other bubbles. Usually during bubbles and FOMO, it is easier to pull wool over people’s eyes.
If some of us only suffered a small loss that we an afford, perhaps that is the cost of a precious lesson for a lifetime.