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SBF Twitter latest: Bankman-Fried continues to rile customers with ‘Truth and beauty’ vagueness

By Alara Jordan

Edited by Charlie Mellor

15:37, 16 November 2022

FTX logo
Bankman-Fried starting posting a string of one letter tweets on 14 November which attracted the attention of the crypto community – Photo: Shutterstock

The fallout from FTX and the crypto empire that former CEO Sam Bankman-Fried once built has unfolded over the past week. 

Bankman-Fried, who has regularly used Twitter to keep users updated on FTX and recent events, began posting cryptic tweets onn 14 November that angered users. 

The series of strange tweets gained the attention of Crypto Twitter after the first tweet that read “What”, which he followed with one letter tweets hours apart until his messages spelled out: ‘What HAPPENED”.

Twitter users were angered by what they believed was Bankman-Fried mocking the collapse of the crypto exchange that left thousands of users with nothing in their FTX accounts.

Others tried to decipher the tweets, stating that the former CEO could be writing in code.

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Breaking through ‘the mob mentality’

Leaked Slack messages from an internal FTX conversation showed that the former CEO claimed he was posting one letter tweets as a way to “break through the mob mentality”.

Bankman-Fried also said in an interview with The New York Times that he was “making it up as I go”. When pressed further about why, he said he didn’t know, adding that he was improvising. “I think it’s time,” he said.

Eventually, Bankman-Fried added some context to his tweets, stating his upmost priority moving forward was to do right by his customers and make them “whole” again. He said:

“Maybe I’ll fail. Maybe I won’t get anything more for customers than what’s already there. I’ve certainly failed before. You all know that now, all too well. But all I can do is to try. I’ve failed enough for the month.”

He then signed off by adding a final cryptic message that read: “Truth and Beauty.”

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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