Loses

No one is immune to losses, and today was a hard lesson for me. I went to sleep with several open positions, but when I woke up, things had taken a turn for the worse.
🔹 $IP price surged unexpectedly, leading to liquidation and a $320 loss.


🔹 $BAN continued its downward trend, adding to the losses.


🔹 $ETH was slightly in profit, but it wasn’t enough to make a difference.
👉 In total, I lost a significant amount overnight, leaving me with only 24.45$ in my account.
❗ Lessons Learned:
✅ When a position is moving against you, it's better to close early rather than wait for a miracle.
✅ Taking a controlled loss keeps you in the game—losing everything takes away that chance.
✅ Risk management is key. Leverage can work both ways, and without discipline, it can quickly wipe you out.
💡 Despite this setback, I will attempt to rebuild from what remains. It won’t be easy, but every challenge is an opportunity to improve and refine my strategy.
📊 How do you handle losses like this? Share your experiences and insights! 🚀
#Liquidations #Loses #LearnFromMistakes

Sam Bankman-Fried’s story is a wild ride from math nerd to crypto kingpin to convicted fraudster. Born in 1992 to Stanford law professors, he showed early promise, graduating from MIT with a physics degree in 2014. His journey into finance began at Jane Street Capital, trading ETFs, but the crypto boom lured him away. In 2017, he founded Alameda Research, a crypto trading firm, capitalizing on arbitrage opportunities like the "kimchi premium" in South Korea. By 2019, he launched FTX, a cryptocurrency exchange that grew into one of the world’s largest, turning him into a billionaire by 30 with a net worth peaking at $26 billion, according to Forbes.Bankman-Fried marketed himself as a quirky, altruistic genius, often seen in shorts and a T-shirt, preaching "effective altruism"—earning big to give big. FTX gained trust with celebrity endorsements, Super Bowl ads, and acquisitions of failing crypto firms, projecting stability. He hobnobbed with politicians, donating nearly $40 million to Democratic causes in 2022, and even pushed for crypto regulation, which gave him a veneer of legitimacy.But the shine hid a scam. From FTX’s start, prosecutors say Bankman-Fried funneled customer funds—billions of dollars—into Alameda Research to cover risky bets, repay loans, buy real estate, and fund political contributions. Unlike banks, crypto exchanges like FTX were supposed to hold customer funds 1:1, but he allegedly treated them as his personal piggy bank. A key trick involved FTX’s token, FTT, which Alameda hoarded and used as collateral for loans, artificially propping up its value. When a 2022 CoinDesk report exposed Alameda’s shaky finances, a customer panic triggered a $6 billion withdrawal rush. FTX couldn’t pay, collapsing into bankruptcy in November 2022.The fallout was brutal. Over $8 billion in customer money vanished, hitting everyone from small-time traders to big investors like Tom Brady. Bankman-Fried insisted it was mismanagement, not fraud, claiming he was just a sloppy CEO out of his depth. But prosecutors painted a darker picture: a calculated scheme from day one. At trial in 2023, former allies, including ex-girlfriend and Alameda CEO Caroline Ellison, testified he directed the fraud. A jury convicted him on seven counts of fraud and conspiracy, and in 2024, he was sentenced to 25 years in prison and ordered to pay $11 billion in forfeiture.Was he a scammer from the start? His defense leaned on naivety—an "awkward math nerd" caught in a market crash. Yet the evidence—secret transfers, fake balance sheets, and lies like tweeting "FTX is fine" as it crumbled—suggests intent. Some still argue he didn’t mean to hurt anyone, just got reckless chasing altruistic dreams. Others see a modern Madoff, dazzling the world while siphoning funds. The truth likely lies in a mix of hubris, greed, and a belief he could outsmart the system. His journey from crypto hero to prison cell is a cautionary tale about trust, hype, and unchecked power in a lawless digital frontier.

#SamBankman-Fried #Loses #FTX #Scam

1)Lack of knowledge
2)Greed
3)risk management
4)Misinformation
5)choice of exchange’s/platforms:Many people get scammed of their assets when they invest in unrecognised platform.I prefer to trade on #Binance as it’s a global recognised platform with good security.ETC.
#BTCHovers100k #Loses $BTC $BNB $SOL