Did anyone read the customer service agreement before placing their assets into the loving care of FTX?
Of course not, they were too busy getting rich quick. Anyway, this is just like placing assets into a licensed and regulated broker account --- right?
My guess is that their customer service agreement gave FTX full rights to use the assests in any way *they* wanted --- effectively as if they "owned" them.
End result: A lot of fools and their money are now parted.
Thanks for proving part of the point --- you really didn't find/read the TOS either.
You relied on a 3rd party after the fact account of what was in the document.
If the 3rd party account is accurate, it suggests that SBF violated the provisions of his own TOS --- provisions that he was foolish to include and probably could have easily omitted because very few people ever really read the document.
The point being --- greed makes you blind and often leads to foolish behavior --- which seems to apply to a large swath of the crypto marketplace.
My initial thought, having some experience with this kind of thing, is that this is basically a grab by the plaintiff's law firm to get some legal fees while they can from the corpse of FTX. It would be nice if the bankrupcy court would be able to get these dismissed to save resources to actually pay out customers.
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[ 3.4 ms ] story [ 36.9 ms ] threadOf course not, they were too busy getting rich quick. Anyway, this is just like placing assets into a licensed and regulated broker account --- right?
My guess is that their customer service agreement gave FTX full rights to use the assests in any way *they* wanted --- effectively as if they "owned" them.
End result: A lot of fools and their money are now parted.
If the end result is wrong, there would be no basis for a class action lawsuit.
You relied on a 3rd party after the fact account of what was in the document.
If the 3rd party account is accurate, it suggests that SBF violated the provisions of his own TOS --- provisions that he was foolish to include and probably could have easily omitted because very few people ever really read the document.
The point being --- greed makes you blind and often leads to foolish behavior --- which seems to apply to a large swath of the crypto marketplace.
> My guess is that their customer service agreement gave FTX full rights
The answer is no. The terms of service did not give FTX full rights to use the assets, which is the whole point here.
Whether people read the TOS or not doesn't matter, since FTX violated them.