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Eric Lipton Profile picture
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25 Jul, 5 tweets, 2 min read
NEWS: One of the world's largest cryptocurrency exchanges, FTX, moves on Sunday to curb highest risk cryptocurrency trades. High leverage can bring high profit. But it also can mean losses and volatility. With @el72champs nytimes.com/2021/07/25/us/…
This move comes after NYT examination published Friday of these are risk/high leverage derivatives trades and the role they play in cryptocurrency volatility worldwide nytimes.com/2021/07/23/us/…
Here is tweet thread today (July 25) from Sam Bankman-Fried, founder of FTX, explaining his move.
It was not too long ago that FTX was trying to out promote its competitors by increasing the available leverage to 101 times. Today it cut that leverage to 20 times. Here is a tweet from when they first increased it to 101 Image
MORE NEWS: Binance, the world's largest cryptocurrency exchange, also announced Sunday (after NYT story on risks presented by high-leverage derivatives) that it was lowering the volume. It too will now cap leverage at 20 times, down from 125 times. nytimes.com/2021/07/25/us/…

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More from @EricLiptonNYT

Eric Lipton Profile picture
23 Jul
Founders of the biggest crypto platforms have built a global playground designed to appeal to gamers with a taste for risk, featuring “leader boards” for traders with aliases like Dark Crypto Lord. Read a NYT examination of the exchanges that never sleep
nytimes.com/2021/07/23/us/…
Crypto traders turning to offshore sites like Binance, FTX & BitMEX can take $100 and with leverage turn it into bets of up to $12,500 on the future price of cryptocurrency.
To work around American regulations, major private trading firms with U.S. roots have set up offices in the Cayman Islands to push money through overseas crypto platforms, traders involved told The New York Times.
Read 9 tweets
Eric Lipton Profile picture
14 May
DC trivia....where is this location. (Hint: George Washington did not sleep here)
And the winner is....was too easy. Yes, between Deal Middle and (August) Wilson High School
To me Fort Reno actually is one of the nicest spots in DC because it's so quiet here almost all the time. And I guess by definition, being the highest point, it's not the swamp. Even before Trump did his magic work draining it, right?
Read 4 tweets
Eric Lipton Profile picture
13 May
Major moment. Are you ready to go maskless (in most places)? “The science is clear: If you are fully vaccinated, you are protected, & you can start doing the things that you stopped doing because of the pandemic” the C.D.C. said in a statement on Thursday. nytimes.com/2021/05/13/hea…
At least for me, this is going to take a while to get my psyche adjusted. Not sure I am ready.
This move by CDC will also almost certainly generate scenes of conflict/confusion indoors at stores/malls/other venues as we transition here and some are with masks and others not. Is it the end to retail mask mandates?
Read 4 tweets
Eric Lipton Profile picture
10 May
I was amazed as I looked around & saw just how many DC powerbrokers have been hired up by crypto industry. And it's not just lobbyists. The "shadow lobbyists" too like Teneo, which assigned a former top Treasury official to work his magic to fight SEC case nytimes.com/2021/05/09/us/…
A few examples. Binance hires former Senate Finance Chairman Max Baucus. binance.com/en/blog/421499…
BinanceUS hires former acting head of Office of Comptroller of the Currency--i.e. one of the top banking regulators in the United States. businesswire.com/news/home/2021…
Read 7 tweets
Eric Lipton Profile picture
6 May
THREAD: The US has more than enough lithium in the ground to supply the needs of all electric vehicles that will be made here. The massive open question is how will it be extracted from the ground? Let's look at those choices. First a story then documents nytimes.com/2021/05/06/bus…
One model is open-pit mining. Take the LithiumAmericas plan on federal lands in northern Nevada. Dig a giant pit and a sulfuric acid manufacturing plant. Extract a massive amt of water from the ground. Then pull the lithium from the clay to get what you need.
But there is a real environmental cost here. A study completed by Trump-era Interior published late last year before the LithiumAmericas was given final federal approval details some of the impact. That is 3,230 gallons of water per minute & thousands acres wildlife habitat, etc
Read 11 tweets
Eric Lipton Profile picture
30 Mar
Trump's effort to silence a former campaign aide named Jessica Denson & punish after she claimed sex discrimination/harassment by his campaign is effectively voided today as federal court judge rules that non-disclosure agreement Denson signed as campaign aide in 2016 is invalid
I wrote about this case--and others where Trump used his campaign funds to punish former aides that had been critical of him or his campaign--late last year. nytimes.com/2020/09/05/us/…
Here is the full story on how Trump drew on campaign funds to pay tens of millions in legal bills. Jessica Denson, his former campaign aide, was one of his many targets. nytimes.com/2020/09/05/us/…
Read 5 tweets

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