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It’s due to astroturfers like this guy [1] here on HN manipulating the narrative with intentional misinformation and HN taking the bait and upvoting like crazy because it sounds intelligent and authoritative.

Don’t trust anyone, they’re all scum.

[1] https://news.ycombinator.com/item?id=33467429

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They may be insolvent now due to FTT dip, but at the time this comment was written, he was right. They were almost certainly not insolvent. I think this all started with a tiny bit of FUD about Alameda and FTX being naughty with user deposits. CZ saw that and did a supreme job of taking advantage, but probably this would have all blown over otherwise.

Easy to look at someone's post in hindsight and see that they were mistaken. Probably

> They may be insolvent now due to FTT dip

Are you intentionally trying to mislead people? The whole point at that time was that their claims to solvency were entirely predicated on an indefensible valuation of their FTT holdings. We've now seen, as expected, that that FTT valuation was totally bogus.

Does FTT pay dividends? If not, it's not a stock. Its valuation is what people are paying for it on the market. If it's trading for $25 on every exchange, it's $25. Their valuation was accurate.

Also cryptoanon was spreading disinformation as well:

https://news.ycombinator.com/item?id=33466306

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