New crypto exchange takes $284B in leveraged bets in 10 hours, winners paid by losers
LexSokolin · x · 2026-10-28
A new crypto exchange opened with no funds of its own to pay winners; traders placed $284B of leveraged bets in its first ten hours, with losers' money covering winners. A chart shows USDC held in the exchange contract rising from $14M on Oct 9 to $102M at peak, then falling to $39M by Oct 23. The author notes that user acquisition is solved — the harder question is who shows up next week to lose.
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