Bind circle in FTX

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Aug 6th, 2022
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How to bind circle in FTX

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um Jeremy a lot of folks looking at this and saying this is like the quicksand moment for crypto Whatamp;#39;s Happening Here uh thanks for having me on Andrew um yeah I mean it itamp;#39;s complex I think for for many people um this is sort of a shock uh I think there was a perception that FTX uh was one of the strongest firms in the space uh of course you know FTX International which is I think really what weamp;#39;re weamp;#39;re talking about here you know operating out of uh another jurisdiction not subject to U.S regulations or emerging U.S regulations and so I think at some level not the visibility that you would typically have in in regulated markets uh context um and I I think um you know there are real questions about um you know you know sort of Downstream impact and things like that is this a is this a uh another major Domino thatamp;#39;s gonna you know subsequently knock down a number of other dominoes weamp;#39;ve had a number of those happen this year uh is there

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Mystery solved: $400M FTX hack carried out by SIM-swap gang that impersonated female exec. Evidence suggests the U.S.-based phone hackers had ties to Russian crypto thieves.
Sam Bankman-Fried, the CEO of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion. Scores of investors and customers pulled their funds out of FTX, forcing the exchange to become insolvent and declare bankruptcy.
FTX filed bankruptcy in November 2022 after Bankman-Fried shut down the companys crypto-trading platform and handed control to insolvency experts. Bankman-Fried was later convicted of fraud. The case is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.
Binance CEO Changpeng Zhao said in a 2022 post the company had received over $2.1 billion in binance usd (BUSD) stablecoins and FTXs FTT s. Bankrupt crypto exchange FTX used customer funds to buy back the entirety of the firms stake held with competitor exchange Binance, a court hearing on Wednesday revealed.
Tom Brady is the most famous face to promote and invest in FTX and he also may have suffered the greatest individual loss. The Tampa Bay Buccaneers quarterback owned over 1.1 million common shares of FTX Trading, which equaled about $45 million before the company went bankrupt, ing to Bloomberg.
Despite mutual interests and financial entanglements, the deal fell through. Binance CEO Changpeng Zhao cited unresolvable issues as the primary roadblock, leaving both entities to forge their distinct paths.
The final collapse came at the hands of Changpeng ZhaoCZ to everyone in the industrywho tweeted that his company Binance was dumping its entire position in FTXs house , FTT. The fire sale, along with a ham-fisted attempt by Bankman-Fried to defend the , triggered a panic and FTX was bankrupt days later.
FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. Binance announced it would buy FTX to prevent a larger market crash, but quickly bailed out of the deal as more news reports of mishandled customer funds surfaced.

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