Blot comment in FTX

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Aug 6th, 2022
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How to blot comment in FTX

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basically FTX was a crypto exchange a lot of people thought was one of the safest crypto exchanges led by Sam Baker Creed I thought to be a good guy in crypto especially by regulators and politicians TX was associated with a company called elevator research they were basically a venture capital arm sand bank and freed known as SBF in the industry he is basically he was over both of those FTX and Alameda while Alameda had a back door into FTX whenever it was trading on the downside was actually able to pull customer funds from FTX from their Bank of funds and and use them for their trading activities

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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.
NEW YORK, March 28 (Reuters) - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkinds dramatic downfall.
FTX founder Sam Bankman-Fried testified Friday that his largest mistake was not having a dedicated risk management team and a chief risk manager at FTX. The result was no oversight for the bankrupt crypto exchange.
FTX and FTX.US crashed due to a lack of liquidity and mismanagement of funds, followed by a large volume of withdrawals from rattled investors.
Last year, Ray testified to Congress that FTXs collapse was really old-fashioned embezzlement. This is just taking money from customers and using it for your own purposes. Justice department prosecutors echoed his statements in the immediate aftermath of Bankman-Frieds conviction.
When FTX filed for bankruptcy, all the assets were dollarized. This means that the bankruptcy estate converted the value of all deposits into their dollar value at the time of petition. So if John Doe had one bitcoin valued at $20,000 at the time of bankruptcy, then the estate logs his claim as $20,000, not as 1 BTC.
A surge of customer withdrawals due to concerns over this questionable financial valuation practice and unusually close relationship with Alameda pushed FTX and Alameda into bankruptcy and shook the volatile crypto market.

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