Clean point in FTX smoothly

Aug 6th, 2022
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How to Clean point in FTX

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I presume you already know about the FTX debacle so Im not going to go over that here FTX one of the largest and highly regarded cryptocurrency exchanges has filed for bankruptcy protection and is alleged to have between 1 and 2 billion in client money unaccounted for what happened and how did it all go wrong for Sam bankman freed please indulge me for a few minutes although Im not an authority on cryptocurrency by any means I am an experienced CPA with 20 plus years of experience so I know a thing or two allow me to apply My Lens as an accountant to this whole FTX debacle and what we can learn from it and what it means for you and crypto exchanges going forward hi Im Noel lorenzana your friendly neighborhood accountant okay so what did fgx and Sam bankman freed do that was so egregious from an accounting point of view in my opinion this is a ledge since Im not privy to their financial records but this information is curated from highly regarded sources and insiders so take it und

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The collapse of the crypto exchange FTX seemed to materialize out of nowhere: Within one week in November, FTX transformed from one of the most respected and trusted parts of the crypto industry to a bankrupt disgrace that lost more than $8 billion of its customers money, ing to authorities.
The bottom line: crypto exchanges are not like stock exchanges, and CEXs are not safe. If the worst eventuates, whether it be an exchange collapse or cyber attack, you risk losing everything. All investments carry risks, and the unregulated crypto market carries more risk than most.
From 2021 to 2022, his estimated overall net worth increased from $180 million to $250 million.) Forbes currently declares that Brady is the ninth highest-paid athlete in the world, with endorsement deals for brands like Under Armour, Sam Adams, Foot Locker and Tag Heuer.
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. The value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which docHubed a two-year low as of Nov. 9.
FTX is a now bankrupt company that was one of the worlds largest cryptocurrency exchanges. It enabled customers to trade digital currencies for other digital currencies or traditional money; it also had a native cryptocurrency known as FTT.
In November 2022, FTX announced a liquidity crisis and a high probability of collapse. FTX and FTX.US filed for bankruptcy on Nov. 11 amid liquidity concerns and allegations regarding misuse of customer funds. We cant recommend using FTX at this time.
Those losses appear to have prompted someone in Bankman-Frieds operation to improperly transfer customer funds from trading platform FTX to Alameda, a decision that left FTX vulnerable to a withdrawal run that precipitated the sudden bankruptcy.
Where Did FTXs Missing $8 Billion Go? Crypto Investigators Offer New Clues. FTX founder Sam Bankman-Fried is arrested in the Bahamas on December 13, 2022.
He made his riches through cryptocurrency arbitrage buying coins for a lower price on one crypto exchange, then quickly selling them for a higher price on a different exchange.
Where Did FTXs Missing $8 Billion Go? Crypto Investigators Offer New Clues. FTX founder Sam Bankman-Fried is arrested in the Bahamas on December 13, 2022.

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