Clean question in FTX smoothly

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Aug 6th, 2022
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How to Clean question in FTX

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lawmakers on Capitol Hill trying to get answers from Regulators in the aftermath of the crypto chaos Jennifer schomberger is tracking that for us hey Jen good afternoon in a colorful display Tuesday we heard from a lawmakers before the Senate Banking Committee and their opinions on ftxs bankruptcy they pointed fingers at top banking Regulators while also asking them what could be done to prevent an FTX situation can you tell me who in our federal financial services regulatory administrative state was watching FTX to make sure that no one there stole peoples money was anyone watching them FTX lent out customer assets for proprietary trading with its affiliate Alameda research misusing its custody assets which it did not own and breaking its promises to its customers so like Senator Toomey I agree this is a lot like MF Global in 2011. but I think some of this obligation is on you to provide some clarity about how that could work uh and and and as I say I what Im hearing from the indu

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FTX filed for bankruptcy on Nov. 11, 2022, after a surge of customer withdrawals earlier in the month. Then-CEO Bankman-Fried admitted that the company didnt have sufficient assets in reserve to meet customer demand.
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.
Marking the beginning of 2022s busiest month for crypto hacks, hackers were able to siphon an estimated $110 million from Binances BSC Hub on October 6. The cross-chain bridge between two Binance-affiliated chainsBNB Smart Chain (BSC) and BNB Beacon Chainwas exploited following a scheduled update.
FTX is a now-defunct cryptocurrency exchange founded by Sam Bankman-Fried in 2019, who served as CEO until Nov. 11. The exchange issued its own , FTT, and was the fourth-largest crypto exchange by volume as of Nov. 9.
Collapsed cryptocurrency exchange FTX says that around $415m (338m) of crypto has been stolen by hackers. About $323m was from its international exchange and $90m from its US platform since the firm filed for bankruptcy, FTXs CEO says.
Sam Bankman-Fried and Zixiao Gary Wang founded FTX in May 2019. FTX began within Alameda Research, a trading firm founded by Bankman-Fried, Caroline Ellison, and other former employees of Jane Street in 2017, in Berkeley, California. FTX is an abbreviation of Futures Exchange.
It is unclear how much Brady and Bundchen paid for their stakes, but they may have lost up to $70 million. At a Dec. 14 hearing by the U.S. Senate Banking Committee into the failures of FTX, Shark Tank investor Kevin OLeary estimated his 32,000 shares to be worth $1 million before the collapse.
Since 2019, FTX has been a legit crypto exchange platform. It is used by millions of users around the world. It is regulated by the Hong Kong financial authority.
FTX attackers, widely believed to be internal employees, stole more than $300m FTX assets.
Brady is arguably FTXs most famous endorser, appearing in ads with his then-wife, supermodel Gisele Bundchen, and investing in the company. His Twitter profile featuring a headshot with gleaming eyes was a signal of crypto enthusiasm.

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