Clean up city in FTX smoothly

Aug 6th, 2022
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How to Clean up city in FTX

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LIVE ON CBSN NEW YORK. YOU CAN FIND IT ON THE WEBSITE CBS NEW YORK.COM. AFTER THE YEARLY BALL DROP IN TIME SQUARE CREWS GOT RIGHT TO WORK CLEANING UP. BECAUSE OF THE PANDEMIC WITH ABOUT 15,000 PEOPLE CELEBRATING THE NEW YEAR IN TIME SQUARE INSTEAD OF THE USUAL 60,000. THE SANITATION CREWS STILL HAD PLENTY TO SWEEP OFF THE STREETS. THIS YEAR PEOPLE HAD TO BE VACCINATED AND MASKED AND HAD

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In just a few days, the cryptocurrency exchange went from a company with a peak valuation of $32 billion to filing for bankruptcy. The liquidity crunch had customers demanding withdrawals, and Binance abandoned the non-binding acquisition agreement they had with FTX.
FTX, which a year ago was valued at $32bn, filed for bankruptcy protection on 11 November. It has been estimated that $8bn of customers funds was missing.
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.
How did FTX fail? FTX filed for bankruptcy on Nov. 11, 2022, after a surge of customer withdrawals earlier in the month. Then-CEO Sam Bankman-Fried admitted that the company didnt have sufficient assets in reserve to meet customer demand.
Alameda was the only account on the platform that was allowed to have a negative balance, ing to the CFTC. Bankman-Fried claims that the co-mingling of funds between Alameda and FTX was not purposeful, but resulted from his and others misreading of confusing internal labeling, he told Reuters.
Billions of dollars worth of cryptocurrencies began to flow out of FTX in a matter of days. A potential rescue deal with ChangPeng Zhaos Binance fell apart Nov. 8, and FTX and Alameda both declared bankruptcy Nov. 11.
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.
How did FTX fail? FTX filed for bankruptcy on Nov. 11, 2022, after a surge of customer withdrawals earlier in the month. Then-CEO Sam Bankman-Fried admitted that the company didnt have sufficient assets in reserve to meet customer demand.

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