Correct detail in FTX

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How to Correct detail in FTX

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- [Narrator] Over $150 billion. In three days, thats how much the worlds 15 largest cryptocurrencies lost in market value. Its because of the Crypto Exchange platform FTX, which is behind this , named FTT. On November 6th, the s value began to fall, losing more than 80% of its worth in the span of 72 hours. Once seen as a survivor in a struggling market, the fall of FTX has sent shockwaves through the cryptocurrency industry. So, what went wrong? FTX is the brainchild of Sam Bankman-Fried. Hes commonly known as SBF on social media. Hes been previously hailed as a savior of the crypto industry. - You were called the JP Morgan of crypto. - [Sam] Yep. - Does that bother you or not? - It doesnt bother me too much. - [Narrator] Bankman-Fried founded the quantitative trading firm Alameda Research in 2017. Two years later, he started FTX, an exchange platform for buying or selling cryptocurrencies. Right now, hes the majority owner of both firms. - That kinda aroused some skepticism a

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What went wrong with FTX?

What happened to FTX? 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.

Who lost the most money in FTX?

CharacteristicNet worth loss in billion U.S. dollarsSam Bankman-Fried (FTX)23Brian Armstrong (Coinbase)4.7Gary Wang (FTX)1.7Chris Larsen (Ripple)1.31 more row Jan 12, 2023

What is FTX being investigated for?

FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses.

Who stole money from FTX?

FTX co-founder Sam Bankman-Fried has been accused of stealing billions of dollars from FTX users to pay debts at his other firm, Alameda Research. Mr Bankman-Fried has pleaded not guilty to fraud charges. Last week the company told a bankruptcy judge in Delaware that it had recovered more than $5bn in assets.

Who has lost the most money on crypto?

The man with the most to lose is Changpeng Zhao, CEO of Binance, cryptos largest exchange, a sprawling global network of murky subsidiaries.

Who lost the most on FTX?

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.

Which celebrities lost money on FTX?

In addition to any lasting reputational damage, Brady and his supermodel ex-wife, Gisele Bndchen, have likely lost most or all of the sizable financial stake they had in FTX.

What is FTX explained in detail?

FTX was a centralized cryptocurrency exchange specializing in derivatives and leveraged products that filed for bankruptcy protection in the U.S. in November 2022. FTXs founder and former CEO was arrested in the Bahamas, extradited to the U.S. and released on a $250 bond in late December.

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