Cut age in FTX smoothly

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Aug 6th, 2022
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How to Cut age 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 tokens 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 s

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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.
Alameda Research played a significant role in the growth of FTX, as it acted as FTX's main market maker. As a market maker, Alameda Research was available to buy and sell if other customers wanted to, sometimes taking the losing side of a trade to attract customers to the 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. The value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which reached a two-year low as of Nov. 9.
Sam Bankman-Fried, the jailed founder of the collapsed cryptocurrency exchange FTX, has been extradited to the United States, where he faces criminal charges, Bahamian authorities said.
A splash in cryptocurrency In collaboration with friends at Alameda Capital, a hedge fund he had founded, Bankman-Fried moved as much as $25 million in bitcoin each day.
Bankman-Fried was arrested after federal prosecutors filed criminal charges. Bankman-Fried's company, FTX, began 2022 valued at $32 billion and he ended the year getting arrested for defrauding investors.
Prior to FTX's collapse, Bankman-Fried was ranked the 41st richest American in the Forbes 400, and the 60th richest person in world by The World's Billionaires. His net worth peaked at $26 billion. In October 2022, he had an estimated net worth of $10.5 billion.
FTX, a major cryptocurrency exchange, and FTX.US, its U.S. branch, filed for Chapter 11 bankruptcy on Nov. 11, 2022. Former founder and CEO Sam Bankman-Fried was arrested on Dec.
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, FTX's CEO says.
"Samuel Bankman-Fried is now in FBI custody and is on his way back to the United States," Mr Williams said.

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