Darken comment in FTX

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Aug 6th, 2022
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How to darken comment in FTX

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how does someone like Sam begman freed go from the Savior crypto to the next Bernie Madoff letamp;#39;s talk about what happened at FTX Scandal romance fraud sounds like the next episode of a soap opera but no no just another day in crypto unfortunately Alameda research is a trading firm that was founded by Sam and is also closely linked to FTX and how the exchange operated much of alamedaamp;#39;s value was tied up in crypto assets like the ftt which saw massive reductions in value over the past year and since those s were used as collateral for loans that Alameda took out to fund their trading operation they got margin called and they couldnamp;#39;t pay up and hereamp;#39;s where it gets bad because of Samamp;#39;s involvement in both FTX allowed Alameda to use customer funds to deal with their liquidity problem and once binance announced they were liquidating over a half a billion dollars in ftt s The Market panicked causing a bank run on FTX liquidity and crashing the ftt pri

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Some of the failures at FTX include unreliable financial statements, mishandling of confidential data, diversion of corporate funds to purchase homes for employees, poor recordkeeping, and a lack of centralized control of company cash.
The FTX scandal was allowed to happen because its young and charismatic founder exploited the flashy new cryptocurrency industry to mask what was essentially old-fashioned embezzlement, in which he stole billions of dollars from investors.
FTX founder Sam Bankman-Fried testified Friday that his largest mistake was not having a dedicated risk management team and a chief risk manager at FTX. The result was no oversight for the bankrupt crypto exchange.
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors.
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.
Crypto experts have for months expected docHub recoveries in the FTX bankruptcy. Some opportunistic investors have bought bankruptcy claims from the exchanges customers for pennies on the dollar, hoping to profit when the payouts begin.
ing to the agencies, Bankman-Fried and top executives lied about FTXs financial health to investors, customers, and lenders and hid a billion-dollar hole in its balance sheet with financial statements, inflated valuations of speculative s like FTXs FTT exchange coin, and cryptocurrencies borrowed from

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