Darken point in FTX

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Aug 6th, 2022
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How to darken point in FTX

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uh Iamp;#39;m just going to read a few headlines for you take a listen to this the fall of the FTX king of crypto crypto giant FTX collapses into bankruptcy funds vanish at bankrupt crypto exchange probe underway FTX crash worse than theranos worse than Madoff so what is going on here and and why should it matter to you even if you never plan to invest a dime in cryptocurrency well letamp;#39;s peel back the layers now if I had to explain just in one sentence what the collapse of FTX is all about Iamp;#39;d probably put it this way one of the largest cryptocurrency exchanges in the world FTX recently announced it was going bankrupt and a lot of people could lose a lot of money pretty simple pretty straightforward right but now let me add one thought FTX was actually caught in its own downward spiral a combination of money mismanagement and a complete evaporation of consumer confidence and that not the bankruptcy itself but the loss of trust could have huge implications for the crypt

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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 on Nov. 9, 2022.
At Bankman-Frieds sentencing hearing, Kaplan agreed. He said FTXs customers had lost some $8bn and that its investors had lost $1.7bn.
FTX collapsed in early November 2022 after journalists reported an affiliated trading firm, Alameda Research, derived most of its value from speculative cryptocurrency s.
The FTX has constantly failed to regain momentum, resulting in the altcoin recording a YTD of -56.11% in valuation. Furthermore, the Simple Moving Average (SMA) displays a bearish convergence in the chart, suggesting the price will continue losing value in the coming time.
Last year, Ray testified to Congress that FTXs collapse was really old-fashioned embezzlement. This is just taking money from customers and using it for your own purposes. Justice department prosecutors echoed his statements in the immediate aftermath of Bankman-Frieds conviction.
In November 2022, crypto exchange FTX suffered a major liquidity crisis and filed for Chapter 11. FTX created a wave of bankruptcies throughout the industry. In 2023, BlockFi, Genesis, and 3AC (a hedge fund), all of whom had money in or loaned to FTX, failed.
FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. Binance announced it would buy FTX to prevent a larger market crash, but quickly bailed out of the deal as more news reports of mishandled customer funds surfaced.
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.

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