Erase question in FTX in a few clicks

Aug 6th, 2022
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How to erase question in FTX

5 out of 5
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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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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 founder Sam Bankman-Fried, left, arrives at a federal courthouse in Manhattan on Feb. 16, 2023. Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago.
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.
Customers and creditors that claim $50,000 or less will get about 118% of their claim, ing to the plan, which was filed with the U.S. Bankruptcy Court for the District of Delaware. This covers about 98% of FTX customers.
People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest. Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds.
NEW YORK, March 28 (Reuters) - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkinds dramatic downfall.
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.

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