Fill in question in FTX smoothly

Aug 6th, 2022
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How to Fill in question in FTX

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JUDY: THE FALLOUT KEEPS GROWING FOR THE CRYPTO-CURRENCY INDUSTRY AFTER AN UNEXPECTED BANKRUPTCY. IT INVOLVED ONE OF THE LARGEST AND MOST WELL KNOWN EXCHANGES FOR BUYING AND SELLING CRYPTOCURRENCIES SUCH AS BITCOIN. AS AMNA NAWAZ EXPLAINS, THERE ARE NOW MAJOR QUESTIONS ABOUT HOW THIS HAPPENED AND WHAT IT MAY SIGNAL ABOUT THE LARGER WORLD OF CRYPTO FINANCE. AMNA: JUDY, THAT CRYPTO EXCHANGE , FTX, WAS FOUNDED BY SAM BANKMAN-FRIED IN 2019. AND IT HAD MORE THAN A MILLION USERS. THE BANKRUPTCY CAME JUST DAYS AFTER A PUBLISHED REPORT RAISED QUESTIONS ABOUT WHETHER FTX HAD ADEQUATE CAPITAL. INVESTORS PULLED OUT IN WHAT AMOUNTED TO A BANK RUN ON FTX. NOW, FTXS DOWNFALL HAS RENEWED CONCERNS ABOUT THE SAFETY AND CREDIBILITY OF MANY CRYPTOCURRENCIES. THEIR VALUES HAVE PLUNGED AS WELL. ROBEN FARZAD FOLLOWS THIS AS THE HOST OF THE PODCAST, FULL DISCLOSURE AND JOINS NE MOW. ,WELCOME BACK AND THANK YOU FOR JOINING US. THIS IS COMPLICATED STUFF. YOU HAVE THIS CRYPTO EXCHANGE, FTX, AND IT GOES FROM BE

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It wasnt just a run on the bank that led to FTXs collapse. There was effectively a run on the bank, Bromley said, and a leadership crisis. After Bankman-Frieds rival, Binance CEO Changpeng Zhao, announced his plans to offload a substantial amount of a cryptocurrency FTX created, other investors panicked.
The Miami-based firm reportedly lost $130 million on its investment in FTX.
FTX claims it has recovered $1 billion in assetsa fraction of the $8 billion or more missing. Some $3.1 billion is owed to the companys top 50 creditors, ing to a bankruptcy filing from FTX last month.
Terri Smith is an architect in the Seattle area who says she may have lost about $30,000 in the FTX implosion. I was devastated really, she says. Thats a huge chunk of money for me.
FTX filed for bankruptcy on Nov. 11, 2022, after a surge of customer withdrawals earlier in the month. Then-CEO Bankman-Fried admitted that the company didnt have sufficient assets in reserve to meet customer demand.
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, FTXs CEO says.
Since 2019, FTX has been a legit crypto exchange platform. It is used by millions of users around the world. It is regulated by the Hong Kong financial authority.
FTX is a now-defunct cryptocurrency exchange founded by Sam Bankman-Fried in 2019, who served as CEO until Nov. 11. The exchange issued its own , FTT, and was the fourth-largest crypto exchange by volume as of Nov. 9.
FTX collapsed in early November 2022 following a report by CoinDesk highlighting potential leverage and solvency concerns involving FTX-affiliated trading firm Alameda Research. FTXs collapse shook the volatile crypto market, which lost billions at the time, falling below a $1 trillion valuation.
Its much more beginner-friendly with helpful educational content and even quizzes where you can earn free crypto. Its also a good choice for investors who want a large cryptocurrency selection to choose from, and it has tools for advanced traders as well.

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