Finish issue in FTX

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How to Finish issue 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 s 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 skepticism a

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How much is stuck in FTX?

FTX says it owes more than $3 billion to creditors. Accessed Nov 21, 2022.

Who lost the most on FTX?

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.

Who lost the most money in FTX?

CharacteristicNet worth loss in billion U.S. dollarsSam Bankman-Fried (FTX)23Brian Armstrong (Coinbase)4.7Gary Wang (FTX)1.7Chris Larsen (Ripple)1.31 more row Jan 12, 2023

Why cant you withdraw from FTX?

Clients of FTX worldwide have been unable to get access to their money since the company entered bankruptcy last month and placed a block on withdrawals.

Why is FTX under investigation?

The charges in the indictment arise from an alleged wide-ranging scheme by Bankman-Fried to misappropriate billions of dollars of customer funds deposited with FTX, the international cryptocurrency exchange founded by Bankman-Fried, and mislead investors and lenders to FTX and to Alameda Research, the cryptocurrency

Who stole money from FTX?

FTX co-founder Sam Bankman-Fried has been accused of stealing billions of dollars from FTX users to pay debts at his other firm, Alameda Research. Mr Bankman-Fried has pleaded not guilty to fraud charges. Last week the company told a bankruptcy judge in Delaware that it had recovered more than $5bn in assets.

Which celebrities lost money on FTX?

In addition to any lasting reputational damage, Brady and his supermodel ex-wife, Gisele Bndchen, have likely lost most or all of the sizable financial stake they had in FTX.

Who has lost the most money on crypto?

The man with the most to lose is Changpeng Zhao, CEO of Binance, cryptos largest exchange, a sprawling global network of murky subsidiaries.

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