Put in background in FTX

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Aug 6th, 2022
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How to put in background in FTX

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Mr Oamp;#39;Leary I know that you are a big supporter of crypto even after you lost 10 million dollars in ftxamp;#39;s collapse but you are an experienced investor so let me ask you do you believe that the potential benefits of crypto are so promising that we should accept weaker anti-money laundering rules we should apply the same regulatory structure that we apply to existing trading of stocks and bonds an exchanges tied to broker dealers that is not complicated itamp;#39;s already been implemented in other countries and so and I I take issue Senator with your concept that it makes it easier to do money laundering currencies have been used for drug trafficking since the 60s in the American dollar when it was thrown out of a Piper aircraft in a duffel bag the American dollar is also used by Bad actors all the time crypto doesnamp;#39;t get a pass to help the worldamp;#39;s worst criminals

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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.
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.
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.
The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after massive fraud perpetrated by Bankman-Fried and his partner Caroline Ellison forced the company to file for Chapter 11 bankruptcy. FTX Trading Ltd.
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.
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.
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.

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