Shade question in FTX

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How to shade question in FTX

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FTX is the crypto exchange now facing bankruptcy but how is this possible it seemed Like Only Yesterday Larry David was pumping the company during Super Bowl commercials itamp;#39;s FTX itamp;#39;s a safe and easy way to get into crypto and we were renaming professional sporting arenas in its honor basically somebody caught wind of the companyamp;#39;s balance sheet ooh thatamp;#39;s not good and that person noticed that most of the companyamp;#39;s assets were comprised of a made-up called ftt which was invented by FTS so that would be like me issuing data Slayer dollars and then deeming myself a gazillionaire seems legit and it was this damning discovery that caused binance to begin dumping the ftt which caused the price to tank which led to a death spiral and total insolvency and thatamp;#39;s why

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Is FTX still trading?

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.

Are FTX funds gone?

FTX now says that 98% of its creditors, including individual investors who had US$50,000 or less with FTX, will receive the funds they lost. Payments will be made in cash within 60 days of a reorganisation plan going into effect. However, this plan still needs to be approved by a US bankruptcy court and by creditors.

How much did FTX investors lose?

At Bankman-Frieds sentencing hearing, Kaplan agreed. He said FTXs customers had lost some $8bn and that its investors had lost $1.7bn.

What happened with FTX in simple terms?

On Nov. 8, FTX blocked customers from taking money out of the platform by removing that option online, which meant hundreds of thousands of customers did not have access to their money. When FTX could not pay the $8 billion gap, the company filed for bankruptcy.

Will FTX customers get their money back?

Almost all customers of collapsed cryptocurrency exchange FTX will get their money back and more, ing to a court filing. FTX estimates that it owes creditors around $11.2 billion.

Has FTX shut down?

Who gets paid in FTXs bankruptcy, and how? FTX collapsed over 10 days in November 2022 and soon after filed for Chapter 11 bankruptcy a statute used to reorganize a failing company in the public interest. FTXs exchange, its main product, was not so much reorganized as shut down.

Can I still trade on FTX?

Why would FTX let a little thing like bankruptcy stop hundreds of millions of dollars in spot bitcoin and derivatives trade? Bankrupt FTX continues to allow crypto trade despite customers inability to withdraw funds.

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