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FTX filed for bankruptcy in the U.S courts, impacting trust in cryptocurrency. FTX is a Bahamas-based exchange founded in 2019 with over 1 million users at its peak. They use FTT, a native cryptocurrency, for operations. Binance is the largest exchange globally. Initially, Binance considered acquiring FTX's non-US operations to assist with liquidity issues but ultimately withdrew from the deal.
