Tweak chapter in FTX

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Aug 6th, 2022
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How to tweak chapter in FTX

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Emily back to you you uh penned an op-ed for CNN uh entitled no one is coming to save the crypto industry uh break it down for us to start with sure so this theme is becoming more and more prominent you know crypto as you know Michael you wrote about something similar crypto the fundamental ideas of Bitcoin are decentralization and transparency Bitcoin came into the world on the heels of the financial crisis and the whole idea was to have a monetary system that did not rely on any one individual or entity you know a trustless system so to speak and now of course we have to say you know crypto and Bitcoin are separate and FTX does not represent Bitcoin these are two separate entities however the crypto industry I argue has sort of straight away from this original ideal of Bitcoin which is this decentralized system because what we saw with FTX and what we saw with Sam Baker freed is that so much trust was placed on this one individual and this one entity would became so powerful that whe

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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.
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.
What Happened to FTX? FTX was a leading cryptocurrency exchange that went bankrupt in November 2022 amid allegations that its owners had embezzled and misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion.
ing to the prosecution, Bankman-Fried stole billions of dollars from the crypto exchanges customers out of sheer greed. One key issue was how much money FTXs customers lost. During the trial, the prosecution and its witnesses repeatedly in fact, 97 times put that number at $US8 billion ($12 billion).
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.
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 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.

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