Tweak phrase in FTX smoothly

Aug 6th, 2022
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How to Tweak phrase 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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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 as of Nov. 9.
About $323m was from its international exchange and $90m from its US platform since the firm filed for bankruptcy, FTXs CEO says. 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.
Both hot wallets and cold wallets can use a seed phrase for recovery. For example, MetaMask (hot browser extension wallet), Exodus (hot mobile wallet), and Ledger (cold hardware wallet) all use seed phrases for recovery.
The U.S. attorneys office in Manhattan has created a special task force to pursue its investigation into the collapse of FTX, the crypto exchange founded by Mr. Bankman-Fried.
When you create a new self-custody wallet, youll be given a recovery phrase that consists of 12 random words. The recovery phrase is the key to your crypto, meaning anyone with your recovery phrase has access to your crypto.
Once you receive your hardware wallet and set it up, you need to write down your seed phrase. A seed phrase is a string of 12 to 24 random words that can be used to retrieve your account if you lose your hardware wallet or your pin code.
Most crypto wallets automatically generate a seed phrase when set up. There arent many choices available for customizing the seed phrases settings because the procedure is often mechanical. This strategy is appropriate for most users who accept the generated seed phrase once, never to change it again.
When you create a new self-custody wallet, youll be given a recovery phrase that consists of 12 random words. The recovery phrase is the key to your crypto, meaning anyone with your recovery phrase has access to your crypto.
Excellent security Security is important for every cryptocurrency exchange, and FTX.US clearly takes this seriously. It has a custom-built hot and cold wallet for storing customer crypto funds, full external backing of all hot wallet funds, and relationships with industry leading custodians.
Coinbase: Supported Cryptocurrencies. If youre an international customer, FTX.com has more crypto availability than Coinbase. But if youre a U.S. investor, Coinbase has over five times the number of cryptos as FTX.US.

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