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hereamp;#39;s FTX downfall broken down to 60 seconds this is signed bankman free heamp;#39;s the founder of FDX who also owns a hedge fund Alameda research remember this for later he then created a for the exchange called ftt then youamp;#39;d borrow billions of dollars which you couldnamp;#39;t pay back he then used all this money to buy off dying companies like Voyager and block five users were able to buy Bitcoin and other cryptocurrencies on the exchange but because funds are being used elsewhere in FDX this was technically an IOU they gave to their customers so if everyone decided to withdraw their funds at once they wouldnamp;#39;t be able to pay them back after some suspicious Bank sheets came out about Alameda research about it being totally backed by ftt s Finance decided to liquidate all its ftt s this caused a bank run and FTS didnamp;#39;t have enough to pay back all their customers so where did all this money go 10 billion apparently went to his hedge fund and 66 mil
