Vary question in FTX

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Aug 6th, 2022
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How to vary question in FTX

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um weamp;#39;ve been operating for a number of years with billions of dollars of open interest weamp;#39;ve never had customer losses um clawbacks we store collateral from our users in a way which is not always done in the traditional Financial ecosystem if you look at what precipitated some of the 2008 financial crisis you saw a number of bilateral bespoke non-reported uh transactions happening such that no one knew how much risk was in that system until it all fell apart if you compare that to what happens on FTX or other major cryptocurrency venues today thereamp;#39;s complete transparency about the full open interest thereamp;#39;s complete transparency about the positions that are held there is a robust robust consistent risk framework applied and weamp;#39;re excited to work with the cftc on our U.S license and regulated venue um to bring a lot of this uh to us customers foreign

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NEW YORK, March 28 (Reuters) - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkinds dramatic downfall.
People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest. Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds.
Some of the failures at FTX include unreliable financial statements, mishandling of confidential data, diversion of corporate funds to purchase homes for employees, poor recordkeeping, and a lack of centralized control of company cash.
Star NFL quarterback Tom Brady, who received a multimillion-dollar deal to be the leading FTX brand ambassador, was estimated to lose $30 million in the aftermath of the collapse. Companies and venture capital firms also saw their money vanish.
In the aftermath of FTXs fall 2022 collapse, media estimates of customer losses ranged from $8 billion (the worth of assets on FTXs balance sheet that were unaccounted for) to $16 billion (the amount of funds frozen) to $32 billion (the market value of FTX prior to its implosion).
Binance founder and CEO Changpeng Zhao (commonly known as CZ) was the crypto billionaire who lost the most money following the crypto crisis of 2022, with a net worth drop amounting to 82 billion U.S. dollars.
FTX founder Sam Bankman-Fried, left, arrives at a federal courthouse in Manhattan on Feb. 16, 2023. Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago.

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