Wipe legend in FTX

The most effcient way to wipe legend in FTX

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How to wipe legend in FTX

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I did not know that there is any improper use of customer funds everybody wanted to find the chosen one the genius that person was sandbank and freed and the company that he ran was FTX FTX is a crypto exchange Sam was the founder of FTX and the chief executive FTX grew in about three years exploded onto the scene had the backing of celebrities FTX is the safest and easiest way to buy and sell crypto itamp;#39;s the best way to get in the game at the heart of this you have an incestuous relationship between two companies that were supposed to be separate FTX and Alameda that was so much alleged misuse of funds it all came crashing down in a matter of days when FTX collapsed I ended up losing a 2.1 million dollars I could just say this is one of the biggest frauds in American Financial history Regulators fell for it Venture capitalists fall for it everyone fell for the legend of Sam foreign almost universally known as SBF or Sam came from relative obscurity to King Of The Hill in crypt

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How did CZ destroy FTX?

The final collapse came at the hands of Changpeng ZhaoCZ to everyone in the industrywho tweeted that his company Binance was dumping its entire position in FTXs house , FTT. The fire sale, along with a ham-fisted attempt by Bankman-Fried to defend the , triggered a panic and FTX was bankrupt days later.

What happens to FTX users?

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.

Why did CZ turn himself in?

The judge explained that Zhaos willingness to turn himself in worked in his favor. When he was charged, Zhao was living in Dubai, which has no extradition treaty with the US. He probably could have evaded arrest or chosen to fight the charges from abroad. Instead he flew to the US and appeared in court.

How did money disappear from FTX?

Much of the $5 billion-plus that FTX invested in tech companies was financed through misappropriated customer funds, ing to lawsuits filed against senior executives.

How much is lost in FTX?

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).

What did CZ tweet about FTX?

Event #1: Changpeng Zhaos Tweet In justifying his decision, CZ cited only recent revelations that convinced him to sell FTT. ing to Lewis, this tweet caused many other holders of FTT to sell, thus dropping FTTs price, as they reasoned that CZ wouldnt be selling without good reason.

What caused the downfall of FTX?

FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. Binance announced it would buy FTX to prevent a larger market crash, but quickly bailed out of the deal as more news reports of mishandled customer funds surfaced.

What was Sam Bank Friedmans sentence?

Samuel Bankman-Fried, also known as SBF, 32, of Stanford, California, was sentenced today to 25 years in prison, three years of supervised release, and ordered to pay $11 billion in forfeiture for his orchestration of multiple fraudulent schemes.

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