Wipe out style in FTX

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Aug 6th, 2022
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How to wipe out style in FTX

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okay the guy you see next to me is the most generous billionaire in the world and I found him hi my name is Sam and this is my story FTX was one of the largest cryptocurrency exchanges on the planet and this week they filed for chapter 11 bankruptcy the financial contagion has begun to spread and more and more companies in the cryptocurrency and the traditional Finance space have begun to be affected today Iamp;#39;m going to be leading you guys through the rise in the fall of FTX hopefully giving you guys a better idea of how this happened and then finally at the end of the video giving you guys some steps that you can follow today to protect yourself so that you donamp;#39;t become a victim of something like this in the future so letamp;#39;s jump into this by first getting the background of how FTX got the funding to even become a company yeah absolutely could pull it off without my math degree I use very little math um use a lot of like uh Elementary School math being be

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ing to the agencies, Bankman-Fried and top executives lied about FTXs financial health to investors, customers, and lenders and hid a billion-dollar hole in its balance sheet with financial statements, inflated valuations of speculative s like FTXs FTT exchange coin, and cryptocurrencies borrowed from
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.
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.
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.
The collapse of FTX 12. It began with the CoinDesk article and the leaked balance sheet. Binance initially announced it would sell all its FTT s because of the mishandled and blurred funds. The value of FTT dropped docHubly, prompting FTX customers to withdraw money from their accounts.
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.
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.
FTX says it will return money to most of its customers : NPR. FTX says it will return money to most of its customers 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.

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