Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance annual membership meeting in Washington, D.C., on Oct. 13, 2022.sector is reeling after the collapse of FTX, a digital currency exchange valued earlier this year at $32 billion and made famous by a Super Bowl ad starring comedian Larry David.
In response to the article, Changpeng Zhao, the CEO of rival crypto exchange Binance, said on Sunday that he would sell the company's $580 million-worth of FTT. Due to a lack of funds, FTX halted customer withdrawals. On Tuesday, FTX reached a deal to sell itself to Binance, the crypto exchange whose executive had helped trigger the selloff. But Binance pulled out of the deal the next day, leaving FTX in need of a way to raise cash.What will happen next for FTX
"The climate in crypto is so bad that I'm not sure anyone would want to own the accounts and liabilities of an exchange like FTX," Yermack said. Eswar Prasad, a professor at Cornell University and the author of "The Future of Money: How the Digital Revolution is Transforming Currencies and Finance," said the challenges at FTX could spur a regulatory crackdown.
Source: News Formal (newsformal.com)
wow! the west is just full of scammers. never deal with them
Outside of a meme scheme crypto is worthless. When you ask someone how much they have in crypto they answer in US dollars. That tells you what currency they actually value.
Big democrat donor. every time money goes near dems, it just disappears. Fax
I literally invested half my 401k into this company, I’m never getting that back . This is why my wife’s divorced me this weekend
Truly, ijs......js
It was always a Ponzi scheme. There is some great underlying tech but crypto as a currency was always nonsense.
137 company lawsuit feels the end of the Crypto currency cycle at least for a bit coin
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FTX bankruptcy filing: Why the $32B crypto company collapsed, what it means for the futureCryptocurrency sector suffers another loss: FTX, one of the biggest players - once valued at $32 billion – declares bankruptcy. Federal regulators are investigating the sudden collapse It is like Elon watched the FTX goat rodeo for a while then said 'Hold my beer'... Crypto Arena you next bro! Take sorry ass Westbrick with ya! No more FTX Arena in Miami? Name change is coming! BangBrosDotCom1 coming in hard with this one 😂
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FTX's U.S. business is in troubleFTX US is separate from FTX, but its fate is likely to be equal.
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Solana’s Wrapped Bitcoin Price Craters, Recovers After FTX Shuts Exit RampUPDATE: soBTC largely recovered in price after FTX US reopened withdrawals, restoring a critical offramp for the wrapped bitcoin asset. I'll let you go, but you still won't leave solana centralized shit coin Solana
Source: CoinDesk - 🏆 291. / 63 Read more »
FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in US; SBF resignsFTX said roughly 130 companies in FTX Group — including FTX Trading, FTX US and Alameda Research — had started proceedings to file for bankruptcy in the United States. Smh Under chapter 11 do liquidators get to claw back the money donated to the dems...ie it wasnt Sam's money to give away Sbf needs to be stepping Into a prison cell... with a bottle of lube!!!
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Bahamas Regulator Freezes FTX Assets — Supreme Court Appoints Provisional Liquidator – Regulation Bitcoin NewsBahamas' securities regulator has frozen FTX's assets and the supreme court has appointed a provisional liquidator. crypto cryptocurrency BOOM! Another winning signal today from ChiefraFba Options are running out, FTX need to hurry Eternity Protocol Eternity_BSC is the best low market cap gem you can buy 10 to 30x incoming!
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How Crypto Giant FTX Suddenly Imploded - The Journal. - WSJ PodcastsOnce a leader in the world of cryptocurrency, Sam Bankman-Fried’s crypto exchange FTX is scrambling for funds. It’s now facing a shortfall of $8 billion after Binance walked away from a rescue attempt. WSJ’s Caitlin Ostroff on what this means for the crypto ecosystem. Further Reading: -Tensions Between Crypto Giants FTX, Binance Spill Into Public View -Binance’s Deal for Rival FTX Marks Power Shift Amid Crypto Turmoil -The 30-Year-Old Spending $1 Billion to Save Crypto Further Listening: -The Rise of Binance - And The Effort to Reel it In -The ‘Death Spiral’ of a Stablecoin ceostroff Great job, ceostroff.
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