What Happened To FTX? The Crypto Exchange Fund’s Collapse Explained.

The fall of FTX and, ultimately, Bankman-Fried, can be traced back to the liquidity critics of the FTT token and his trading firm, Alameda Research Company.that Bankman-Fried moved up to $10 billion in FTX customer funds to Alameda, whose assets were primarily held in the FTT token.

This, coupled with CZ’s announcement of selling Binance’s stake in FTT, led customers to an increase in customer withdrawals and, thus, the bankruptcy of the entire FTX Group.The Arrest Of Sam Bankman-FriedCharges brought against him, per the , were “two counts of wire fraud and one count of conspiracy to commit money laundering… . … conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to defraud the United States and commit campaign finance violations.”Public statements he has made include

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tulsa Race Massacre: Why it happened and why it’s still relevant todayJust decades after slavery in the United States left Black Americans in an economic and societal deficit, one bright spot stood out in Tulsa, Oklahoma — its Greenwood District, known as the “Black Wall Street,” where Black business leaders, homeowners, and civic leaders thrived.
Source: KPRC2 - 🏆 80. / 68 Read more »