The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorized access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished.
FTX had valued its assets between $10 billion to $50 billion, and listed more than 130 affiliated companies around the world, according to its bankruptcy filing. This week’s developments marked a shocking turn of events for Bankman-Fried, who was hailed as somewhat of a savior earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble. He was recently estimated to be worth $23 billion and has been a prominent political donor to Democrats.FTX confirmed Saturday there had been unauthorized access to its accounts, hours after the company filed for Chapter 11 bankruptcy protection.
Democrats stole your money.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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!!!
Source: Cointelegraph - 🏆 562. / 51 Read more »
EXPLAINER: What's happening at bankrupt crypto exchange FTX?The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Ukraine? Did you forget the part where it was a money laundering op for the DNC?
Source: AP - 🏆 728. / 51 Read more »
What a $32B crypto company's bankruptcy means for future of digital currencyWhat a $32 billion crypto company's bankruptcy means for future of digital currency 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 Truly, ijs......js
Source: ABC7 - 🏆 67. / 68 Read more »