The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, once one of the world's largest, sought bankruptcy protection last week. Here's what's known so far:
FILE - The FTX logo appears on a home plate umpire's jacket at a baseball game with the Minnesota Twins on Sept. 27, 2022, in Minneapolis. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.
FILE - The FTX logo appears on a home plate umpire's jacket at a baseball game with the Minnesota Twins on Sept. 27, 2022, in Minneapolis. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.last week, and its CEO and founder resigned.
The unraveling of the once-giant exchange is sending shockwaves through the industry. Here’s a look at the company’s collapse so far:Customers fled the exchange over fears about whether FTX had sufficient capital, and it agreed to sell itself to rival crypto exchange Binance. But the deal fell through pending Binance’s due diligence on FTX’s balance sheet.
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.FTX and dozens of affiliated companies — including CEO Sam Bankman-Fried’s hedge fund, Alameda Research — filed the bankruptcy petition in Delaware on Friday.
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.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX CEO John Ray Confirms Late-Night Hack, Says Company Is Working With Law EnforcementNew FTX_Official CEO John Ray said the company is “in contact with, and are coordinating with law enforcement and relevant regulators” after last night’s hack. cheyenneligon reports
Read more »
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.
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.
Read more »
EXPLAINER: What's happening at bankrupt crypto exchange FTX?Problems mounted over the weekend for collapsed cryptocurrency exchange FTX, which was struggling to account for money that went missing hours after it filed for bankruptcy
Read more »
Wrapped tokens issued by FTX or Alameda collapsing, no longer redeemableThe price of wrapped bitcoin on Sollet is down 77% over the past 24 hours, while wrapped ether is only down 9% to $1,138.
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
Read more »