ICYMI: FTX, the world’s largest crypto exchange by 24-hour trading volume, filed for bankruptcy Friday. Co-founder Sam Bankman-Fried quit as chief executive. He has seen his net worth plunge to almost zero from $16 billion in less than a week.
The sudden collapse of FTX, the world’s third-largest cryptocurrency exchange, underlines how important it is for any investor to learn about the risks taken when money is parked with a lightly regulated firm.
FTX, based in the Bahamas, held about $16 billion in customer assets but had lent about $10 billion of that to Alameda Research, a trading firm also run by Bankman-Fried and headquartered in Hong Kong, according to a Wall Street Journal report. Alameda, in turn, had lent out billions of dollars, with some secured by FTT, a cryptocurrency created by FTX, according to a Nov. 2 report from CoinDesk.
Weston Blasi summarizes FTX CEO Sam Bankman-Fried’s shocking claim that he was unaware of FTX’s leverage risk, including an apparent lack of basic financial controls.The rise and fall of Sam Bankman-Fried Lukas I. Alpert chronicles FTX and Alameda Research founder Sam Bankman-Fried’s rapid rise and the instant collapse of his businesses.
This week Meta Platforms META, +1.96%, the parent company of Facebook, began laying off about 11,000 workers. Amazon.com AMZN, +4.32% is reviewing expenses of unprofitable units. The biggest corporate expense is always employees.
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