FTX defrauded with  its customers

About FTX

FTX is one of the leading cryptocurrency exchanges in the world. Infact, by volume FTX was the second largest exchange after Binance sometime back.

Founder of FTX

Sam Bankman-Fried is the founder of FTX. He's also the founder of Alameda Research, the investment arm of FTX.

The Bankruptcy

Acc. to a statement released by Sam, FTX requires over $8 billion to overcome bankruptcy. It has filed for bankruptcy.

Funds Missing

Atleast $1 billion worth of customer's funds have been vanished from the exchange revealed by people associated closely with the development.

Where did the funds go?

SBF secretly transferred $10 billion of customer's funds from FTX to Alameda Research. A large portion of it is still missing

SEC investigation

SEC has taken steps to investigate FTX for potential security violations, criminal activities or any sort of offense committed.

What's next?

FTX is likely to dissolve and with it crypto markets will face an intense sell-off. User's funds aren't safe anymore after the hack which is done intentionally

FTX Exchange hacked

Admin of FTX Telegram group revealed that FTX was hacked today. Read more 

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