FTX was 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
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
The Bankruptcy
Acc. to a statement released by Sam, FTX requires over $9 billion to overcome bankruptcy. It has filed for bankruptcy.
SBF Arrest
SBF Arrest
Sam was arrested on Dec12 in Bahamas by the local authority on the request of the United States.
Allegations against FTX
Allegations against FTX
FTX stole billions of worth of user funds and is charged with financial misconduct. Sam also lobbied against other players in the industry to promote FTX.
Bail Denied
Bail Denied
A Bahamian judge denied bail after US prosecutors issued arrest warrant against Sam citing his risk to flight "too risky".
Jail Term
Jail Term
If found guilty, Sam may face upto 115 years of prison sentence.
What did we learn?
What did we learn?
Centralized exchanges are no longer safe for storing cryptocurrencies. With many freezing withdrawals, it's better to store cryptos in a hardware wallet.