What will happen to  USER funds in FTX

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.

The Domino Effect

FTX crash eroded the crypto market. Crypto markets are now valued at $870 billion down from $1 trillion 10 days back. In its peak it was worth $3 trillion

Case of Lehman Brothers

The whole scenario looks like the financial market crash of 2008 that accelerated after Lehman crash. We have FTX in this case.

FTX Liquidation Process

Insolvency lawyer Stephen Earel has clarified that the liquidation process will be enormous exercise and it will take years  to resolve the mess.

Exchanges holding ground

Binance, Crypto.com & Coinbase are the top exchanges still holding good ground after FTX crash and record withdrawal of Bitcoin from exchanges.

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 & also they shouldn't use the app.

Why Binance didn't buy FTX?

Swipe up to learn why the deal failed to take-off.

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