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.
The Domino Effect
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
Turkey Investigates
Turkey Investigates
Turkey is investigating FTX local arm and looking to seize the "suspicious assets" connected to the company.
MASAK tightens grip
MASAK tightens grip
Turkey's crime investigation board MASAK stated that FTX didn't preserve the user trust & indicates strong suspicion of crime by FTX CEO Sam
More trouble for FTX
More trouble for FTX
Regulators in countries where FTX was headquartered have already started investigation including Australia, Japan & Bahamas
What's next?
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.