Former CEO Sam Bankman-Fried was hailed as a savior of crypto before FTX’s implosion.
Cryptocurrency exchange FTX was seen as a survivor in a struggling industry, but over the course of six days the exchange collapsed due to a sudden liquidity crunch. WSJ explains the factors that drove FTX’s growth and what led to its downfall. Illustration: Alexandra Larkin
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FTX’s Collapse: The Three Key Points on the Largest Crypto Bankruptcy Ever: https://youtu.be/kCM-agH1aGM
#WSJ #FTX #crypto
FTX’s new CEO says he’s never seen “such a complete absence of trustworthy financial information…” in his career.
So what’s next after FTX’s bankruptcy filing? WSJ breaks down the three key points around the largest crypto bankruptcy ever: https://youtu.be/kCM-agH1aGM
Thanks Lammonhack 👆he was able to recover my money back from FTX I really appreciate sir
Thanks Lammonhack 👆he was able to recover my money back from FTX I really appreciate sir
Its a ponzi. Only high risk takers or dupes would ever go there. Just useless paper.
Very very possible this could be another great episode of American greed what do you think
05:13 Can someone explain how the money is missing ? I am not in crypto but all peoples are speaking how safe it is and you have full control . How can the money be missing now ?
A fool and his money are soon parted
WSJ, why not talk about how Democrats profited from FTX? SBF was the second biggest donor 2022.
Democratic Money Laundry or war money a normal way for War Machine
This is enron 3.0
Realistically, a bank run can nuke any bank. So this is maybe more a fault of people being too reactive to news and fears.
Seems they needed controls to stop too many withdrawals.
The "protecting consumers" aspect of banking that applies here is definitely interesting though… If you're not government backed, you likely need a different set of rules to keep things stable even in dark times.
And crypto companies really should be more transparent in their activities – in the sense of having code (decisions) be public.
So, you give him real dollars and he prints FTX currency in exchange, he goes and buys real things like houses and cars while you get the digital coins in your wallet hoping that someone else buys your digital token for a bigger price… wow, just wow
Elizabeth Holmes-III ?
Will the concerned departments be able to squeeze out enough money from him to repay some of the investors?
If not cash then in assets liquidation?
Wouah !!!
Wall Street Journal can predict …. the Past . Well done , Wall Street Journal 👏👏👏
Is the WSJ coming to bat for one of its' own? Why yes it is.
What do you mean what happend? He blew investors money on democrat donations. He donated the most right behind George Soros. Funny how the crypto fell apart after midterms. What a scam.
Another financial bamboozle just like in 2008. Not only is America not manufacturing anything anymore it seems to be moving from one financial bubble to another 🤦
What went wrong is the ponzi schemes are all coming down…and no mas using dirty crypto for trafficking children and funneling money back to dirty politicians…
LOL to all the suckers that lost $$$$$ on this cuz they believed the athletes celebrities!!!
Thanks LOATEDCYBER 👆 you're such a talented person, and I can't just stop thanking you for this successful recovery. If I had my ways, i would give you a big hug💖❤…