Back Faillite de FTX French Kebangkrutan FTX ID

Bankruptcy of FTX

Logo of FTX

The bankruptcy of FTX, a Bahamas-based cryptocurrency exchange, began in November 2022. The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTX’s accounts,[1] served as the impetus for its bankruptcy. Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over one million users.

On 2 November 2022, CoinDesk published an article stating that Alameda Research, a trading firm affiliated with FTX and owned by FTX chief executive Sam Bankman-Fried, held a significant amount of FTX's exchange token, FTT.[2][3] The article triggered a spike in withdrawals from FTX, but eventually customers became unable to retrieve the money they had deposited in the exchange.[4] On 11 November, FTX, Alameda Research, and over 100 affiliated entities filed for bankruptcy. Bankman-Fried resigned as FTX CEO and was replaced by John J. Ray III.[5][6]

The collapse of FTX has had a wide impact on cryptocurrency markets, with comparisons made to the Enron scandal and Madoff investment scandal, and was described by federal prosecutors as "one of the biggest financial frauds in American history."[7][8] Following the bankruptcy, the Securities Commission of the Bahamas froze the assets of one of FTX's subsidiaries.[9] Bankman-Fried's net worth, estimated at $16 billion prior to the collapse, was reported as having been wiped out,[10] and several institutional investors of FTX wrote off their investment stakes in the company.[11][12] Some $473 million in funds were later taken from FTX in an "unauthorized transaction".[13] The collapse of FTX has resulted in a ripple effect across cryptocurrency markets, with the price of Bitcoin falling to its lowest level in two years.[14]

In late 2022 and early 2023, key executives from FTX and Alameda, such as Caroline Ellison, Gary Wang and Nishad Singh pleaded guilty to defrauding FTX customers and related charges.[15] In October 2023, all three testified that it was Bankman-Fried that directed them to commit fraud.[16] On 2 November 2023, Sam Bankman-Fried was convicted of defrauding customers of FTX and lenders of Alameda Research.[17]

  1. ^ Yaffe-Bellany, David (2 November 2023). "Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy". The New York Times. Archived from the original on 3 November 2023. Retrieved 3 November 2023.
  2. ^ Allison, Ian (2 November 2022). "Divisions in Sam Bankman-Fried's Crypto Empire Blur on His Trading Titan Alameda's Balance Sheet". www.coindesk.com. Archived from the original on 8 November 2022. Retrieved 18 November 2022.
  3. ^ Macheel, Tanaya (8 November 2022). "Bitcoin briefly touches a new low for the year, FTX token plunges more than 75% in broad crypto sell-off". CNBC. Archived from the original on 8 November 2022. Retrieved 18 November 2022.
  4. ^ Wilson, Tom; Berwick, Angus (8 November 2022). "Crypto exchange FTX saw $6 bln in withdrawals in 72 hours". Reuters. Archived from the original on 18 November 2022. Retrieved 18 November 2022.
  5. ^ "Enron's Liquidator to Oversee FTX's Massive Crypto Bankruptcy". news.bloombergtax.com. Archived from the original on 17 November 2022. Retrieved 18 November 2022.
  6. ^ "FTX new CEO says crypto platform's collapse 'unprecedented' – DW – 11/17/2022". Deutsche Welle. Archived from the original on 22 November 2022. Retrieved 22 November 2022.
  7. ^ Revell, Eric (15 November 2022). "FTX's Sam Bankman-Fried collapse compared to Enron, Madoff". FOXBusiness. Archived from the original on 22 November 2022. Retrieved 22 November 2022.
  8. ^ Weiser, Benjamin (13 December 2022). "Prosecutor in Bankman-Fried Case Made a Career of White-Collar Cases". The New York Times. ISSN 0362-4331. Archived from the original on 13 December 2022. Retrieved 13 December 2022.
  9. ^ Isidore, Chris (16 November 2022). "FTX's Bahamas unit files for bankruptcy in New York | CNN Business". CNN. Archived from the original on 18 November 2022. Retrieved 18 November 2022.
  10. ^ "Bankman-Fried's Assets Plummet From $16 Billion to Zero in Days". Bloomberg.com. 11 November 2022. Retrieved 22 November 2022.
  11. ^ Cite error: The named reference :11 was invoked but never defined (see the help page).
  12. ^ Cite error: The named reference :12 was invoked but never defined (see the help page).
  13. ^ "FTX says investigating 'unauthorized transactions'". Reuters. Reuters. 12 November 2022. Archived from the original on 18 November 2022. Retrieved 18 November 2022.
  14. ^ "Bitcoin Price Hit a Multi-Year Low, Making it a Year to Forget for Biggest Cryptocurrency". WSJ. Archived from the original on 18 November 2022. Retrieved 18 November 2022.
  15. ^ Yaffe-Bellany, David (28 February 2023). "Third Top FTX Executive Pleads Guilty in Fraud Investigation". The New York Times. Archived from the original on 3 November 2023. Retrieved 3 November 2023.
  16. ^ "SBF's Inner Circle Delivered a Conviction. What's Next for Them?". Bloomberg.com. 3 November 2023. Archived from the original on 3 November 2023. Retrieved 3 November 2023.
  17. ^ Cohen, Luc; Godoy, Jody (3 November 2023). "Sam Bankman-Fried convicted of multi-billion dollar FTX fraud". Reuters. Archived from the original on 3 November 2023. Retrieved 3 November 2023.

Rich TVX News Network Site

Rich TVX News Network Info

© MMXXIII Rich X Search. We shall prevail. All rights reserved. Rich X Search