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[size=36]Cryptocurrency platform FTX collapses after losing $662 million[/size]
Economie| 06:00 - 11/12/2022
Baghdad - Mawazine News
Cryptocurrency platform FTX, which filed for bankruptcy on Friday, lost $662 million worth of cryptocurrency, in one day under mysterious circumstances.
According to Bloomberg, “cryptocurrency platform FTX and its founder, Sam Bankman-Frad, have seen a mysterious loss of nearly $662 million in cryptocurrency in the last 24 hours, marking the latest development in one of the darkest periods for cryptocurrency.”
According to the newspaper, the stock exchange's legal advisor, Ryan Miller, described the movement of funds from wallets as "suspicious", and according to him, FTX began transferring digital assets to offline wallets to reduce damages caused by unauthorized transactions.
According to the analysis company Nansen, an outflow of $662 million was recorded from international and US stock exchanges.
On Friday, the platform announced that it had filed for bankruptcy under Chapter 11 of the US Bankruptcy Law, and its founder, Sam Bankman Fried, stepped down from the company's presidency, after losing about 94% of his wealth in one day due to this crisis.
According to Binance cryptocurrency exchange chief Changpeng Zhao, who warned that more companies could go under in the coming weeks in the wake of the problems at FTX.
The full impact of the crash on rival cryptocurrency exchange FTX has yet to be felt, Zaw said, emphasizing that the 2008 global financial crisis "is the most accurate analogy" for this week's events.
Zaw pointed out that with the fall of FTX, we will see cascading effects on the market, especially for those close to the FTX system, as they will be negatively affected. Ended 29/h
Cryptocurrency platform FTX, which filed for bankruptcy on Friday, lost $662 million worth of cryptocurrency, in one day under mysterious circumstances.
According to Bloomberg, “cryptocurrency platform FTX and its founder, Sam Bankman-Frad, have seen a mysterious loss of nearly $662 million in cryptocurrency in the last 24 hours, marking the latest development in one of the darkest periods for cryptocurrency.”
According to the newspaper, the stock exchange's legal advisor, Ryan Miller, described the movement of funds from wallets as "suspicious", and according to him, FTX began transferring digital assets to offline wallets to reduce damages caused by unauthorized transactions.
According to the analysis company Nansen, an outflow of $662 million was recorded from international and US stock exchanges.
On Friday, the platform announced that it had filed for bankruptcy under Chapter 11 of the US Bankruptcy Law, and its founder, Sam Bankman Fried, stepped down from the company's presidency, after losing about 94% of his wealth in one day due to this crisis.
According to Binance cryptocurrency exchange chief Changpeng Zhao, who warned that more companies could go under in the coming weeks in the wake of the problems at FTX.
The full impact of the crash on rival cryptocurrency exchange FTX has yet to be felt, Zaw said, emphasizing that the 2008 global financial crisis "is the most accurate analogy" for this week's events.
Zaw pointed out that with the fall of FTX, we will see cascading effects on the market, especially for those close to the FTX system, as they will be negatively affected. Ended 29/h
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