Latest updates about FTX
What after the crisis ?
"Cryptocurrency" investors suffered more than their fair share of market crashes this year thanks to shocking revelations of poorly managed crypto projects.
 |
| FTX R.I.P |
The latest seismic disturbance is "FTX"
FTX is the fourth largest cryptocurrency exchange in the world - which until early November was considered one of the strongest in the industry.
After facing a liquidity crisis, "FTX" its sister company Alameda Research, and its 130 affiliates under the FTX Group banner have filed for bankruptcy, according to a company statement posted to Twitter on November 11. The statement also announced that Sam Bankman-Fried, CEO of FTX, will be stepping down from his position and being replaced by John J. Ray III. However, Bankman-Fried will help with the transition.
Ray said :
“The immediate mitigation of Chapter 11 is appropriate to provide the FTX Group with an opportunity to assess its position and develop a process for maximizing refunds to stakeholders,” , FTX's new CEO.
 |
| FTX going down |
What is going on with FTX ?
"FTX" was valued at $32 billion just a few months ago. One of the most well-known figures in the world of cryptocurrency is the MIT graduate, a young, self-made billionaire whose empire once consisted of "FTX" and investment firm Alameda Research.
The purpose of Alameda Research was to act as a liquidity provider on "FTX". In 2019, when Bankman-Fried launched FTX, he tweeted, “Alameda’s motivation is just for FTX to do the best it can.”
So far, FTX has managed to avoid the liquidity crisis that plagued cryptocurrencies earlier in 2022 after the contagion wave rocked the market in the wake of the $60 billion TerraUSD coin crash.
For more click here