Press Release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022
A crisis level has been reached today in the tragic downfall of one of the largest crypto exchange platforms in the world. Since FTX files for bankruptcy in the United States, CEO Sam Bankman-Fried has resigned.
The platform apparently started having trouble earlier this week with liquidity issues. Since the news of FTX’s bankruptcy filings and CEO resignation broke, the company has been accused of misusing customer assets and has had several acquisition attempts fall through.
A new twist has been added to the unfolding drama with FTX’s announcement of its bankruptcy filings. In addition, it is stated that John J. Ray III has been appointed CEO and that SBF will remain “to assist in an orderly transition.”
One of the biggest crypto market crashes ever was FTX and Sam Bankman-fall Fried’s from grace. When it comes to the crypt trading market, where it was once a household name, there is no precedent for its possible recovery.
Earlier this week, it was reported that Bankman-Fried is trying to rescue FTX by pouring more than $9 billion into the company. As a result, a group of investors reportedly has been talking, but so far, there has been no public progress toward a deal. What comes next for FTX and its now-former CEO is anyone’s guess at this point.
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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