FTX’s decline continues to reveal its secrets. This cryptocurrency platform, once one of the most influential in the world, was placed under the protection of Chapter XI of the American bankruptcy law on November 11. Under the question mark? Mismanagement of its assets has resulted in the token, FTT, losing most of its value, as well as a multi-million dollar hack. For some professionals, FTX even represents “Lehman Brothersof cryptocurrencies, referring to the bank that failed during the 2008 crisis.
As a result, FTX trains 130 affiliated companies, including investment fund specializing in cryptocurrencies Alameda Research. About $10 billion was transferred from FTX client accounts to Alameda Research to fund risky trades and investments. If its creator, Sam Bankman-Fried, is the source of the failures, the new revelations also highlight the role of Caroline Ellison, one of the other faces of this scandal. In a video interview on November 9, he confirmed the transfer of money to his employees and apologized for disappointing his staff.
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Source: Le Figaro
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.