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FTX: a million people were left with nothing after buying cryptocurrencies on the exchange

Sam Bankman-Fried, FTX leader who caused a crisis in the market and its subsidiaries. | Font: AFP or licensors | Photographer: Saul Loeb

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Recently bankrupt exchange FTX according to the lawsuit, owes money to more than a million people who have invested their money in cryptocurrency.

According to legal documents, the Sam Bankman-Freed-led company owes even more than a million people after it went bankrupt, being “one of the most respected and innovative companies” in the market.

Market crash

FTX It went from one of the most important crypto companies to bankruptcy after it was discovered mismanagement by its CEO, who is said to have “created a back door” to be able to move money without being discovered.

“The events that took place in FTX over the past week have been unprecedented. A little over a week ago FTX, led by its co-founder Sam Bankman-Freed, was considered one of the most respected and innovative companies in the cryptocurrency industry,” the application notes read. “FTX faced a severe liquidity crisis that required the filing of these cases [de bancarrota] Emergency last Friday. Questions were raised about Mr. Bankman-Fried’s leadership and management of a complex range of assets and businesses FTX under his direction.”

According to the document, it was believed that there were only “more than a hundred thousand” creditors in this case, but it later turned out that “FTKS maybe more than a million creditors owe between clients and former clients.”

FTX managed a very complex corporate structure with dozens of companies, each of which filed for bankruptcy separately last week.

I didn’t listen to advice

The investor had previously warned of Bankman-fried’s mismanagement.

Chamath Palihapitiya of venture capital firm Social Capital suggested that the company form a board of directors and not hand over all power to Bankman-Fried. In the same way, he wanted to create a dual class of shares, in which some are more important in decision-making than others, and to create legal representatives and guarantees for transactions.

“The person who worked there called us back and literally, I’m not kidding, said, ‘Fuck you,'” he said.

We recommend you METADATA, an RPP technology podcast. News, analytics, reviews, recommendations and everything you need to know about the tech world.

Source: RPP

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