collapse of ftx – pressnews

[ad_1] The collapse of Sam Bankman-Fried’s crypto empire has been chaotic, fast and full of unknowns. The world should soon get some answers via a Delaware federal court. The collapse of Sam Bankman-Fried's crypto empire has been chaotic, fast and full of unknowns. The world should soon get some answers via a Delaware federal court. FTX is what's known in the industry as a “free fall” bankruptcy. More than 130 related companies sought court protection at the end of last week without filing any of the usual court motions or explanatory documents seen in a big US insolvency case. Two days later, the companies' main court docket contains only a 23-page fill-in-the-blank petition. In nearly every other multi-billion dollar Chapter 11 case in recent years, lawyers quickly file a smattering...

[ad_1] The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorised access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far:WHY DID FTX GO BANKRUPT?Customers fled the exchange over fears about whether FTX had suffici...

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FTX’s Freefall Into Bankruptcy Shows Why Case File Is Empty

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?