Sam Bankman-Fried And Bernie Madoff Are The Same
Last Tuesday, FTX, the second-largest cryptocurrency exchange in the world, closed withdrawals, blaming “severe liquidity problems”. By Friday, FTX had filed for bankruptcy.
After a stupendously profitable asset bubble in 2021, the cryptocurrency industry suffered harsh reversals in 2022. A string of high-profile collapses – Terra-Luna, Three Arrows Capital, Celsius Network, Voyager Digital – lost investors a fortune, tanked prices and demolished market confidence. But FTX’s sudden collapse caught almost everyone by surprise.
Why did one of the world’s biggest cryptocurrency exchanges just collapse?
FTX was founded in 2019 by Sam Bankman-Fried, the child of two Stanford academics. He had worked at quantitative trading firm Jane Street Teuntil 2017, when he struck out on his own with his Alameda Research crypto hedge fund. With Alameda as its market maker, FTX rapidly became one of the most popular crypto exchanges. Traders loved its complex futures and options products. A more restricted branch for US customers, FTX US, opened in 2020.
-
1:40
Decentralized TV
11 months ago $0.01 earnedInside the Trial of Sam Bankman-Fried: $8 Billion Crypto Mystery Unraveled
113 -
14:31
Breaking Points
3 hours agoMissouri EXECUTES Marcellus Williams After MILLIONS Petition
12.9K50 -
1:10:58
Graham Allen
3 hours agoIn The HotSeat Episode 13: Alex Jones
16.8K25 -
2:11:02
Barstool Yak
6 hours agoThe Yak with Big Cat & Co. Presented by Rhoback | The Yak 9-25-24
9.77K -
1:28:43
The Quartering
3 hours agoInfoWars SHUTDOWN, Trump Rally CANCELLED & Secret Service BOMBSHELL
51.1K42 -
1:14:12
Russell Brand
6 hours agoGeorge Soros Buys Up 200+ RADIO STATIONS, Russia Simulates DEVASTATING NUCLEAR STRIKE On UK - SF460
119K257 -
2:04:25
The Dilley Show
5 hours agoIran After Trump, Kamala Losing Popular vote? w/Author Brenden Dilley 09/25/2024
50.5K11 -
1:07:19
The New American
3 hours agoThe New American Daily | Biden Gives Final Address to UN General Assembly
20.6K3 -
58:19
The Kevin Trudeau Show
5 hours agoYou Hold The Power to This Secret to Success | The Kevin Trudeau Show | Ep. 51
17.1K4 -
31:36
ROSE UNPLUGGED
23 hours agoLive From Israel - Capt. Cohen: A Journey from Oct 7 to Present Day
22.7K2