FTX Sam Bankman Fried Crypto Crash
FTX, one of the biggest crypto exchanges in the world, collapsed in truly stunning fashion. FTX’s now-former CEO, Sam Bankman-Fried, often referred to only as SBF, wrote a series of contrite tweets in which he admitted that he “fucked up twice.” In the process of FTX’s implosion, a huge amount of customer money was wiped out, as was faith in the crypto industry.
Sam Bankman Fried and the FTX FTT disaster have badly hurt the crypto market. In this video we look at 7 projects which were impacted by the collapse of FTX and examine the current news surrounding key altcoins. Ref: Altcoin Buzz
Crypto is in chaos as FTX files for bankruptcy
In the space of a week, a 30-year-old entrepreneur once hailed as a modern-day J.P. Morgan watched his digital empire, including billions of his own fortune, evaporate in a death spiral that’s shaken the foundations of the trillion-dollar crypto industry. FTX Sam Bankman Fried Crypto Crash
On Thursday, Sam Bankman-Fried issued a mea culpa: “I f**ked up,” he wrote in a lengthy Twitter thread, apologizing to investors and customers of FTX, the exchange platform he founded in 2019. By Friday morning, FTX said Bankman-Fried had resigned as CEO and that the firm was filing for bankruptcy.
Most people did not hold crypto at FTX. They held crypto somewhere like Coinbase, or they just held it on their own wallets. The people who were trading on FTX were real traders. They’re trading in and out very quickly. They’re very sophisticated. They are the kind of people who are walking in with their eyes open and they can ultimately afford to take losses on those trades, not get their money back, that’s really kind of OK. That’s the part of the world with very high-risk appetite. What we learned in 2008, what we learned again when Celsius and Terra went bust, was that the really bad financial crisis is what happens when people lose money that they thought was safe, where you have people with low-risk appetite who lose money.
