One of the world’s largest crypto exchanges says it is investigating hundreds of millions of dollars of unauthorised withdrawals.
Analysts say millions of dollars worth of assets, have been moved from the platform.
FTX filed for bankruptcy on Friday.
It says it wants legal protection as it looks for ways to return money to customers.
Crypto prices have been sliding all year, but the collapse of FTX stands out.
So, what does this collapse mean for investors – and the industry?
Presenter: Hashem Ahelbarra
Guests
Robert Koepp, chief executive officer of Geoeconomix, a global economic and strategy advisory firm.
Zennon Kapron, founder and director of Kapronasia, an independent research and consulting firm focused on the Asian financial services industry.
Glen Goodman, consultant to the financial investment platform, eToro, and author of The Crypto Trader.
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#FTX #FTXFall #FTXBankruptcy #CryptoCurrencies #InsideStory
25 Comments
The price of BTC declined over 15% and even trade below 16k. Binance opted out to bailFTX, resulting in an increase in selling pressure… this has caused all altcoins to follow suit at the moment, if BTC fails to recover by the next major support..then a massive lower low is expected. Shirley Bagshaw stated her bullish stand on the market regardless of the market volatility and I’ve been able to make over 22.4btc from her insights and accurate daily signals using 3.7btc…staying one step ahead is always rewarding at this time.
17:20 – what he said is true. Crypto was to be against everything that FTX was. Somehow a thing that was meant to be distributed and free somehow became centralized and so big that what should have been too big to ever fail has done exact that.
"The thing with crypto is you either die rich or live long enough to get arrested."
TechLead 2022
That a population of Laid-Off Twitter and Facebook employees suddenly needing to cash in their assets could be so centralized in this exchange seems unbelievable; but I feel it might be true. The issues with the banking systems, that are the headwaters of crypto, could be very choppy if good cash isn't thrown at these drowning fired tech workers soon.
55 experts today believe SOL back to $35-$45 within a couple of weeks 💪
Bargain buying ATM. BACK UP THE TRUCK 💰
"Derivatives did a lot of good too!"
Like what? Collapse the entire financial systems by generating money out of nowhere?
Cryptocurrency sounds a lot like communism. Every time there is an exchange collapse the community cries that it is not the fault of cryptocurrency but of corrupt persons. This sound too much like communist regimes killing millions and yet the proponents of communism claiming that it's not the fault of communism but of corrupt persons. Perhaps cryptocurrency like communism is too good to be managed by mere mortals so they cannot work in the real world.
Naivete and greed powering crypto. So much more money and hope will be lost to thieves selling you thin air!
The technology is safe. No body had ever hacked bitcoin. The problem are some exchanges and crypto banks. Same apply for fiat banks and companies that operate with US dollar. What the market needs is tight regulation and audting.
great interviews
This is really “nut”
FTX business model seems similar to how US Government printing US$ ……..
Crypto isn't a currency. It's a subscription to an algorithm. Good luck with that!
Governance is key. Anyone who claims they are going to change the world for the better and claims to be better than the elite are not to be trusted. Read Animal Farm.
Greed vs Risk or Reward vs Risk ??
"all going quite well" — are you fucking$ kidding me, or us — you think the experiment of decentralisation is going well — you are out of your mind. It has been a overhyped clown car, driving off a cliff so far.
mismanagement and greed will cause any businesses to collapse, and investors pay the ultimate price not just necessarily CRYPTO. it is just that this EPSIDOE reveal the weakness of human beings. in the end it will be just more and more and more REGULATIONs in digital financing
It was expected based on.the frantic marketing of crypto across the world.
why compare people like him to other people where the companies actually make things or provided services which public can see and feel. Crypto is just mathematical algorithm that need public FAITH in it to work and when the MONEY becomes too HUGE the devil in human's🤣😂😅😁 surfaces
you better look into the personal SBF and Caroline Ellisson family ties to democrats, SEC and MIT and also dont forget SBF was the second largest dem donor after Soros. Gensler plays a key role in this scheme. Conspiracy – that will become truth. This was a set up that blew up too early. The objective was to totally destroy crypto industry once and for all.
You know you could work for 40years to have $1M in your retirement, meanwhile some people are putting thousands of dollars in a meme coin and now they are multimillionaires
look for the remaining money in Ukraine🤣🤣🤣
Seems bigger than what it appears. Break it to control it and pave the way IMF regulated digital currency 🧐 hold on guys just another way to take away people’s power. Don’t sell in a frenzy. It will recover.
Only the king's survived despite the economic inflation. I'm so happy l have been earning $60,000 return from my $7,000 investment every 14days of trading. Thanks Mrs Deborah
Good luck in people's life's like miraveststock investment company I've been investing with them since my retirement
If SBF is still alive, he is a great threat for the US Government and US Dollar. I am sure the US Government will find a way to neutralize this great danger 🙂 By the way , people ALL centralized Exchanges were at one point INSOLVENT, if you can't suspect why, then you shouldn't be invested in crypto!