The collapse of cryptocurrency exchange FTX has set off the largest crypto-related bankruptcy ever, and court filings are already shedding light on how complicated things could get for Sam Bankman-Fried, FTX’s investors and the wider crypto industry.
Here are the three things to know about the company’s bankruptcy process and what’s next.
Illustration: Laura Kammermann
0:00 News of FTX’s collapse has shaken the crypto world and set off a scramble to find billions of missing dollars
0:22 Why the government of the Bahamas wants jurisdiction over some of the bankruptcy legal proceedings
1:31 A court filing by the company’s new CEO, John J. Ray III, paints a chaotic picture of FTX’s finances
2:23 What does FTX’s collapse mean for customers of the crypto exchange?
#FTX #SBF #WSJ
24 Comments
WSJ .. you finally got it on FTX !
Nerds running a company is like priests running a country. It’s not going to end well.
How come wsj couldn’t see this coming? Paid not to.
Courts are trying to understand a classic greater fool Ponzi scheme? Seems pretty straight forward to me.
Free money equals to useless money
Anyone know why Bahamas want to take over the bankruptcy proceeding. Corruption and justice in a Banana Republic "court of justice" where bribe money talks.
Most people think that investing in cryptocurrencies is just buying and holding until it rises, but the best investments on cryptocurrency is by putting it on trading/mining.
Really? No one saw problems in investing real money into magical digits that are created by magical people.
Arrest him
no, those are not the key points. we already know this. the most important key point is the connection to Democratic Party.
It's hard to choose a so called expert when so called experts bought into this idiots scam. I'll stick with my own advice.
That the guy's last name is "Bankman-Fried" is life imitating art.
This is A Grade fluff. What about the money laundering to the Democrats via the war in Ukraine…
Crazy yet predictable.
Related: Remember just a couple years ago when a large number of people wanted to tax unrealized gains? Let’s assume for a moment that this was a constitutional idea (it’s not.) What should happen if, say, SBF had paid $1B in unrealized gain taxes to the IRS last year? Should that be refunded to him?
And one of the biggest donators of the demoncrats? FTX
No one is jailed???? 😂😂😂
Leave all of crypto totally unregulated. You get burned you deserve it.
Bad video. Words missing and not mentioned: fraud, crime, scam, theft, lies, or any admission that anything wrong was being done AT ALL
He loaned worthless coins to himself and was surprised when everything collapsed 😂😂
Mrs Sonia is legit and her method works like magic I keep on earning every single week with her new strategy.
Obviously…cryptos are for losers!!!
Also his parents are highly influential within the Democratic Party.
8% was the red flag if you were looking.among many others from my view
What nobody sees through the smoke screen is that like gold, FTX just couldn't create crypto liquidity out of thin air. Such crypto financial institutions which over leverage beyond their means on real assets will eventually go bankrupt. ON THE OTHER HAND THE US FEDERAL RESERVE THAT HAS ABANDONED FISCAL RESPONSIBILITY SINCE 1971 AND KEEPS PRINTING TRILLIONS OF FIAT US DOLLARS OUT OF THIN AIR WILL FACE A RECKONING THAT WILL BE WAY LARGER FINANCIALLY AND POLITICALLY COMPARED TO THE CRYPTO BUSTS !