There has been a new development regarding FTX, which was once one of the largest cryptocurrency exchanges in the world, but is now on the agenda of the bankruptcy case. At a hearing where the bankruptcy of the stock market was discussed, remarkable statements came from the FTX lawyer. The statements made suggest that the stock market may start to serve again.
According to the FTX lawyer, the company has saved over $7.3 billion in cash and liquid crypto assets. As such, the lawyer, who mentioned that they want to focus on the future, said that FTX stakeholders are negotiating to start serving again. The lawyer states that the final decision will be made by June.
So what happened?
A news shared by Coindesk is the place to say that it caused the bankruptcy of FTX. So much so that the local currency of this exchange, FTT, turned out to be a bubble. According to the report, a company called Alameda Research was citing more than FTT’s total supply as its own capital. Moreover, there was no formal connection between Alameda Research and FTX.
However, it turned out that all this was just a story. Sam Bankman-Fried founded two large companies that seemed to be independent from each other and failed to maintain the relationship of these two companies independently. When all this came to light, investors almost entered the war to withdraw money from FTX. The stock market, which could not meet the need, was dragged into bankruptcy. Sam Bankman-Fried, who was caught months after the incident, was released on $ 250 million bail. It happened to the investor. Because the money was gone…
For all the details on the FTX event:
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