One of the world's most prominent cryptocurrency exchanges suddenly crashed and burned. Here's what happened.
Until recently FTX was a darling of the crypto world — a startup founded by two Massachusetts Institute of Technology graduates who set their sights on building a company that lets users buy and sell bitcoin and other digital currencies. But after a meteoric three-year rise that turned one of its founders and former CEO, Sam Bankman-Fried, into a multi-billionaire, FTX suddenly unraveled.
The miscalculation proved devastating this past weekend when FTX experienced crypto's version of a bank run. Users withdrew about $5 billion in a single day amid rising concerns about FTX's solvency. Days later, Bankman-Fried told investors the company needed about $8 billion available in case customers wanted to liquidate thee rest of their crypto holdings. 2) I'm really sorry, again, that we ended up here.
Such risks are rife in the crypto industry, which remains unregulated in the U.S. and in many markets around the world. Highlighting its perilous position, FTX on Thursday posted this stark warning on its website."
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