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Why did FTX collapse?

Crypto trading platform FTX collapses into bankruptcy, dragging bitcoin price down with it The turmoil at FTX has seen at least $1 billion US of customer funds vanish from the platform, sources told Reuters on Friday. Bankman-Fried had transferred $10 billion US of customer funds to his trading company, Alameda Research, the sources said.

What happened to FTX in 2022?

On November 11, 2022, FTX announced Bankman-Fried’s resignation as CEO of FTX, his predecessor, John J. Ray III, and the company’s bankruptcy filing via Twitter. By Nov. 17, 2022, FTX officially collapsed along with its 101 debtors who were all included in the Chapter 11 bankruptcy filing.

Did FTX steal $473 million of cryptoassets?

(FTX/Reuters) A separate blockchain analytics firm Elliptic said that around $473 million US worth of cryptoassets were "moved out of FTX wallets in suspicious circumstances early this morning," but that it could not confirm that the tokens had been stolen.

Why did FTX customers withdraw before filing for bankruptcy?

Customers were withdrawing from FTX at increased rates just days before they filed for bankruptcy. Bankman-Fried was arrested on December 12, 2022, a month after FTX’s collapse.

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