Are You affected by the FTX crypto exchange collapse?

Have you been affected by the FTX crypto exchange collapse? The FTX cryptocurrency exchange has collapsed with at least $1bn in investor assets lost. The exchange has filed for bankruptcy in the US, and its boss Sam Bankman-Fried has also stepped down as chief executive.

What went wrong with FTX?

Learn more about what went wrong with FTX. FTX collapsed in early November 2022 following a report by CoinDesk highlighting potential leverage and solvency concerns involving FTX-affiliated trading firm Alameda Research. FTX’s collapse shook the volatile crypto market, which lost billions at the time, falling below a $1 trillion valuation.

Did Bankman-fried borrow money to fund FTX?

Ellison was the head of Alameda Research — the trading firm through which Bankman-Fried moved crypto tokens in tandem with running FTX. Amidst the revelation that FTX borrowed money from customer accounts to fund bets via Alameda, Ellison has become a subject of online speculation. Ellison's virtual presence, however, is dwindling by the day.

What happened to Jennifer Ellison if FTX collapsed?

Ellison pleaded guilty to seven charges in the collapse of FTX, including fraud, according to her plea agreement with the Southern District of New York filed on December 18. She faces up to 110 years in jail, but has struck a plea deal with the Department of Justice and is cooperating with authorities.