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Sam Bankman-Fried's FTX Empire collapsed, revealing a shocking $8 billion deficit. New CEO John Ray testified, stating that the company's unique positioning led to its downfall. Ray, a seasoned executive, expressed disbelief over the complete failure of corporate controls, highlighting the need for rigorous financial oversight in the crypto industry.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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