What is FTX & how does it work?

FTX is one of the world’s largest cryptocurrency exchanges. It enables customers to trade digital currencies for other digital currencies or traditional money, and vice versa. It is based in the Bahamas and was run by Mr. Bankman-Fried. It has spent millions of dollars lobbying U.S. legislators to institute crypto-friendly regulation.

Is Binance backing out of ftx acquisition?

‘Mad Money’ host Jim Cramer and the ‘Squawk on the Street’ team discuss Binance’s move to back out of its planned acquisition of crypto exchange FTX.

Was FTX founder Sam Bankman-fried a 'total con artist'?

CNBC personality Jim Cramer blasted disgraced FTX founder Sam Bankman-Fried as a “total con artist” on Thursday in a scathing critique of the fallen crypto king’s ongoing media apology tour.

Why did FTX go bankrupt?

When FTX could not pay the $8 billion gap, the company filed for bankruptcy. FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. Binance announced it would buy FTX to prevent a larger market crash, but quickly bailed out of the deal as more news reports of mishandled customer funds surfaced.