Why did FTX collapse?

FTX, one of the world’s largest cryptocurrency exchanges, collapsed with stunning speed this month. A run on deposits left the company owing customers $8 billion, setting off a chain of events that has shaken the crypto world and driven investigations by the Securities and Exchange Commission and the Justice Department.

Did FTX steal $473 million in crypto assets?

The Bahamas probe came a day after the bankrupt exchange said it was launching an investigation of its own. On Saturday, FTX said it was looking into whether crypto assets were stolen. Crypto risk management firm Elliptic said $473 million in crypto assets appear to have been nabbed from FTX.

Is FTX a good cryptocurrency exchange for a bankruptcy filing?

Last month, FTX was one of the most popular cryptocurrency exchanges in the world. Today, it is figuring out how to sell off assets, pay customers and satisfy creditors as part of a large and complex bankruptcy filing.

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.