FTX COLLAPSE Explained! What REALLY Happened?

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This week has been one of the most brutal in the cryptocurrency industry's history. We saw the not so gradual collapse of Sam Bankman-Fried’s entire cryptocurrency empire in less than 48 hours. With a figure of $6 billion in net withdrawals in three days. The former billionaire founder's fortune dropped from $15.6 billion on Monday to 990 million on Tuesday.

SBF, as he is commonly known, tweeted on Monday that a competitor was attempting to go after FTX with false rumors. He assured everyone that the exchange and its assets were in good working order. However, less than 24 hours later, he announced that Binance, the competitor who was allegedly spreading false rumors, had been approached to buy FTX and clean up the mess. And what a mess it is, as the native token of FTX lost more than 80% of its value on Tuesday, plummeting from $22 on Monday to below $5 and wiping out over $2 billion in a single day, similar to what happened with Terra Luna in May.

the FTX situation is far from resolved, and several key industry figures have warned that there may be further consequences. In this video, we'll look at the situation from the ground up, starting with the balance sheet that sparked this whole bloodbath.

#ftx #sambankmanfried #cryptonews #cryptocurrency #bitcoin #bitcoinnews #solana #ethereum #binance #cz #cryptocrash #marketcrash

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DISCLAIMER: It's important to note that I am not a financial adviser and you should do your own research when picking stocks to invest in. This video was made for educational and entertainment purposes only. Consult your financial adviser.