The FTX Serie: The FALL of FTX -The greatest crypto tragedy (PART 3)

In this video, we're continuing our analysis of the FTX saga and discussing the fall of FTX.

We'll look at the reasons behind the fall of FTX and discuss the implications it has on the crypto community. We'll also take a look at the strategies that may have been used to manipulate the exchange and what this portends for the future of crypto exchanges. Make sure to watch Part 2 and Part 4 if you haven't already to get a full picture of what happened with FTX!

FTX was one of the biggest cryptocurrency exchanges in the world. It had a market capitalization of around $30 billion, before it all went downhill. Founder Sam Bankman-Fried has been accused of creating a fraudulent cryptocurrency scheme designed to take advantage of unsophisticated investors. FTX's exchange. Alameda was the biggest trader on the platform in 2022.

After a string of losses for Alameda Research in May and June 2022, FTX decided to lend the trading company more than half of its client assets. This was against the terms of service of FTX. On November 9, SBF announced the closure of Alameda. us and FTX's assets were frozen by Bahamas regulators. Bankman-Fried was seeking up to $8 billion in capital to bail out the exchange.

On November 11, FTX declared bankruptcy and SBF steps down as CEO. FTX and its clients include Larry David, Tom Brady, Gisele Bundchen, Kevin O'Leary, Naomi Osaka, Shaquille O'Neal, and Stephen Curry. The hacker allegedly used "on-chain spoofing" to drain wallets for several days before investing the funds in Ether.