![]() ![]() Gaming Markets?: Since FTX imploded, Sam Bankman-Fried denied accusations that he manipulated markets for his companies’ benefit.The Aftermath of FTX’s Downfall The spectacular collapse of the crypto exchange in November has left the industry stunned. legislators to institute crypto-friendly regulation. It has spent millions of dollars lobbying U.S. It is based in the Bahamas and was run by Mr. It enables customers to trade digital currencies for other digital currencies or traditional money, and vice versa. ![]() What is FTX?įTX is one of the world’s largest cryptocurrency exchanges. Ray had helped manage the aftermath of some of the largest corporate collapses in history, including the implosion of Enron in 2001. On Thursday, FTX’s new chief executive, John Jay Ray III, said in a bankruptcy filing that he had never seen “such a complete failure of corporate control.” Mr. The collapse capped days of whiplash for FTX after its rival and the world’s largest crypto exchange, Binance, pulled out of a deal to acquire the company. Last week, the cryptocurrency exchange FTX filed for bankruptcy and its chief executive, Sam Bankman-Fried, resigned, a downfall that has stunned crypto insiders and sent shock waves through the industry. ![]()
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