Cryptocurrency exchange FTX that it has raised a $400 million Series C funding round, which now values the rising firm at $32 billion.
The FTX crisis of the past few days has reached its conclusion: bankruptcy.
In a press release that was shared on Twitter, the cryptocurrency exchange said that it had filed for Chapter 11 bankruptcy “to start an orderly process to review and sell assets for the benefit of all global stakeholders.”
It’s my first time to hear about this 
but tbh, I’m not really surprised. 
I guess this is yet another testament that crypto might not be bouncing back anytime soon unlike what some people expected. 
Basically, they are (The Whole FTX authorities) the real definition of scam! In addition, Solana & a popular crypto VC farm all are the interconnected! This is why, decentralized exchanges are my 1st priority on crypto!
I think, it’s a great loss in Crypto industry; FTX was the number two big centralized crypto exchange!
To be honest because I have ABSOLUTELY NO INTEREST whatsoever in anything crypto for me this story is neither here nor there.
Same here; as a trader I am happy on the movements of currency market! I am a trader too, not an investor!
That’s unfortunate. But you are probably right. I put money in, but I’m not holding my breath. I think it’ll go up in the future, probably when people forget about it. Who knows? The world is going more digital, and I expect a digital currency to be in demand.
So true. In my analysis, the crypto market has highly been overbought and the technology is way ahead of government monetary policies.
Apparently, crypto is like a treat to government policy and big financial institutions. Basically, any economy activity the government and major banks can not have some, if not full, regulations on will be very difficult to hold.
The US is now catching up. And the prices pf cryptos seem too high to be exchanged for USDT or USDC. Tho, these are prices which are highly subjective and we can not predict what the crypto market has for us in the future.
Personally, with this economy, I will prefer day trading crypto than investing long term.
The world needs these digital currencies and it will highly be in demand. But, what if, the crypto market has been overhyped thus been oversold and now ongoing the correction phase?
Well, we’ll see what happens after the correction phase, won’t we? If demand increases, then price will go up.
If that doesn’t happen, oh well. That’s the market for you. Move on.
It’s not done. More cards will fall, unfortunately.
It sounds like Enron. It’ll probably get more similar as we learn more through investigations.
This was the joke explanation of Enron’s business model going round at the time -
You have two cows.
You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows.
The milk rights of the six cows are transferred via an intermediary to a Cayman Island Company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company.
The annual report says the company owns eight cows, with an option on one more.
You sell one cow to buy a new president of the United States, leaving you with nine cows.
No balance sheet provided with the release.
The public then buys your bull.
Interesting note that the new CEO of FTX is the former bankruptcy lawyer who took over Enron when it collapsed. John Ray.
Oh so simple!
I really enjoyed this one
I am with BlockFi right now, so I’m dead in the water. Lost a lot of money. No more crypto for me. I’m going with FOREX all the way!
Live stream new FTX CEO testifying before House committee.
Ray on what documents related to nternal controls and governance the company had related to loans,
“There isn’t any to speak of. The company is virtually void of any internal controls, documentation, resolutions are absent, authorizations approving massive loans… I haven’t seen any authorizations…”
Wow. Literally no oversight.
No independent board at a multinational, $35 billion financial company.
Ray doesn’t seem to want to give any more information than necessary to the committee. Definitely playing the I-haven’t-been-here-very-long card.
Ray on what his current mission is related to running FTX.
Our job is to find the assets and get them back to customers.
The process will take months not weeks.
Arrested! Holy cow.
Great commentary from somebody that understands the industry and isn’t coming into this with discussion with ignorance.
Rep Tom Emmer