The Crypto Exchange FTX Collapse - Figures

The Crypto Exchange FTX and Ken Griffin's Take on The Collapse.

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INTRO

Cryptocurrency exchange, that allows customers to exchange cryptocurrencies or digital currencies for other assets such as fiat money or other digital currencies. Credit card payments, wire transfers, and other forms of payment may be accepted by exchanges in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that takes the bid-ask spreads as a transaction commission for its service, or it can simply charge fees as a matching platform.

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What Is FTX Exchange?

The FTX Exchange was a centralized cryptocurrency exchange that specialized in leveraged products and some others. FTX was founded in 2018 by MIT graduate and former Sam Bankman-Fried. FTX offered a variety of trading products such as leveraged tokens, spot markets in over 300 cryptocurrency trading pairs, including BTC to USDT, ETH to USDT, XRP to USDT, and FTT to USDT, FTT was its native token.

The FTX exchange and the companies in its orbit began a decline in early November 2022. It declared bankruptcy after experiencing a severe liquidity crisis.

FTX initially drew crypto investors of all skill levels, from beginners to professionals, from newbies to whales, due to its diverse product offering and user-friendly desktop and mobile trading apps.

Ken Griffin on FTX:

Billionaire Ken Griffin, has warned that the collapse of cryptocurrency exchange FTX could undermine confidence in financial markets in general and limit younger investors. Griffin said, "FTX is one of these absolute travesties in the history of financial markets."

The Fall of FTX:

In a matter of days, FTX went from $32 billion to bankruptcy, resulting in Sam Bankman-$16 Fried's billion net worth plummeting to zero.
The crypto exchange was discovered to be suffering from a severe liquidity crisis in November 2022, with a $6 billion gap.

FTX filed for Chapter 11 bankruptcy protection on November 11, 2022. Sam Bankman-Fried stepped down as CEO, and John J. Ray took over.

Griffin regards the FTX collapse as one of the greatest financial market travesties in history.
The Bankruptcy effects lot of investors and users of any falling exchange, this is very harmful for the products and services produced by the exchange. It affects same products on the other exchanges and platforms.
Pray for those whomever suffered!

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