Скачать или смотреть Why FTX Failed? What happened to FTX?

FTX is one of the world’s largest cryptocurrency exchanges. It enables customers to trade digital currencies for other digital currencies or traditional money, and vice versa. It is based in the Bahamas and was run by Mr. Bankman-Fried. It has spent millions of dollars lobbying U.S. legislators to institute crypto-friendly regulation.

The company had built its business on risky trading options that are not legal in the United States. The crypto industry overall has increasingly been the target of regulatory scrutiny on Capitol Hill and across the globe.

FTX filed for bankruptcy at the end of last week, after Binance reversed course on a deal to save the company.The bankruptcy filing on Thursday by Mr. Ray, the new FTX chief, described numerous corporate missteps, including the use of software to “conceal the misuse of customer funds.” Mr. Ray also said in the filing that he could not trust that financial statements assembled under Mr. Bankman-Fried’s leadership were accurate.

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.

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.”

In today's video, we will try to understand the reasons behind the fall of FTX!

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