![]() ![]() The company hired Mazars to review its numbers and, like its peers such as, used the proofs of reserve to indicate it enough reserves on hand to back up customer deposits. It was one of a handful of companies that FTX had bailed out as the "crypto winter" began setting in a few months ago.īusiness FTX made a cryptocurrency that brought in millions. The taint from Bankman-Fried's arrest has spread beyond the market, too, with the Democratic National Committee announcing on Friday it will return more than $800,000 of his political contributions.Īlthough investigators are still piecing together what happened, the collapse has laid bare how closely connected many of the biggest players in crypto are.Ī little more than two weeks after FTX fell, crypto lender BlockFi filed for bankruptcy, after halting withdrawals and asking customers not to make deposits. He told Binance employees that "this organization was built to last" and "will survive any crypto winter." The cat's cradle of cryptoįTX's swift downfall, from being a $32 billion behemoth to bankruptcy, though, has many wondering what parts of the market will survive. "And we'll be stronger for having been through it." "While we expect the next several months to be bumpy, we will get past this challenging period," he wrote. ![]() Business 5 major revelations about the collapse of crypto giant FTX ![]()
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