Here’s a rundown of everything you need to know about FTX’s colossal implosion.
While FTX’s leaders were Americans, including co-CEO and Republican donor Ryan Salame, the company was based in the Bahamas. A well-known tax haven, the island country has lighter financial regulation, meaning that FTX was able to do trades and sell products to clients that it couldn’t in the US.In short, FTX ran out of money. More specifically, it ran out of its clients’ money.
In addition to FTX, Bankman-Fried owned a crypto hedge fund called Alameda Research. The two businesses are supposed to be separate. This is especially important because FTX managed funds belonging to customers.that Alameda held billions of dollars of a cryptocurrency created by FTX. This led people to question how much money was really in Alameda, and whether money held in FTX was safe.in since-deleted tweets that “FTX is fine” and was the victim of rumors spread by a competitor.
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