Page 8 - Crypto World News Today

Imploded in just ten days when an industry publication questioned ftxs inner workings, setting off a downward spiral, with investors quickly pulling out file funds. the company filing for bankruptcy and accelerating chaos in the cryptocurrency ecosystem, and unregulated market where investors tray digital currency not backed by a central bank. >> in some ways this collapse of ftx is the lehman brothers of the crypto world. >> now leaving ftx to chapter 11 saying in a court filing hes never seen ...

Drove the company into bankruptcy. cnns brian todd has more. >> reporter: it wasnt long ago sam bankman fried was called the mark zuckerberg of crypto, a modern-day j.p. morgan. in a week the 30-year-old founder and ceo of ftx, the mega powerful crip cocurrency exchange has resigned, lost his fortune, his firms in bankruptcy. by thursday in a twitter thread to investors and customers, he was saying, "im sorry, i fd up and should have done better." >> in some ways this collapse of ftx is the lehm...

This comes after the company filed for bankruptcy, lost its ceo, cnns brian todd has details. >> reporter: it wasnt long ago that sam bankman freed was called the mark zuckerberg of crypto, a modern day jp morgan, but in the span of a week, the 30-year-old wonder kin founder and ceo of ftx, the megapowerful crypto currency exchange has resigned, has lost his fortune, his firms in bankruptcy, and by thursday, in a twitter thread to investors and customers, he was saying, quote, im sorry. i fed up...

Once over $15 billion net worth, cratered to under 1 billion in a single day according to the bloomberg billionaire index. the nbas miami heat had its venue renamed as ftx arena just last year, but now that name is coming off the building. the immediate yoric collapse of ftx triggered when serious questions were raised about the health of its finances. those questions run on the bank-like cry smichs. >> clients rushed to withdraw several billion dollars worth of crypto currency from the exchange...

Ran out of money. >> reporter: back in july when he did an interview with cnn business, sam bankman-fried discussed the danger of ponzi schemes in the crypto world. >> because i think when you have something which is basically an empty product, which i do think is true of some places some assets in crypto, you know, that is something where theres certainly real crash potential. >> reporter: ftxs fall has more than a hint of irony. comedian larry david did an ad for ftx during this years super bo...

Supermodel gisele bundchen and naomi osaka, but its value has plummeted. bankman-frieds net worth once over $15 billion cratered to under $1 billion in a single day according to the bloomberg billionaire index. the nbas miami heat had its venue remained to ftx arena but now that name is coming off the building. the meet rick collapse of ftx has triggered when serious questions were raised about the health of its finances. those questions ignited a run on the bank like crisis. >> suddenly rushed ...

Company which was headquartered in the bahamas is one of the largest crypto exchanges in the world. they saw a massive financial collapse this week that compelled the ceo to resign and drove it into bankruptcy and cnns brian todd has the details. >> reporter: it wasnt long ago that sam bankman-fried was called the mark zuckerberg of crypto, a modern day jpmorgan but in the span of a week the 30-year-old wonder kind founder and ceo of ftx the mega powerful cryptocurrency exchange has resigned, ha...

Ftx is the lehman brothers moment of the crypto world. it is a classic financial crisis. >> reporter: at its peak ftx was worth $32 billion. it had backers like nfl superstar quarterback tom brady, his soon-to-ex-wife gisele bundson. it has plummeted. bri bankman-frieds net worth cratered in one day. the nbas miami heat had its venue renamed as ftx arena last year, but now that name is coming off the building. the collapse of ftx was triggered last week when serious questions were raised about t...

Venue renamed as ftx arena just last year but now that name is coming off the building. the meteoric collapse of ftx was triggered last week when serious questions were raised about the health of its finances, those questions ignited a run on the bank like crisis. >> clients rushed to withdraw several billion dollars worth of cryptocurrency from the exchange that then put ftx in a position whereby he effectively, his company ran out of money. >> reporter: in july when he did an interview with cn...

Just $3. not 3 billion, at $3. his fall from grace marks a perilous moment for the crypto world. other exchanges have failed before but nothing on this scale. ftx is reportedly under investigation by several financial authorities. but that will be of limited satisfaction to its thousands of customers who are anxiously waiting to know where their money has gone. tom brada, bbc news. so, whats gone wrong? techcrunch reporter anita ramaswamy explains the days events. i mean, its is a complicated st...