Page 15 - Crypto World News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Imploded in just ten days when an industry publication questioned ftx's 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 he's never seen quote such a complete failure of corporate controls. this from the same man who managed and run th...

Drove the company into bankruptcy. cnn's brian todd has more. >> reporter: it wasn't 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 firm's in bankruptcy. by thursday in a twitter thread to investors and customers, he was saying, "i'm sorry, i f'd up and should have done better." >> in some ways this collapse of ftx is the lehman brothers moment of the crypto world. it is a classic financial crisis. >> reporter: at its p...

This comes after the company filed for bankruptcy, lost its ceo, cnn's brian todd has details. >> reporter: it wasn't 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 firm's in bankruptcy, and by thursday, in a twitter thread to investors and customers, he was saying, quote, i'm sorry. i fed up and should have done bedder. >> in some ways this collapse is the leemen brother's moment of th...

Once over $15 billion net worth, cratered to under 1 billion in a single day according to the bloomberg billionaire index. the nba's 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 that then put ftx and sam bankman freed in a position where be he effectively -- his company ran o...

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 there's certainly real crash potential. >> reporter: ftx's fall has more than a hint of irony. comedian larry david did an ad for ftx during this year's super bowl. portraying a ba noon who missed the boat on big inventions. >> i call it the wheel. >> i don'...