The Verge
FTX’s sudden and catastrophic collapse sent reverberations throughout the entire cryptocurrency industry. What was once the third-largest cryptocurrency exchange is now in a death spiral that has billions of dollars left in limbo.
If you’re wondering how FTX managed to get to this point, you’re in the right place. Here’s a play-by-play of everything that went wrong.
First of all, what exactly is FTX?
FTX is a cryptocurrency exchange based in the Bahamas. It was founded by Sam Bankman-Fried in 2019 and lets users buy, sell, hold, and trade cryptocurrency (although those functions aren’t available right now due to the firm’s collapse).
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In its prime, FTX spent its money on a number of sponsorship deals. While the Miami Heat’s stadium…
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