After the collapse of the FTX exchange, more and more threads of the scandal emerge. The company owes more than $3 billion to its 50 largest creditors. The list includes Singapore’s Temasek Fund, which has invested $230 million in the exchange. Sequoia Capital invested a little less - 214 million. In turn, Soft Bank FTX owes $100 million.
Another FTX shareholder was Chinese billionaire Changpeng Zhao, the owner of the Binance exchange, currently the largest organization in the cryptocurrency market. He bought 20 percent. shares of FTX, but in 2021 broke off cooperation with the company. Sam Bankman-Fried bought his shares by paying with FTT tokens issued by his own company. When Zhao announced that he wanted to sell them, the price of the tokens suddenly began to fall. FTX had a huge problem finding the money to pay off the Chinese billionaire.
Fall FTX
On November 11, the FTX exchange filed for bankruptcy, which led to a panic sale of cryptocurrencies and a sharp drop in their price. The exchange itself is insolvent.
Sam Bankman-Fried, the founder of the stock exchange, is accused of fraud and mismanagement of the company. The collapse of the company is often compared to the collapse of Lehman Brothers in 2008.
Beggar millionaire
The founder of the FTXSam exchange, Bankman-Fried, was considered a genius until recently. But his image collapsed like a house of cards. Numerous violations in the management of the exchange were revealed, the company had to invest huge amounts of corporate funds in the purchase of houses for employees.
The FTX exchange turned out to be a colossus with feet of clay because its assets were mostly digital assets issued by a company directly linked to FTX. Now they are worth nothing.
Source: Wprost
