$32 Billion 5th Largest Crypto Exchange FTX Files for Bankruptcy & $500 Million Hacked After Bankruptcy, Investors Include SoftBank, Tiger Global, Sequoia Capital, Singapore Temasek, Ontario Teachers’ Pension Plan, Gisele Bündchen & Naomi Osaka
12th November 2022 | Hong Kong
The 5th largest crypto exchange (FTX) with $626 billion trading volume in 2022, had filed for bankruptcy (10/11/22) and newly appointed CEO John Ray III released in a Twitter statement that FTX had been hacked (reports estimate $400 million to $600 million hacked) after bankruptcy. FTX depositors expected to lose billions in crypto deposits with the bankruptcy, and at the same time triggering law-enforcement investigations and potential criminal charges. With FTX digital currency (FTT) collapsing and with Binance & Founder Changpeng Zhao learning of Sam Bankman-Fried trading firm (Alameda Research) assets is mainly made up of FTT, Binance started liquidating FTT, that quickly triggered a global selloff. FTX Founder & Chairman Sam Bankman-Fried who had resigned at the bankruptcy, had tried to engineer a $8 billion to $9.4 billion bailout from investors including from Elon Musk and biggest competitor & top crypto exchange Binance & Founder Changpeng Zhao but failed. Binance: “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com … … In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help. Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.” US Treasury Secretary Janet Yellen: “It shows the weakness of this entire sector … … The notion that you could use the deposits of customers of an exchange and lend them to a separate enterprise that you control to do leveraged, risky investments – that wouldn’t be something that’s allowed.” FTX is a crypto exchange and pays depositors high interest rate to attract deposits. The top 5 largest crypto exchange before FTX banktrupcy are Binance, OKX, UpBit, Coinbase & FTX. See below for more info including Elon Musk, and investors in FTX.
“ $32 Billion 5th Largest Crypto Exchange FTX Files for Bankruptcy & $500 Million Hacked After Bankruptcy, Investors Include SoftBank, Tiger Global, Sequoia Capital, Singapore Temasek, Ontario Teachers’ Pension Plan, Gisele Bündchen & Naomi Osaka “
Follow FTX announcement on Twitter https://mobile.twitter.com/ftx_official/with_replies
(FTX websites may have been hacked)
In FTX bankruptcy petition, FTX Trading has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors. John J. Ray III, a restructuring expert, has been appointed to take over as CEO.
FTX Sam Bankman-Fried offers Elon Musk $3 billion to invest in Twitter
- Michael Grimes Morgan Stanley (Represents Sam): Offering “at least $3 billion” to buy Twitter, and talk about the potential for “social media blockchain integration” (blockchain version of Twitter).
- Elon Musk: Does Sam actually have $3B liquid?
- Michael Grimes Morgan Stanley: “He’s into you… I do believe you will like him. Ultra genius and doer builder like your formula. Built FTX from scratch after MIT physics.”
- Elon Musk: Blockchain twitter isn’t possible. Will meet with Sam so long as I don’t have to have a laborious blockchain debate.
After FTX Bankruptcy:
- Accurate. He set off my bs detector, which is why I did not think he had $3B.
- — Elon Musk (@elonmusk) November 12, 2022
FTX Investors – SoftBank, Tiger Global, Sequoia Capital, Temasek, Ontario Teachers’ Pension Plan, Gisele Bündchen & Naomi Osaka
FTX Investors – In the latest funding round, FTX has a $32 billion valuation and have leading investors & celebrities including SoftBank, Tiger Global, Sequoia Capital, Temasek, Ontario Teachers’ Pension Plan, Gisele Bündchen & Naomi Osaka.
FTX Founder & Chairman Sam Bankman-Fried, Age 30 with $16 Billion Fortune Prior to FTX Bankruptcy
FTX Founder & Chairman Sam Bankman-Fried (Age 30) founded the firm in 2019, and had a personal fortune of around $16 billion to $17 billion prior to the bankruptcy. Alameda Research was founded in 2017 as a quantitative trading firm and will also be winded down. Sam Bankman-Fried graduated from MIT (Massachusetts Institute of Technology) and his parents are professors at Stanford University.
2022 Top 5 Largest Crypto Exchange
The top 5 largest crypto exchange before FTX banktrupcy are Binance, OKX, UpBit, Coinbase & FTX.
2022 Volume YTD (9/11/22)
- Binance – $4.9 trillion
- OKX – $960 billion
- UpBit – $800 billion
- Coinbase – $775 billion
- FTX – $626 billion
- Source: CoinGecko
Sam Bankman-Fried Sees His $16 Billion Fortune Shrink
Breaking Down The FTX Collapse
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