FTX's collapse was described in court as 'one of most abrupt and difficult' in corporate America.
Sam Bankman-Fried ran FTX as his "personal fiefdom" a lawyer for the firm told US bankruptcy courtTroubled crypto firm FTX collapsed after being "run as a personal fiefdom of Sam Bankman-Fried", a US bankruptcy court has heard.
FTX was a cryptocurrency exchange allowing people to buy Bitcoin and other cryptocoins in exchange for traditional money. Many customers used their FTX digital wallets like bank accounts, expecting their funds to be safe.Judge John T Dorsey was given a detailed history of FTX and how it grew rapidly, moving countries multiple times in its seven-year lifespan.
More than one million investors had cryptocurrency stored on the FTX exchange and are owed money, which they may not get back.
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