Cryptocurrency exchange FTX collapsed last week. What happened to customers' money? allisondmorrow explains on this week’s episode of CNN’s One Thing podcast. Plus, what the company’s downfall means for the future of the crypto industry.
FDX was a massive hit. You know, it was only 2019 when it started and it took off right away.In less than five years, Sam Bankman-Fried went from buying his first Bitcoin to becoming a crypto billionaire many, many times over, and he's just 30 years old.Prior to FTX with Collapse, Sam Bankman-Fried was the 30 year old public face of crypto. He was gaining a lot of mainstream attention and testifying before Congress and advocating for greater regulation.We don't know what yet.
But this article from a crypto focused news site saw a balance sheet and noticed that Alameda was way, way disproportionately loaded up with FTX coins, which suggested that there was an unusually close relationship between the two companies. And that sort of ignited a panic and caused essentially a run on the bank.Yeah, I mean, this story is just so stunning. FTX was a powerhouse in the crypto industry and then in just a span of days, it all blew up. It's just this incredible train wreck.
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