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Cryptocurrency exchange FTX declares bankruptcy, and its founder loses 94% of his fortune in a few hours

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The cryptocurrency market is going through turbulent times, not only setting records for annual drops, but also affecting the various exchange platforms that users have been using for a long time and on which they deposit all their digital currencies.

And the founder and CEO of a cryptocurrency exchange FTXcrypto millionaire sam Bankman Friedin the portfolio of which was 17,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 dollars, which means the fall of his company from which he managed the sale of assets due to the unsuccessful sale of assets 2019.

Although Binance showed interest in rescuing FTX on Tuesday, finally at the last minute, the CEO revealed that “withdrew from the agreement— after examining the company’s books, — he said from Bloomberg.

This forced all FTX customers to withdraw $6 billion worth of cash in just a few hours, causing the company to go bankrupt. This also affected the digital token. FTTnative FTX token that lost over 80% of its value compared to last week.

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Although crypto businessman Sam Bankman-Fried has secured a refund for all remaining FTX customers, it’s not very clear what could happen in the next few hours.

Also today, Friday, FTX’s bankruptcy was finalized and Sam Bankman-Fried resigned from his position. Unable to find a buyer to save the company, she finally went broke with all her clients.

FTX will sue for bankruptcy, the famous chapter 11 in the US.

Now, FTX, Alameda Research and about 130 of the group’s subsidiaries will file for Chapter 11 bankruptcy to get the most out of the assets they still have.

This leaves funds around 1 million users up in the air and will impact the market for cryptocurrencies for the next few weeks.

It also means the downfall of Sam Bankman-Fried, the MIT graduate who got his start in bitcoin and went on to build an empire in the digital currency market.

His fortune reached $16,000,000,000, stopping at $1,000,000,000 in just a few days.

This is another example of a turbulent market where cryptocurrencies are suffering and where it is becoming increasingly difficult for a client to find a compelling platform for the long term.

Source: Computer Hoy

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.

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