FTX, once the third-largest crypto exchange, is the latest in a series of cascading disasters that have shaken the crypto sector.
In this photo illustration, the FTX logo and mobile app are displayed on screens on November 10, 2022 in London, England. NEW YORK — It took less than a week for FTX to go from the third-largestThe embattled cryptocurrency exchange, short billions of dollars, is seeking bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. FTX, the hedge fund Alameda Research, and dozens of other affiliated companies filed a bankruptcy petition in Delaware on Friday morning.
Bankman-Fried has other problems as well. On Thursday, a person familiar with the matter said the Department of Justice and the Securities and Exchange Commission were looking into FTX to determine whether any criminal activity or securities offenses were committed. The person could not discuss details of the investigations publicly and spoke to The Associated Press on condition of anonymity.
The crypto world had hoped that Binance, the world’s largest crypto exchange, might be able to rescue FTX and its depositors. However, after Binance took a look at FTX’s books, it concluded that the smaller exchange’s problems were too big to solve and backed out of the deal.
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