By The Book Comic

<br> Binance announced on Nov. 6 that it would sell its FTT tokens “due to recent revelations.” In response, FTT’s price plummeted and traders rushed to pull out of FTX, fearful that it would be yet another fallen crypto company. On Nov. 8, Binance said it had reached an agreement to bail out FTX by buying the company. The week that FTX and Alameda collapsed, Ms. Ellison told employees that her company had dipped into FTX customer funds. Numerous funds and crypto start-ups were entangled with FTX, which extended lifelines to other firms after the crypto market crashed in the spring. The collapse of FTX, one of the world’s largest cryptocurrency companies, is still sending shock waves through the crypto world. FTX, one of the world’s largest cryptocurrency exchanges, collapsed with stunning speed this month. Mr. Bankman-Fried, 30, 바이낸스 수수료 할인방법 was replaced as chief executive of FTX this month by John Jay Ray III, a veteran of corporate turnarounds including Enron’s bankruptcy proceeding<br>/p>
Genesis Global Capital, a crypto lender that was a trading partner with FTX, told its customers this month that it would halt withdrawals because of liquidity issues. The cryptocurrency industry has long struggled to convince regulators, investors and ordinary customers that it is trustworthy. FTX’s investors included powerful and well-known firms including Sequoia Capital, SoftBank and BlackRock. No investors sat on FTX’s board of directors, and FTX did not tell investors about the nature of its relationship with Alameda Research. More than 80 investors poured nearly $2 billion into the company over two years, often agreeing to invest in the buzzy company with little oversight. On 19 December 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year. On Nov. 22, a new chapter for FTX began as it kicked off its bankruptcy proceedings at a federal court in Delaware. On Nov. 2, the crypto publication CoinDesk reported on a leaked document that appeared to show that Alameda Research, the hedge fund run by Mr. Bankman-Fried, held an unusually large amount of FTT tokens. Ms. Ellison, 28, a Stanford graduate who was at times romantically involved with Mr. Bankman-Fried, lived in a residence in the Bahamas with nine roommates including Mr. Bankman-Fried and other top FTX ex<br>i<br>.
On Monday, FTX filed a lawsuit in federal court in Delaware accusing Joe Bankman and Barbara Fried, longtime Stanford law professors, of using their “access and influence within the FTX enterprise to enrich themselves.” The lawsuit seeks to claw back millions of dollars the couple received from their son. In a matter of days, Binance pulled out of the deal, FTX filed for bankruptcy and Mr. Bankman-Fried, once a star in the world of crypto, had tendered his resignation. On Monday, BlockFi, a cryptocurrency lender and financial services firm with close ties to FTX, filed for bankruptcy. The bankruptcy case involves more than 100 companies and could affect more than a million creditors. The price of FTT, a native cryptocurrency token for FTX, has dropped more than 90 percent since Nov. 8. The price of Bitcoin is down about 19 percent this month, and the price of Ether is down about 24 percent. On Nov. 9, Binance announced it would no longer buy FTX, saying it had arrived at that decision “as a result of corporate due diligence.” It also cited regulatory investigations and reports of mishandl<br>u<br>.
Justice Department. They will hinge on the question of whether FTX illegally lent customers’ funds to Alameda Research, a crypto hedge fund that Mr. Bankman-Fried also founded. The collapse has kicked off investigations by the Justice Department and the Securities and Exchange Commission focused on whether FTX improperly used customer funds to prop up Alameda Research, a trading firm that Mr. Bankman-Fried also founded. If a traditional brokerage firm had been accused of using customer funds in a similar way, he added, “there would be F.B.I. Bloomberg also reported that the United States Securities and Exchange Commission and Commodity Futures Trading Commission were investigating the nature of FTX’s connections to Bankman-Fried’s other holdings and its handling of client funds. In the complaint, FTX’s lawyers said Mr. Bankman and Ms. Fried had gotten a $10 million cash gift from Mr. Bankman-Fried, as well as a $16.4 million home in the Bahamas, where FTX was based, that was purchased by the exchange. Christmas gift of a lifetime <br>his film.