A timeline of the collapse at FTX
8 months, 1 week ago

A timeline of the collapse at FTX

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Here is a timeline of what led up to this week's announcement after an implosion at FTX kicked off what many had expected to become a “crypto winter.” 2022 Nov. 2: Coindesk reports Alameda Reseach, Bankman-Fried's cryptocurrency trading firm, holds a large amount of FTT, a token issued by FTX, suggesting the finances of the two are intertwined and Alameda faces a cash crunch. Nov. 8: Binance founder and CEO Changpeng Zhao said his company had signed a letter of intent to buy FTX because the smaller exchange was experiencing a “significant liquidity crunch.” That deal would be contingent, however, on a look at the books at FTX. Nov. 30: As part of a media blitz, Bankman-Fried tells New York Time’s Andrew Ross-Sorkin, “Look, I screwed up,” and didn't knowingly misuse clients' funds. Federal prosecutors said Bankman-Fried devised “a scheme and artifice to defraud” FTX’s customers and investors beginning the year it was founded.

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History of this topic

Column: Suing to recover billions, FTX’s receiver discloses the stunning scale of its grift — and stupidity
2 months ago

Column: Suing to recover billions, FTX’s receiver discloses the stunning scale of its grift — and stupidity

LA Times  

Sam Bankman-Fried, founder of FTX, was a star speaker at a cryptocurrency conference just weeks before FTX went bankrupt. In the months before FTX collapsed and filed for bankruptcy court protection on Nov. 11, 2022, Bankman-Fried and his cohorts engaged in what the receivers call a “campaign of influence-buying” in which Bankman-Fried made “lavish and showy ‘investments’. The lawsuits underscore …

FTX ordered to pay $12.7 billion in massive crypto fraud case
5 months, 1 week ago

FTX ordered to pay $12.7 billion in massive crypto fraud case

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A court has ordered …

Nearly all FTX customers are getting their money back: What to know
8 months, 1 week ago

Nearly all FTX customers are getting their money back: What to know

LA Times  

Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago. Although customers will be reimbursed the cash value of their cryptocurrency assets at the time of FTX’s collapse plus some interest, that’s far short of how much money those assets would be worth today given crypto’s resurgence. Prosecutors said Bankman-Fried …

A timeline of the collapse at FTX
8 months, 1 week ago

A timeline of the collapse at FTX

Associated Press  

FTX, once among the largest cryptocurrency exchanges in the world, said this week that nearly all of its customers will receive the money back that they are owed, two years after its monumental collapse. Here is a timeline of what led up to this week’s announcement after an implosion at FTX kicked off what many had expected to become a …

FTX customers will recover all funds lost by collapsed crypto exchange
8 months, 1 week ago

FTX customers will recover all funds lost by collapsed crypto exchange

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Collapsed crypto exchange FTX has announced that customers will recover all of their …

FTX will return money to most customers less than 2 years after catastrophic crypto collapse
8 months, 1 week ago

FTX will return money to most customers less than 2 years after catastrophic crypto collapse

Associated Press  

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX was the third-largest cryptocurrency exchange in the world when it filed for bankruptcy protection in November 2022 after it experienced the crypto equivalent of a bank run. “We …

What happened to FTX? The collapse of Sam Bankman-Fried’s crypto ‘house of cards’
9 months, 2 weeks ago

What happened to FTX? The collapse of Sam Bankman-Fried’s crypto ‘house of cards’

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The crypto magnate, whose wealth was estimated as high as $26bn, testified before Congress in December that …

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX
9 months, 2 weeks ago

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX

Associated Press  

Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry’s collapse. 2022 Nov. 2: Coindesk reports Alameda Reseach, Bankman-Fried’s cryptocurrency trading firm, holds a large amount of FTT, a token issued by FTX, suggesting the finances of the two are intertwined and Alameda faces a cash crunch. Nov. 17: Ray gives a damning description of FTX’s operations …

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX
9 months, 2 weeks ago

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The founder and former CEO of the massive cryptocurrency …

FTX Says It Expects to Repay Customers in Full. Some Are Suing for More
55 years ago

FTX Says It Expects to Repay Customers in Full. Some Are Suing for More

Wired  

A group of former customers of bankrupt crypto exchange FTX are rebelling against a proposed plan that would return the entirety of the money they lost. The plan laid out by FTX in December to return customer funds does not reflect the full scope of the firm’s obligation to customers, claims Pat Rabbitte, one of the plaintiffs in the lawsuit—particularly …

A DOJ Settlement Would Show Binance Is Too Big to Fail
55 years ago

A DOJ Settlement Would Show Binance Is Too Big to Fail

Wired  

The exchange has attracted the attention of regulators looking to impose some control over the crypto sector. If the US were to impose criminal sanctions on Binance, says Jacob Silverman, author of Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud, it would “cause banks to retreat,” effectively choking the exchange by impeding its ability to accept regular …

One year after FTX imploded, here’s how crypto is changing
1 year, 2 months ago

One year after FTX imploded, here’s how crypto is changing

Live Mint  

For many who trade cryptocurrencies for a living, the events of a year ago are forever etched in memory. “The industry still primarily offers assets that can be made up out of thin air with values that are eminently manipulable,” said Hilary Allen, a law professor at American University Washington College of Law who has written about crypto’s impact on …

What’s Changed for Crypto After FTX? Not Much.
1 year, 3 months ago

What’s Changed for Crypto After FTX? Not Much.

Live Mint  

The collapse of crypto exchange FTX wiped out millions of its customers’ crypto holdings and turned its billionaire founder into a pariah now facing criminal fraud charges in New York. Instead, regulators have pursued a piecemeal enforcement campaign designed to impose Wall Street’s rules on crypto—a move the biggest crypto exchanges, such as Binance, are fighting in court. Another FTX …

FTX sues Bankman-Fried, others to recoup more than $1 billion
1 year, 5 months ago

FTX sues Bankman-Fried, others to recoup more than $1 billion

The Hindu  

FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt. The complaint filed in Delaware bankruptcy court also names as defendants Caroline Ellison, who led Bankman-Fried's Alameda Research hedge fund; former FTX technology chief Zixiao "Gary" Wang; and former FTX …

FTX begins talks to relaunch international cryptocurrency exchange
1 year, 6 months ago

FTX begins talks to relaunch international cryptocurrency exchange

The Hindu  

Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, the Wall Street Journal reported on Wednesday, citing CEO John Ray. The company "has begun the process of soliciting interested parties to the reboot of the FTX.com exchange," Ray said, according to the Journal's report. The failed crypto company has been holding talks with investors about …

Binance Is in Deep Trouble
55 years ago

Binance Is in Deep Trouble

Wired  

It’s no secret that the US Securities and Exchange Commission has been investigating Binance, the world’s largest crypto exchange—which has no head office or formal address but processes $12 billion worth of cryptocurrency transactions per day. Among other allegations, the SEC claims that Binance and the company’s CEO and founder, Changpeng Zhao, had the freedom to “divert customer assets as …

Bankrupt cryptocurrency exchange FTX has recovered $7.3 billion in cash, liquid crypto assets
1 year, 9 months ago

Bankrupt cryptocurrency exchange FTX has recovered $7.3 billion in cash, liquid crypto assets

Firstpost  

FTX’s new CEO John Ray has detailed improper fund transfers and poor accounting at the collapsed crypto exchange, describing it as a ‘complete failure’ of controls At a hearing in a Delaware bankruptcy court on Wednesday, the company’s counsel said that insolvent cryptocurrency exchange FTX has recovered more than $7.3 billion in cash and liquid crypto assets, an increase of …

FTX reports $415 million in hacked crypto, Bankman-Fried says FTX U.S. is solvent
1 year, 11 months ago

FTX reports $415 million in hacked crypto, Bankman-Fried says FTX U.S. is solvent

The Hindu  

Bankrupt crypto exchange FTX said in a report to creditors on January 17 that about $415 million in cryptocurrency had been stolen in hacks. Mr. Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research, pushed back against FTX's calculations late Tuesday, saying that the company's …

FTX reports $594 million in hacked crypto, Sam Bankman-Fried says FTX US is solvent
1 year, 11 months ago

FTX reports $594 million in hacked crypto, Sam Bankman-Fried says FTX US is solvent

ABC  

Bankrupt crypto exchange FTX has said in a report to creditors that about $US415 million in cryptocurrency had been stolen in hacks. Key points: Cryptocurrency exchange FTX filed for bankruptcy in November after a series of suspicious transactions came to light The company says it has lost $594 million to hackers since that date, exacerbating a shortfall in funds Former …

Bahamas regulator rejects FTX’s claims about seized assets’ value
2 years ago

Bahamas regulator rejects FTX’s claims about seized assets’ value

Al Jazeera  

Securities Commission of the Bahamas says debtors of the bankrupt cryptocurrency exchange had ‘incomplete information.’ The Securities Commission of the Bahamas has rebuffed FTX’s claims about the digital assets of its Bahamas unit held by the regulator, saying the debtors of the bankrupt cryptocurrency exchange had “incomplete information”. Last month, the SCB said it had seized more than $3.5bn in …

Seized $3.5 billion in FTX crypto assets, Bahamas regulator says
2 years ago

Seized $3.5 billion in FTX crypto assets, Bahamas regulator says

Live Mint  

Bahamas securities regulators said they seized digital assets valued at $3.5 billion from FTX’s local operation in mid-November as the cryptocurrency exchange spiraled toward collapse, a figure that FTX’s U.S. managers cast doubt on Friday. Christina Rolle, executive director of the Securities Commission of the Bahamas, said in an affidavit made public Thursday that the commission sought control of the …

Crypto Recap 2022: feats and clashes that defined the year
2 years ago

Crypto Recap 2022: feats and clashes that defined the year

The Hindu  

As the year began, Bitcoin was already crashing but major investors - such as El Salvador’s President Nayib Bukele - were still positive that the largest cryptocurrency by market capitalisation would hit a price of $100,000 before 2023. 2022 predictions on #Bitcoin: •Will reach $100k •2 more countries will adopt it as legal tender •Will become a major electoral issue …

Crypto giant Binance offers little transparency after FTX collapse
2 years ago

Crypto giant Binance offers little transparency after FTX collapse

Live Mint  

The collapse of the crypto exchange FTX has triggered calls for transparency in the industry. Binance.US told the Journal at the time that the exchange had robust data protection and that U.S. customer data was stored on servers in the U.S. “Binance does not operate in China nor do we have any technology, including servers or data, based in China," …

New FTX CEO says lax oversight, bad decisions caused failure
2 years, 1 month ago

New FTX CEO says lax oversight, bad decisions caused failure

Live Mint  

Sam Bankman-Fried, founder and former CEO of the failed cryptocurrency exchange FTX, helped 1,500 Bahamian investors remove $100 million from their accounts while other customers around the world were locked out of the exchange, according to the company's new CEO, who testified before a House committee Tuesday. FTX CEO John Ray III, who has guided dozens of companies, including Enron, …

FTX founder charged in scheme to defraud crypto investors
2 years, 1 month ago

FTX founder charged in scheme to defraud crypto investors

Associated Press  

NEW YORK — The U.S. government charged Samuel Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes on Tuesday, alleging he intentionally deceived customers and investors to enrich himself and others, while playing a central role in the company’s multibillion-dollar collapse. Federal prosecutors said Bankman-Fried devised “a scheme and artifice to defraud” FTX’s …

New FTX CEO says lax oversight, bad decisions caused failure
2 years, 1 month ago

New FTX CEO says lax oversight, bad decisions caused failure

Associated Press  

WASHINGTON — Sam Bankman-Fried, founder and former CEO of the failed cryptocurrency exchange FTX, helped 1,500 Bahamian investors remove $100 million from their accounts while other customers around the world were locked out of the exchange, according to the company’s new CEO, who testified before a House committee Tuesday FTX CEO John Ray III, who has guided dozens of companies, …

After FTX collapse, Sam Bankman-Fried arrested: What went wrong with the crypto giant?
2 years, 1 month ago

After FTX collapse, Sam Bankman-Fried arrested: What went wrong with the crypto giant?

Firstpost  

FTX was founded in 2019 by ex-Wall Street trader Sam Bankman-Fried and former Google employee Gary Want. Let’s take a closer look: FTX’s incredible rise The company was founded by Bankman-Fried, an ex-Wall Street trader and former Google employee Gary Want in 2019. Bankman-Fried issued a “sincere” apology, adding FTX would do “everything we can to raise liquidity.” A day …

Timeline: The rise and spectacular fall of FTX
2 years, 1 month ago

Timeline: The rise and spectacular fall of FTX

Al Jazeera  

The crypto exchange was founded in 2019 and attracted big-name investors such as Singapore’s Temasek. November 2: Crypto news website CoinDesk reports a leaked balance sheet that shows Alameda Research, Bankman-Fried’s crypto trading firm, was heavily dependent on FTX’s native token, FTT. November 11: FTX starts voluntary Chapter 11 proceedings in the US, along with its US unit, crypto trading …

Crypto exchange FTX
2 years, 1 month ago

Crypto exchange FTX

ABP News  

San Francisco, Dec 11 In the wake of the collapse of crypto exchange FTX, the US Securities and Exchange Commission has directed publicly-traded companies to tell investors about their involvement with struggling cryptocurrency firms. The SEC, in a letter to the companies, said that recent bankruptcies and financial distress among crypto asset market participants have caused widespread disruption in those …

Ex-FTX CEO Bankman-Fried says he will testify to Congress
2 years, 1 month ago

Ex-FTX CEO Bankman-Fried says he will testify to Congress

The Hindu  

The former CEO of the failed cryptocurrency exchange FTX said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he “won't be as helpful” as he'd like to be. Waters, a California Democrat, said in a series of tweets to Mr. Bankman-Fried …

Ex-FTX CEO Bankman-Fried says he will testify to Congress
2 years, 1 month ago

Ex-FTX CEO Bankman-Fried says he will testify to Congress

Associated Press  

The former CEO of the failed cryptocurrency exchange FTX said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he “won’t be as helpful” as he’d like to be. The tweet came in response to several tweets earlier this month from House …

Ex-FTX CEO Bankman-Fried says he will testify to Congress
2 years, 1 month ago

Ex-FTX CEO Bankman-Fried says he will testify to Congress

LA Times  

Sam Bankman-Fried has admitted his own failures in preventing the collapse but claims he’s limited in what he can say and he “won’t be as helpful” as he’d like to be. The tweet came in response to several tweets earlier this month from House Financial Services Committee Chair Maxine Waters, who had requested that Sam Bankman-Fried attend next week’s hearings …

Former CEO of failed FTX says he’s willing to testify to Congress
2 years, 1 month ago

Former CEO of failed FTX says he’s willing to testify to Congress

Al Jazeera  

Sam Bankman-Fried responds to a series of tweets from the chairwoman of the US House Financial Services Committee. The former CEO of the failed cryptocurrency exchange FTX says in a tweet that he is willing to testify before the United States Congress next week but he will be limited in what he can say and he “won’t be as helpful” …

After FTX crash, ordinary crypto investors left wondering what happens next
2 years, 1 month ago

After FTX crash, ordinary crypto investors left wondering what happens next

Firstpost  

Small investors who piled into cryptocurrencies on FTX, BlockFi, and other platforms were well aware of bitcoin’s volatility and large price swings. “They sold it to me, that there was no risk,” Butkus said, adding that he was unaware that BlockFi, which had borrowed money from FTX, was so closely tied to the exchange. Andrew Stoltmann, a securities litigation lawyer, …

$740M in crypto assets recovered in FTX bankruptcy so far
2 years, 1 month ago

$740M in crypto assets recovered in FTX bankruptcy so far

Associated Press  

NEW YORK — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company’s coffers. FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used customer …

Answered: 6 questions about the fall of FTX
2 years, 1 month ago

Answered: 6 questions about the fall of FTX

Live Mint  

On 11 November, FTX, the third largest crypto exchange up until then, filed for bankruptcy. It made money out of arbitrage, buying bitcoin and other crypto tokens in one part of the world and selling them in another part of the world. As mentioned earlier, like Wall Street hedge funds, Alameda Research drove up returns by borrowing crypto tokens from …

FTX Crash: How The Meltdown Of One Of The World’s Largest Crypto Platforms Led To Unprecedented Selloff
2 years, 1 month ago

FTX Crash: How The Meltdown Of One Of The World’s Largest Crypto Platforms Led To Unprecedented Selloff

ABP News  

We witnessed a massive round of selloff in the cryptocurrency market after Binance announced that it won’t buy FTX. Binance, the world’s biggest crypto platform, was set to acquire troubled rival FTX.com, but soon did a U-turn and walked away from the deal citing problems with FTX's finances as well as potential regulatory investigations. What led to the falling financial …

Crypto lender Genesis denies bankruptcy plans after FTX collapse
2 years, 1 month ago

Crypto lender Genesis denies bankruptcy plans after FTX collapse

Al Jazeera  

Genesis’s comments come days after it halted customer withdrawals due to liquidity difficulties. Cryptocurrency lender Genesis has denied it is close to declaring bankruptcy, days after halting withdrawals in response to the collapse of crypto exchange FTX. Genesis continues to have constructive conversations with creditors.” Bloomberg News earlier reported that Genesis, which has offices in New York City, London and …

FTX lawyer: ‘Substantial amount’ of assets has been stolen
2 years, 1 month ago

FTX lawyer: ‘Substantial amount’ of assets has been stolen

LA Times  

Lawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX’s first court appearance since the company filed for bankruptcy protection on Nov. 11. “This company was run by inexperienced, unsophisticated …

The FTX fallout and what’s next for crypto?
2 years, 1 month ago

The FTX fallout and what’s next for crypto?

The Hindu  

The story so far: On November 11, FTX filed for bankruptcy protection. One of the world’s biggest crypto exchanges collapsed after reports emerged about the platform’s CEO Sam Bankman-Fried using customers’ deposits to trade on behalf of FTX’s sister firm Alameda Research. Mr. Bankman-Fried admitted he was ignorant of his platform’s true liquidity and leverage levels when customers requested for …

“Possible to lose everything”: Experts say dramatic FTX collapse should be a warning to crypto bros
2 years, 1 month ago

“Possible to lose everything”: Experts say dramatic FTX collapse should be a warning to crypto bros

Salon  

In the fast-paced world of cryptocurrency, vast sums of money can be made or lost in the blink of an eye. Large crypto investors, like FTX's competitor Binance, as well as individuals, began to sell off cryptocurrency held on FTX's exchange. Among the groups and individuals who held currency on the FTX platform were many of the normal players in …

FTX Crash: Indonesia Bars Exchanges From Trading Bankrupt Firm’s Tokens
2 years, 1 month ago

FTX Crash: Indonesia Bars Exchanges From Trading Bankrupt Firm’s Tokens

ABP News  

Indonesia on Thursday passed an order asking crypto exchanges in the country to stop trading FTX tokens after the embattled company’s bankruptcy filing in a US Court, said the sector's regulator in a statement, as reported by Reuters. FTX was founded in May 2019 by former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang, who was also an …

Rise and fall of crypto exchange FTX
2 years, 1 month ago

Rise and fall of crypto exchange FTX

Live Mint  

Crypto exchange FTX filed for Chapter 11 bankruptcy protection in the United States on Friday following its spectacular collapse that has sent shivers through the industry. Nov. 2 - Crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried's crypto trading firm, was heavily dependent on FTX's native token, FTT. Nov. 11 - FTX started voluntary …

House panel to hold hearing on crypto exchange FTX collapse
2 years, 1 month ago

House panel to hold hearing on crypto exchange FTX collapse

Associated Press  

WASHINGTON — Lawmakers plan to investigate the failure of FTX, the large crypto exchange that collapsed last week and filed for bankruptcy protection, leaving investors and customers staring at losses that could total in the billions of dollars. The House Financial Services Committee said Wednesday that it expects to hear from Sam Bankman-Fried, the 30-year-old founder and former CEO of …

Collapsed crypto trader FTX did not have a licence in the Netherlands
2 years, 1 month ago

Collapsed crypto trader FTX did not have a licence in the Netherlands

Dutch News  

Crashed crypto exchange FTX was operating in the Dutch market without a licence, the central bank has confirmed to news website Nu.nl. While most have invested small amounts ‘we know some people have put in large sums,’ the central bank said. Last year the central bank fined sector peer Binance €3.3 million for operating illegally in the Netherlands. The central …

Collapsed crypto trader FTX did not have a licence in the Netherlands
2 years, 1 month ago

Collapsed crypto trader FTX did not have a licence in the Netherlands

Dutch News  

Crashed crypto exchange FTX was operating in the Dutch market without a licence, the central bank has confirmed to news website Nu.nl. While most have invested small amounts ‘we know some people have put in large sums,’ the central bank said. Last year the central bank fined sector peer Binance €3.3 million for operating illegally in the Netherlands. The central …

FTX Crash Aftermath: What More Regulation Could Mean For The Future Of Digital Currencies
2 years, 2 months ago

FTX Crash Aftermath: What More Regulation Could Mean For The Future Of Digital Currencies

ABP News  

Coventry: The founder of the world’s largest cryptocurrency exchange, Binance CEO Changpeng Zhao, has called for more regulatory clarity after a week of crypto market chaos and a year in which investors are estimated to have lost US$2 trillion. Decentralised exchanges are non-custodial, so they allow individual investors full access to their crypto wallet balances and they can withdraw or …

FTX collapse: Crypto investors can learn these lessons while billions go down the drain
2 years, 2 months ago

FTX collapse: Crypto investors can learn these lessons while billions go down the drain

Live Mint  

Misusing investors’ money, growing too fast and siphoning off money from one organisation to a sister concern can wreck any business. The problems mounted a few days ago when the Bahamian crypto exchange faced severe liquidity concerns and it was taking a long time for investors to redeem their investments. Regulators are now set to crack down upon the battered …

Size, scope of FTX failure gets clearer as users fear worst
2 years, 2 months ago

Size, scope of FTX failure gets clearer as users fear worst

Associated Press  

NEW YORK — Just days after cryptocurrency’s third-largest exchange collapsed, the public is starting to get an idea of how messy FTX’s bankruptcy case could be. Users remained frustratingly in the dark Tuesday about when they might get their funds back, if at all, directing much of their anger toward FTX’s founder and CEO, Sam Bankman-Fried. “We are shocked and …

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