Sources, however, pegged the amount at $1 billion. FTX did not reveal how much it lost in unauthorised transactions but reports claimed the amount could be as high as $600 million. In further trouble, FTX said on Saturday that it has detected unauthorized transactions in which hundreds of millions of dollars of assets were moved from the platform in "suspicious circumstances". After failing to secure funds, the cash-starved crypto exchange filed for bankruptcy. It was later reported that Binance was planning to bail out FTX but decided against pursuing the deal. A week that began with two crypto CEOs tweeting barbs ended Following the report, Binance CEO Changpeng Zhao said his firm would liquidate its holdings of FTT due to unspecified “recent revelations”. Yet for all the twists, revelations and anguished Twitter threads, it’s a fall from grace with an unmistakable ring of familiarity. Sam Bankman-Fried: From crypto king to king of tech bubble’s losersįew could have anticipated the sudden collapse of Sam Bankman-Fried’s multibillion-dollar crypto empire.
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