Crypto currencies from their inception making buzz around the investment market. When they rise like sky high every one hoping a new sector for investment and returns. But As rapidly these currencies gone higher as soon it goes down. We are here brought one of the biggest Crypto Currency Crash FTX Crypto Crash for you.
FTX collapse said to be due to unorganised and no record maintainence in a huge valuation of around $30 billion. With no oversight how this grown company works with other people investment’s money has really shocked the investment market. It also reported that no proper government compliance followed by the organisation as crypto investment is still in going on many screuntiy in different nations.
FTX’s founder & former CEO Sam Bankman-Fried was arrested in request of US government in many irregularities and money laundering cases. FTX also filed bankruptcy protection last year. Collapsing in such a manner broke trust of worldwide investors as crypto investment is pretty lucrative and highly risky as well.
FTX reported around $415m of crypto token hack in their statements. On the other way around FTX co founder Sam Bankman-Fried accused of paying debt of his other firm Alameda Research through FTX funds.
Well this has already cleared that FTX or any other platforms always goes on highest risky radar. As it gives high returns in lucrative crypto investment, It always advisable to determine authenticity and safe investment in noted crypto currencies. In high valuation game FTX at one time dependents on it’s competitor Binance but bailed out on last moment. This triggered bankruptcy by FTX. So even in around $30 billion company unorganised & unethical practices broke entire investment portfolio of it’s investors.
Old FTX is pretty much dead. However as proceedings continue Sam Bankman-Fried is still on Custody with new CEO of FTX continuously on enquiries regarding companies unregulated practices.
So that’s FTX Crypto crash cover story from us, this cautionary tale shows us about investment risks around cryptocurrency. It also make us aware that if comapany like FTX when became so big and get this destiny with unregualted things on it’s back then we as investors if decide to invest in crypto must check about comapnies current affairs & history and future plans. How do you find this cover story let us know below in comment sections & Stay tuned with The Smart Innovator.
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