Close Menu
  • Home
  • Feature
  • News
  • Opinion
  • Photo Stories/Events
  • Report
Facebook X (Twitter) Instagram
  • About TheNumbersNG
  • Contact Us
Facebook Instagram
TheNumbersNGTheNumbersNG
  • Home
  • Feature
  • News
  • Opinion
  • Photo Stories/Events
  • Report
TheNumbersNGTheNumbersNG
Home»News»$32 Billion Crypto Giant FTX Collapses Into Bankruptcy
News

$32 Billion Crypto Giant FTX Collapses Into Bankruptcy

Elvis EromoseleBy Elvis EromoseleNovember 12, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

$32 billion cryptocurrency exchange FTX has filed for bankruptcy in the US, following weeks of speculation about the true financial health of the firm.

Sam Bankman-Fried has also stepped down as chief executive, the company said.

This massive turn of fortune for the once-second-largest crypto exchange further casts a shadow over the already troubled crypto market.

“I’m really sorry, again, that we ended up here. Hopefully things can find a way to recover,” Mr Bankman-Fried, nicknamed the ‘King of Crypto’, wrote on Twitter on Friday.

“I was shocked to see things unravel the way they did.”

Prior to the meltdown, Mr Bankman-Fried had been one of the stars of the crypto scene, drawing comparisons to investment magnate Warren Buffett, with a net worth estimated at more than $15bn (£12.8bn) as recently as Monday.

But rumours earlier this week that FTX and other firms owned by Mr Bankman-Fried were on shaky financial ground prompted a mass of customers to try to withdraw funds from FTX, an exchange used to buy and sell digital tokens.

Facing a cash crunch, Mr Bankman-Fried tried to organize a bailout but that failed, leaving FTX scrambling to raise billions of dollars and many customers unable to access their money.

By filing for Chapter 11 bankruptcy, the company can continue operating, while restructuring its debts under court supervision.

FTX said the goal was to “begin an orderly process to review and monetize assets for the benefit of all global stakeholders”.

“The FTX Group has valuable assets that can only be effectively administered in an organised, joint process,” said new chief executive John J Ray III, a lawyer who previously worked at a venture capital firm and has experience with high-profile bankruptcy cases.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Elvis Eromosele

Related Posts

Misuse of Cybercrime Law Risk to Freedom of Speech – Envoys

June 13, 2025

Obi Slams N39 Billion for ICC Renovations as Misplacement of Priorities

June 11, 2025

Stakeholders, Analysts Praise Nigerian Breweries Q1 Report, Point to a Future of Greater Performance

June 11, 2025
Add A Comment
Leave A Reply Cancel Reply

You must be logged in to post a comment.

TheNumbersNG
  • About TheNumbersNG
  • Contact Us
© 2025 TheNumbersNG.

Type above and press Enter to search. Press Esc to cancel.