From $32 Billion to ZERO in 24 HOURS | FTX

Video Editing Cohort 2 Webinar Link – https://youtu.be/a-WeaEeDrfc
Video Editing Cohort 2 Payment Link – https://rzp.io/l/EHn1cqNLD
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On November 2022, Binance CEO Changpeng Zhao put up a tweet on Twitter that his firm Binance intended to sell its holdings of FTT, FTX’s token. As soon as he put up this tweet, he moved all his FTT out. Then the market started panic selling. C.Z’s tweet literally caused the entire market to panic sell, crashing FTT and making FTX insolvent. Basically they couldn’t process withdrawals anymore because they didn’t have enough cash if someone gave them tokens. In 2021, FTX raised $900 million at an $18 billion dollar valuation from investors like Sequoia Capital. When Binance invested, they did not believe that FTX would become this big this quickly. Now the competition was heating up. And Sam Bankman-Fried, well, with more and more fame, Sam became the Godfather of crypto. He started saving crypto companies that were going through problems to “save the space”. You see, crypto was going through customer sentiment being hurt by lots of scams and shutdowns, and lot of customer money was lost when an exchange shut down

00:00 – Intro
1:40 – Story of Sam Bankman-Fried
2:50 – Traditional World Vs Crypto World
4:17 – How FTX Raised $900M From Top VCs in the World
6:13 – Lesson#1
7:39 – Lesson#2
9:44 – Lesson#3
11:47 – Lesson#4
13:35 – Lesson#5