FTX Collapse Explained in 50 Seconds

Watch the full video: https://youtu.be/g5bhY57lIGU

The biggest collapse in crypto history is happening right now!

One of the largest crypto currency exchange platforms, FTX declared bankruptcy with its CEO Sam Bankman-Fried stepping down amidst a trading scandal exposing how he built a backdoor in the company’s accounting software to move billions of customers’ money before customers withdrew over $5 billion that FTX couldn’t pay.
Their last hope was for their rival Binance to bail them out before Binance decided to pull out of the deal after FTX was exposed for mishandling customers’ money.
Rumors started going around that Sam fled the country and went to Argentina which he denied.
It got worse when the company lost 90% of its value, got hacked and robbed out of $600 million, and scammers took advantage of the situation by impersonating FTX and offering compensation programs.
It’s so bad that the current CEO described the situation as being “worse than Enron”.
Authorities are currently investigating potential criminal misconduct surrounding FTX’s implosion with a high chance that customers won’t get their money back.

This story is far from over, so watch the full video for the entire insane story..

#shorts #ftx #crypto