Crypto collapse: new details on FTX, founder Sam Bankman-Fried | LiveNOW from FOX

FTX was one of the largest cryptocurrency exchange platforms in the world before it collapsed and filed for bankruptcy.

The scandal started to unfold at the beginning of Nov. 2022, leaked financial data raised a red flag and U.S. regulators began investing the crypto firm. On November 10, 2022 FTX warned customers of a potential trading halt, filed for bankruptcy a day later on November 11 and then on November 12, announced that at least $1 billion dollars of customer deposits were stolen.

Now, FTX and Bankman-Fried are scrambling to try and pay back customers as part of the bankruptcy deal but several experts warn that some people may never see their money returned. BitGo, a company hired by FTX following bankruptcy, says the amount of recovered and secured assets has likely risen above $1 billion.

DigiBuild CEO Robert Salvador breaks down the fallout from the FTX collapse and what’s next for Sam Bankman-Fried.

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