FTX, the once-promising, high-flying cryptocurrency exchange, has applied for bankruptcy protection in the US, signaling the demise of the $32 billion enterprise created by 30-year-old Sam Bankman-Fried, aka SBF. Bankman-Fried desperately sought billions of dollars to backstop the exchange after it was unable to support a run motivated by depositor fears about its financial stability and its ties to Alameda Research, an affiliate concern operating as a high-risk trading fund. The US Securities and Exchange Commission is looking into FTX, including the platform’s cryptocurrency loan products, and the possibility of commingling user assets.
Sam Bankman-Fried’s $32B FTX Crypto Empire Files for Bankruptcy
