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Scripps News

How the FTX empire crumbled

Scripps News ·
Scripps News
Scripps News

The trouble started earlier this month after reports showed FTX used its own cryptocurrency, called FTT, to prop up a hedge fund owned by FTX. That pushed major holders of the cryptocurrency to sell off their tokens including Binance. Customers then went on the equivalent of a bank run, leading to $6 billion in withdrawals over the course of three days.

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Bankman-Fried Guilty

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.