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Newsy

How the FTX empire crumbled

Newsy ·
Newsy
Newsy

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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Crypto Fallout

Leading platform FTX has filed for bankruptcy as crypto prices fall below 2017 prices.