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FTX was a house of Fraud

FTX Files for Bankruptcy As CEO Bankman-Fried Steps Down - Tekedia

The coin universal did not kill FTX. Rather, the founders killed it with fraud.

Lawyers representing FTX said Tuesday that a “substantial amount” of assets were stolen from the disgraced cryptocurrency exchange’s accounts, lessening the chances that hundreds of thousands of creditors will be paid back, the Associated Press reported Tuesday. The exchange’s lawyers, speaking at a bankruptcy court proceeding, called the FTX debacle “one of the most abrupt and difficult company collapses in the history of corporate America.” They did not elaborate on the amount of stolen assets or identify potential perpetrators. (Fortune newsletter)