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Downfall Of FTX Exchange, 2nd biggest Exchange.

In some cases, it is hinted the involvement of Binance CEO Changpeng Zhao, big question is CZ the reason for the downfall of FTX or whether CZ knows before everyone else what is going on inside, the reason for the downfall.

Rumors are flowing around, and CZ knows Everything.

Downfall Of FTX Exchange

As everyone knows the downfall of LUNNA coin during that time FTX- alameda Crypto took a big hit from it so to fill up the losses suffered during the collapse of LUNA, CEO of FTX Sam Bankman Fried started using the people’s money which is stored in FTX exchange and transferring to Alameda Research.

Looking at this Binance CEO CZ try to stop it but it failed so he decided to dump FTT coin which is the native token of FTX exchange. As CZ is a popular figure in the crypto world, it spread like a fire, which led to many big investors being afraid of losing,

so they started dumping coin, which eventually led to the collapse of the FTX exchange.

Binance’s CEO is lending a hand.

As it started, FTX exchange collapsing CEO Sam Bankman Fried reached out to CZ to prevent the downfall. After this, CZ personally announced that they would buy out FTX exchange,

which was great news that somehow paused the collapse of FTX exchange, but after many legal processes and investigations, Binance CEO CZ again announced that they were backing off as FTX exchange mishandled the people’s money,

which led to the full collapse of FTX exchange.

Will FTX Exchange revive again?

No, right now it looks impossible to revive this. This is a bitter truth. Right now, the crypto market is in an early stage, so it is just like cleaning the impurities from the market, so don’t worry.

In the coming months, many things can happen, but eventually, after a few years, everything will be in good shape and the crypto market will be bigger than ever.

FAQs

Ques -1 what caused the FTX collapse?

As per sources, Binance CEO CZ announcement of dumping the FTT token led to panic for both investors and the normal public, which caused the withdrawal of huge sum of money around $8 billion within a few days, failing to meet the demand for the money required and causing the downfall.

Ques -2 what is FTX scandal?

FTX Exchange is the 2nd largest crypto exchange, but due to public money being mishandled, it collapsed. FTX Exchange filed for bankruptcy on Nov. 11 after falling short of filling the $8 billion gap. CEO Sam Bankman-Fried openly admitted that they did not have sufficient money in reserve to fill the gap.

Ques -3 Can FTX Exchange be trusted?

Right now, it can’t be trusted as many stories about mishandling public money are circulating so it can’t be trusted due to this reason CZ fail to help the FTX.

Next Artical 4

Ques -4 where is FTX CEO Sam Bankman Fried?

According to reports, he fled to Argentina on a private jet. Reuters reported on Saturday morning that after asking about this question, Sam Bankman Fried replied through msg “nope”.

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