Why one of di biggest crypto exchanger for di world go bankrupt
Wia dis foto come from, Tom Williams
Di second biggest cryptocurrency exchanger for world, FTX don file for bankruptcy as plenti of dia users dey find am hard to remove dia money from di company.
Dem dey file for di bankruptcy for court protection as dem dey run around to find di money to pay dia users.
Na just in one week, di entire FTX dey fall yakata and e no good for di confidence wey still dey shake for di crypto market.
Di former oga of di group, Sam Bankman-Fred say e no expect wetin happun to happun for inside social media post wey im make.
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Dis na as rumours say di FTX and oda firms wey im own bin dey shake financially cause pleti pipo to start to try to dey comot dia money from di platform wey dem dey take buy and sell digital tokens.
As mata come tie am rope for neck, Oga Bankman-Friend bin try to organise bailout but e no work. Dis come make FTX dey run kiti-kata to find billions of dollars wey dem go take settle dia customers, many of whom bin no fit access dia money again.
Wetin FTX go fit do with di bankruptcy
As dem file for Chapter 11 bankruptcy, di company now dey continue to dey work, as dem dey rearrange dia debt with court supervision.
Dem say di goal na to "review and monetize assets for way wey all global stakeholders go fit benefit".
End of Di one wey oda users dey read well well
Dis na according to dia new chief executive, John J Ray III, lawyer wey don work for venture capital firm before and get experience with high-profile bankruptcy cases like dis one.
For di filing, FTX dey estimate say dem get between $10bn and $50bn for assets and liabilities with more dan 100,000 creditors.
FTX tok for statement say di filing include dem and Alameda Research, wey be trading company wey Mr Bankman-Fried start along with about 130 affiliates.
Wia dis foto come from, Thomas Culham
For now, users like Thomas Culham from Kingston, wey say im wan withdraw £2,000 wey im put for FTX but e no fit say na "big blow" sake of say, im money for FX na "decent chunk" of im investment portfolio.
How dis kasala fit affect di crypto industry
Oga Bankman-Fried bin get mouth for di crypto sector sotay e dey speak on behalf of di whole industry in front of regulators.
Dis 30-year-old na who dem bin dey compare to investment magnate Warren Buffet as dem bin estimate im net worth at more dan $15bn on Monday here.
Now, im don step down from di FTX company, e tok for statement say, "I believe sa oga Ray and odas fit help provide wetin dey best".
As all dis gbas gbos dey hit FTX, you go tink say Binance, di world largest exchanger, go dey jolly ba?
No be so o, Binance no dey smile at all, as di Chief Executive, Changpeng Zhao tok say, "FTX going down no dey good for anyone for di industry. E don shake user confidence pieces.
Binance bin say dem bin wan buy FTX dis week before dem comot hand for di mata.
Several companies for di crypto world don dey collapse or bin near collapse early dis year as di value of digital assets just dey fall yakata.
Bitcoin dis week drop 20% and na so odas dey drop dey go like dat.
