FTX collapse: what went wrong?
Regulators close in as downfall of major exchange rips through crypto sector
FTX, one of the world’s largest crypto exchanges, filed for Chapter 11 bankruptcy protection on November 11.
The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are investigating whether FTX mishandled client funds.
Earlier this year, former FTX CEO and founder Sam Bankman-Fried (known widely as ‘SBF’) was on the cover of Fortune magazine and described as “the most powerful man in crypto”.
But the exchange, once valued at $32 billion, became
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