The star of the popular television programme Shark Tank is a well-known bitcoin trader.

[{ "selector": ".mzmca-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 439px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

An earthquake shock has been felt throughout the industry and beyond as a result of the unexpected collapse of the FTX bitcoin exchange.

[{ "selector": ".axmiw-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 444px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

Several were taken aback by the financial struggles of the company, which had a valuation of $32 billion in February. In the summer, many failing crypto firms had looked to the company and its CEO.

[{ "selector": ".olfxc-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 451px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

As a result of the rapid collapse of sibling cryptocurrencies Luna and UST, or TerraUSD, well-known crypto lenders including BlockFi, Voyager Digital, Celsius Network, and Robinhood (HOOD).

[{ "selector": ".wblpl-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 437px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

Nobody appeared to be aware that Bankman-Fried and the corporation were lying about FTX's business procedures and financial sheet.

[{ "selector": ".dczgw-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 451px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

As a cryptocurrency exchange, FTX carried out orders on behalf of its customers, taking their money and purchasing virtual currencies. As a custodian, FTX kept the clients' digital currencies.

[{ "selector": ".jzfpu-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 440px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

Then, through the trading division of its sister company, Alameda Research, FTX used the cryptocurrency assets of its clients to generate money through borrowing or market making.

[{ "selector": ".xkmzi-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 441px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]

In the summer of 2022, FTX bailed out other crypto institutions with the money it had borrowed.

[{ "selector": ".mcxgp-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 486px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }]