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SAM BANKMAN-FRIED A STORY OF WEALTH, BANKRUPTCY, AND LEGAL TROUBLE

This young businessman, only 30 years old, born in California, is the founder and former executive administrator of the cryptocurrency exchange platform FTX, under a judicial injunction for fraud committed with the funds of said platform. If you have an interest in earning some money out of it, you can also buy bitcoin through genuine platforms like profit-maximizer.app.

Sam Bankman-Fried, is considered one of the youngest billionaire men on the planet, who has decided to submit to the corresponding bankruptcy litigation in the United States, which gives total certainty of the bankruptcy of the platform, which was a leading company in the world of cryptocurrencies.

The FTX platform came to have a value of 32 billion dollars, which today does not have the liquidity to continue providing the service, in addition to the withdrawal of funds by users.

This fall, together with the downward trends that Bitcoin has experienced, positions the crypto market at a disadvantage since the distrust of the population affects them begins to decrease.

According to experts, this fact is similar to the fall of the investment bank Lehman Brothers during the economic recession of 2008.

The most torturous crash of an exchange platform was that of FTX

This platform announced through a statement its economic instability situation to protect its partners’ investments; this measure quickly allowed users to withdraw their assets, which amounted to 10 million dollars in a brief period.

This circumstance affects both the users of the platform as well as the private finances of Sam Bankman-Fried.

Last week the assets of this young millionaire from the crypto world reached 16 billion dollars. However, after the fall of his company, it fell to one million dollars, which expresses an imminent collapse of more than 95%.

According to Forbes, in 2022, his fortune stood at 24 million, more than three times that of the previous year, where he still did not have a significant digital economic heritage.

All possible solutions proposed.

The solution is to get a supply of about 5 million dollars to avoid his total bankruptcy, even though his scam amounts to more than 8 million. San announced that he was the cause of the bankruptcy by forwarding 10 million dollars to Alameda Research, his expert partner in cryptocurrency trading.

The FTX CEO considers that he has made the worst mistake of his career as a business executive in the crypto world since, by moving so much money to his subsidiary to reinvest it, he caused the freezing of the digital assets of its users, who deposited them with the intention of to trade, which is now lost.

Saint Bankman-Fried, together with the organization FTX keeps the faith alive.

Even though the total negative scope that this situation will cause in companies economically is still dismissed, the CEO of FTX keeps alive his faith that he can overcome this crisis, and I assure you that he is looking for solutions with people interested in contributing to the salvation of this platform.

He has also promised to honor his payment commitments with each client who trusted him and his organization.

FTX can once again become the most stable exchange platform of all time if it is verified that the intention was not to commit fraud on the part of its executive administrator but rather to reinvest the capital it already had and manage to produce much more profitability with the trading.

Conclusion

The world of cryptocurrencies is involved in endless risks, which it is advisable to know to invest in said market, which is why it is advisable to carry out a brief study if you are interested in digital currencies.

Despite all the negative things that have been heard lately about the crypto ecosystem, many people are inclined towards this type of investment because they are decentralized, a widely accepted characteristic that has led them to be the favorites of the digital economy.

The circumstances that the FTX platform and its founder are currently going through is an experience for the population, which does not indicate that cryptocurrencies are bad for the economy since this was due more to a wrong administrative decision than the disadvantages of cryptocurrencies themselves.

One should not generalize when analyzing the cryptographic landscape; it is necessary to know and know the causes that have caused the imbalances experienced in recent months in the crypto world, which is not a bad investment and economic system; on the contrary, it is digital financial innovation.

 

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