The World’s Second Largest Crypto Trading Company Collapsed

16th November 2022, Kathmandu

Cryptocurrency exchange (transaction) company FTX has filed a bankruptcy petition in the US.

The company has sought protection from the court and said that it is looking for a way to return the money of the customers.

Along with this announcement, Sam Banksman-Fried, the Chief Executive Officer of FTX, resigned from his position on Friday. 30-year-old Shyam has resigned due to the position at the company.

After the collapse of the empire of FTX in the space of a week, the confidence in the crypto market, which has been in crisis for some time, has gone more to the negative side than earlier.

Earlier, Sam, who is also known as the ‘King of Crypto’, wrote on Twitter – ‘I apologize once again for the current situation. Hope the situation will improve. Hopefully, we can bring transparency and trust to the process. I am also surprised by the situation.

Before the collapse of the company, Sam was considered a figure in the crypto market. Sam, whose fortune reached close to 15 billion dollars, was compared with the legendary investor Warren Buffett.

It is said that this situation happened when a large number of customers tried to withdraw money from FTX after rumors of financial problems in FTX and other businesses owned by Syam.

Although Sam tried to solve the FTX cash crisis, which is used to buy and sell digital tokens, it was not successful. Due to this, millions of customers’ money is stuck in FTX, which they are unable to withdraw now.

After applying for bankruptcy, the company will work under the supervision of the court, and during that time the company can restructure its debt.