Prillionaires NewsPrillionaires News
  • Best time to buy
  • Billionaires
    • Net Worth
  • Business
  • Luxury
    • Cars & Bikes
    • Dining & Drinking
    • Fashion & Beauty
    • Jets & Yachts
    • Property
    • Tech & Leisure
    • Travel
    • Watches & Jewelry
  • Money
    • Art
    • Banking
    • Crypto & Blockchain
    • NFT
    • Investments
    • Wealth Management
  • The most expensive
  • The world’s best
  • Prillionaires App
What's Hot
best culinary schools

The Best Culinary Schools in the World

16 September 2023
The World’s Most Expensive Perfume: Scented Luxury at Its Finest

The World’s Most Expensive Perfume: Scented Luxury at Its Finest

17 September 2023
Influencer Revolution

The Influencer Revolution: How to Thrive in the New World of Social Media Fame and Fortune

17 September 2023
Facebook Twitter Instagram Pinterest YouTube LinkedIn
Facebook Twitter LinkedIn Instagram Pinterest YouTube
Prillionaires NewsPrillionaires News
Prillionaires Login
  • Best time to buy
    When is the best time to buy a used car?

    When is the best time to buy a used car?

    16 September 2023
    The Best Time to Buy a Mattress: A Comprehensive Guide

    The Best Time to Buy a Mattress: A Comprehensive Guide

    4 June 2023
    when is the best time to buy furniture

    When is the best time to buy furniture?

    5 April 2023
    bets time to buy stock

    When is the best time to buy stock?

    2 March 2023
    when is the best time to buy premium bonds

    Get to know the best time to buy premium bonds

    25 December 2022
  • Billionaires
    1. Net Worth
    2. View All
    50 cent net worth

    50 Cent’s Net Worth

    5 April 2023
    Kim Kardashian Net Worth

    Kim Kardashian’s Net Worth

    5 April 2023
    eminem-net-worth

    Eminem’s Net Worth

    5 April 2023
    Drake's Net Worth

    Drake’s Net Worth

    22 January 2023
    The Billionaire Lifestyle Private Clubs

    The Billionaire Lifestyle: A Look at the Most Exclusive and Luxurious Private Clubs

    10 July 2023
    50 cent net worth

    50 Cent’s Net Worth

    5 April 2023
    Kim Kardashian Net Worth

    Kim Kardashian’s Net Worth

    5 April 2023
    eminem-net-worth

    Eminem’s Net Worth

    5 April 2023
  • Business
    Influencer Revolution

    The Influencer Revolution: How to Thrive in the New World of Social Media Fame and Fortune

    17 September 2023
    Democratization of Finance: How Fintech is Empowering Individuals

    Democratization of Finance: How Fintech is Empowering Individuals

    3 September 2023
    Rolex: The Epitome of Luxury Watchmaking

    Rolex: The Epitome of Luxury Watchmaking

    22 May 2023
    Sustainable Luxury Products Reshape the Market

    Embracing Green Opulence: Sustainable Luxury Products Reshape the Market

    7 May 2023
    Silicon Valley

    Silicon Valley Bank’s Collapse Sends Shockwaves Through Fintech Industry

    21 April 2023
  • Luxury
    1. Cars & Bikes
    2. Dining & Drinking
    3. Fashion & Beauty
    4. Jets & Yachts
    5. Property
    6. Tech & Leisure
    7. Travel
    8. Watches & Jewelry
    Featured
    The World’s Most Expensive Perfume: Scented Luxury at Its Finest
    Fashion & Beauty

    The World’s Most Expensive Perfume: Scented Luxury at Its Finest

    17 September 2023
    Recent
    The World’s Most Expensive Perfume: Scented Luxury at Its Finest

    The World’s Most Expensive Perfume: Scented Luxury at Its Finest

    17 September 2023
    The Psychology of Luxury

    The Psychology of Luxury: Unraveling Our Insatiable Craving for Opulence

    17 September 2023
    The New Era of Luxury Unique Digital Assets in Web3

    The New Era of Luxury: Unique Digital Assets in Web3

    18 June 2023
  • Money
    1. Art
    2. Banking
    3. Crypto & Blockchain
    4. NFT
    5. Investments
    6. Wealth Management
    7. View All
    Mandala Art and Luxury

    Mandala Art and Luxury: How the Ancient Art Form is Making a Comeback

    22 May 2023
    Uncovering the True Value Art as a Lucrative Investment

    Uncovering the True Value: Art as a Lucrative Investment

    25 April 2023
    What is the most expensive painting in the world

    What is the most expensive painting in the world?

    18 October 2022
    Silicon Valley

    Silicon Valley Bank’s Collapse Sends Shockwaves Through Fintech Industry

    21 April 2023
    Banking Habits in India

    Banking Habits in India

    18 October 2022
    Why Money Management Is Key to Success0

    Why Money Management Is Key to Success?

    21 April 2023
    Cryptocurrency Regulations Unveiled: A Global Analysis 2023

    Cryptocurrency Regulations Unveiled: A Global Analysis 2023

    16 September 2023
    FTX Bankrupt

    CRYPTO FTX Sam Bankman-Fried Arrested

    22 January 2023
    FTX Bankrupt

    ‘FTX Bankrupt’ But May Be Investors Will Save It

    13 December 2022
    Bitcoin Crash of 2022, Causes and What’s to Come

    Bitcoin Crash of 2022, Causes and What’s to Come

    18 October 2022
    What is the Most Expensive NFT Sold

    What is the Most Expensive NFT Sold?

    24 October 2022
    The Metaverse

    The Metaverse: Everything You Need To Know!

    21 April 2023
    Do NFTs Draw A lot of Power2

    Do NFTs Draw A lot of Power?

    18 October 2022
    Global Personal Wealth Management

    Global Personal Wealth Management in the Digital Age: Navigating Cryptocurrencies, AI Insights, and Cross-Border Finance

    17 September 2023
    Investment Risks

    Mastering Investment Risks: A Comprehensive Guide to Risk Management in Investing

    16 September 2023
    Premium stocks down 50% or more

    15 Premium stocks down 50% or more – Market Opportunity

    22 January 2023
    Robo InvestingThe Best Way to Start Investing in 2022

    Robo Investing, The Best Way to Start Investing in 2022?

    20 November 2022
    You Don't Have To Work Forever - 15 Things To Avoid

    You Don’t Have To Work Forever – 15 Things To Avoid

    2 March 2023
    World Very High Net Worth Financial Services Report

    World Very High Net Worth Financial Services Report

    22 January 2023
    15 Most Out-of-Date Money Rules

    15 Most Out-of-Date Money Rules

    6 April 2023
    How Much Do I Need to Retire in the UK

    How Much Do I Need to Retire in the UK? When Can I Do It?

    13 December 2022
    Cryptocurrency Regulations Unveiled: A Global Analysis 2023

    Cryptocurrency Regulations Unveiled: A Global Analysis 2023

    16 September 2023
    Global Personal Wealth Management

    Global Personal Wealth Management in the Digital Age: Navigating Cryptocurrencies, AI Insights, and Cross-Border Finance

    17 September 2023
    Investment Risks

    Mastering Investment Risks: A Comprehensive Guide to Risk Management in Investing

    16 September 2023
    Democratization of Finance: How Fintech is Empowering Individuals

    Democratization of Finance: How Fintech is Empowering Individuals

    3 September 2023
  • The most expensive
    The World’s Most Expensive Perfume: Scented Luxury at Its Finest

    The World’s Most Expensive Perfume: Scented Luxury at Its Finest

    17 September 2023
    The World Most Expensive Wines

    The World’s Most Expensive Wines: A Guide to the Ultimate Luxury

    20 April 2023
    What is the Most Expensive City in the World?

    What is the Most Expensive City in the World?

    6 April 2023
    the world's most expensive hotel in 2023

    The world’s most expensive hotel in 2023

    2 March 2023
    The most expensive Pokémon Card in the world

    The most expensive Pokémon Card in the world

    5 February 2023
  • The world’s best
    best culinary schools

    The Best Culinary Schools in the World

    16 September 2023
    the best hybrid suv

    The best luxury hybrid SUV

    5 June 2023
    The world best innovations in renewable energy

    The world’s best innovations in renewable energy

    29 May 2023
    Best Zoo in the World

    Best Zoo in the World

    6 April 2023
    The best caviar in the world 1

    The best caviar in the world

    21 April 2023
  • Prillionaires App
Prillionaires NewsPrillionaires News
Home»Business»‘FTX Bankrupt’ But May Be Investors Will Save It
FTX Bankrupt
Business

‘FTX Bankrupt’ But May Be Investors Will Save It

13 December 2022Updated:13 December 20223 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

According to court documents, FTX, the bankrupt cryptocurrency exchange, may have more than 1 million creditors and has been in contact with many regulators worldwide. 

You would be surprised to know that the emerging cryptocurrency FTX is now equivalent to a bank run after experiencing a reduction in billions of dollars, and the exchange, which was previously one of the largest in the world, filed for bankruptcy protection last week, resulting in its CEO (Sam Bankman-Fried) and founder resigning.

After a few hours, the trading company revealed that uncertified gaining access resulted in disappearing funds and a big loss in cryptocurrency. According to crypto Analysts, hundreds of millions of dollars may have disappeared.

Reason For FTX Bankruptcy

Before the crash, Mr. Bankman-Fried was one of the stars of the cryptocurrency scene, comparing him to investment tycoon Warren Buffett with an estimated net worth of more than $15,000 million as recently as Monday. FTX had valued its assets between $10 billion and $50 billion and listed more than 130 affiliated companies worldwide.

But rumors earlier this week that FTX and other companies owned by Mr. Bankman-Fried were on shaky financial footing prompted many customers to try to withdraw funds from FTX.

Customers fled the exchange, fearing FTX lacked sufficient capital, and agreed to sell it to rival cryptocurrency exchange Binance. But the deal fell through pending Binance’s due diligence of the FTX balance sheet.

Faced with a liquidity crisis, Mr. Bankman-Fried attempted a bailout but failed, leaving FTX struggling to raise billions of dollars and many customers without access to their funds. His fortune was estimated recently at $23 billion, and he was a prominent political contributor to the Democrats.

Does It Also Affect My Bitcoin?

While the future of FTX is uncertain, any economic failure from this asset will have a restricted influence on the plan as this acquisition symbolizes less than 0.05 percent of our total net investments.

Bitcoin price fell below $17K on Friday morning, a level not seen since 2020, although Bitcoin price reached an all-time high of around $64K in late 2021 

Cory Klippsten (Head executive of financial services firm) stated that People who own bitcoins should be fine keeping them off exchanges like FTX, which operate as a gambling site for crypto casinos(websites)

Cory Klippsten also said every exchange is a security risk. According to him, Some exchanges are more honorable, but the best way to save your bitcoin is to have full authority and check and balance over your digital assets.

Conclusion:

As I said, Ftx Bankrupt has a drastic impact on many companies. The companies that have backed FTX are cutting back on their investments, and Bitcoin and other digital currency prices have fallen. 

Politicians and regulators are calling for tighter surveillance of the sluggish industry. They offer a concept called cold wallet custodian, essentially a way to store assets offline without allowing for remote control. “Cold Wallet Custodian” now replaces many digital assets.

crypto crypto exchange ftx FTX Bankrupt
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleLuxury Properties
Next Article Luxury Gadgets 2022

Related Posts

Influencer Revolution

The Influencer Revolution: How to Thrive in the New World of Social Media Fame and Fortune

17 September 2023
Cryptocurrency Regulations Unveiled: A Global Analysis 2023

Cryptocurrency Regulations Unveiled: A Global Analysis 2023

16 September 2023
Global Personal Wealth Management

Global Personal Wealth Management in the Digital Age: Navigating Cryptocurrencies, AI Insights, and Cross-Border Finance

17 September 2023
Democratization of Finance: How Fintech is Empowering Individuals

Democratization of Finance: How Fintech is Empowering Individuals

3 September 2023
Rolex: The Epitome of Luxury Watchmaking

Rolex: The Epitome of Luxury Watchmaking

22 May 2023
Sustainable Luxury Products Reshape the Market

Embracing Green Opulence: Sustainable Luxury Products Reshape the Market

7 May 2023
Search
Top Posts
Top 10 best-selling perfumes in the world 2022

Top 10 best-selling perfumes in the world 2022

25 December 2022
Best soccer player in the world

Best soccer player in the world

25 December 2022
The best ski resorts in the world

The best ski resorts in the world

22 January 2023

GET EARLY ACCESS TO PRILLIONAIRES WEALTH TRACKER

Be the first to know when we launch the app!

You will receive all of the
product's features and will be automatically upgraded to a
Prillionaires Premium Member.

Let’s Get Social! Come and say HELLO to your fellow Prillionaires!

Join the community and feel closer to the PRILLIONAIRES values. Enjoy exclusive offers, follow us for the latest updates.

Tweet it, Pin it, Like it, Share it! Just don't be anti-social! 😉

Facebook Twitter Instagram Pinterest YouTube LinkedIn
Top Insights
best culinary schools

The Best Culinary Schools in the World

16 September 2023
The World’s Most Expensive Perfume: Scented Luxury at Its Finest

The World’s Most Expensive Perfume: Scented Luxury at Its Finest

17 September 2023
Influencer Revolution

The Influencer Revolution: How to Thrive in the New World of Social Media Fame and Fortune

17 September 2023
Get Informed

WEALTH MANAGMENT APP Premium Membership

By getting early access to our product, you will be able to take advantage of all its features and automatically become a Prillionaires Premium Member.

Prillionaires News
Facebook Twitter Instagram Pinterest YouTube LinkedIn
  • Home
  • Prillionaires App
  • Write For Us!
  • We Plant Trees
©2022 Prillionaires®

Type above and press Enter to search. Press Esc to cancel.