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CEO of FTX Sam Bank-man Fried flees to Argentina as FTX files for Bankruptcy

The CEO of popular crypto exchange FTX is reported to have left his base in the Bahamas for Argentina using his private jet.

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The CEO of FTX, Sam Bank-man Fried is reported to have left his base in the Bahamas for Argentina using his private jet.

Unless you have been living under a rock, there is no way you would have no idea about the famous exchange FTX’s collapse. The event which began as a mere scuffle between two exchanges competing for the top has left the crypto market in a blood bath.

Billions are leaving exchanges, uncertainty is in the air and projects are down 10% or more.

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Amongst all these, a name is being mentioned everywhere in the crypto community; Sam bank man fried.

Sam bank man Fried is the founder of FTX and he has taken responsibility for the fall of his exchange of which its token, FTT, has gone from an all-time high of about $85 to the $2 mark.

FTX at $2
FTX trading at $2 source; coinmarketcap.com

Amongst all these, reports have it that Sam has left Bahamas and has flown to Argentina. Recall that FTX halted customers from withdrawing funds from the exchange after 6 billion dollars worth of tokens were withdrawn from the exchange in less than 72 hours.

The reason for Bankman’s change in destination might be because of extradition.

FTX SAGA 

The FTX drama began in early November when on the 6th, Chanpeng Zhao, CEO of Binance, announced that it will be liquidating all its FTT holdings. Apparently, investors didn’t want to take any chances after what happened earlier this year with luna/terra.

Funds started getting withdrawn from the exchange and traders began shorting the FTT token. As FTT fell slightly, it caused other investors to panic and sold more of their holdings further driving down the price.

On November 8, CZ made a tweet about a possible purchase of FTX, this made the FTT token crash even further. From trading at a $24 mark to a $2- $3 range.

Sam bank-man fried has resigned and FTX has filed for bankruptcy.  

FTX US is a separate company from FTX.com. According to sam, FTX  was not exposed to FTX or Alameda research but questions have begun to come up as FTX US is currently stopping withdrawals from their exchange 

About FTX

FTX was founded in 2019 by Sam Bank-man fried. He was a trader before he made some money from arbitraging and founded his own exchange.  The exchange rose  to become the third largest exchange by market cap following Binance and coin base 

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Victor is a crypto enthusiast that is deeply involved in crypto Education. He loves talking about NFTs and decentralized finance

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