Thursday, November 17, 2022
HomeNFT collectableMapping the FTX Contagion - The Defiant

Mapping the FTX Contagion – The Defiant


We’ve survived one other Monday and we’re BACK with right now’s Each day Defiant to share every thing we all know concerning the impression of the FTX saga which has been unfolding over the previous fortnight.

Sam Bankman-Fried’s empire was an enormous ship to sink and we’ve simply began to really feel the ripple results that can shake your entire crypto business. From hedge funds and enterprise companies, to lenders and startups, to celebrities and NFT tasks, no person is immune.

SBF made an estimated fortune of over $15 billion {dollars} from his empire. Then, a surprising flip of occasions which confirmed SBF’s crypto trade FTX had a backdoor by which it funnelled $10B in consumer funds over to his hedge fund, Alameda Analysis. When it grew to become obvious {that a} huge chunk of these property have been FTX’s personal token, the home of playing cards collapsed.

However on the best way up, he was hailed because the golden youngster of crypto, the prodigy, the boy surprise. He was in a position to attraction the world with many extremely influential people and establishments throwing their belief and cash at him.

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