Cryptocurrency exchange FTX at risk of bankruptcy – BBC News

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  • Leading cryptocurrency exchange FTX is facing bankruptcy after failing to secure a rescue deal from its rival Binance.

    Binance, the world’s biggest cryptocurrency exchange, said that after due diligence, it would not pursue the deal.

    FTX is a big crypto exchange and people use it to buy and sell various crypto currencies.

    Concerns about FTX's financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days. Investors are now facing billions of dollars in losses.

    Crypto values have slumped on Thursday, with Bitcoin falling to a two-year low.

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    #BBCNews

    Cryptocurrency exchange FTX at risk of bankruptcy - BBC News

    Leading cryptocurrency exchange FTX is facing bankruptcy after failing to secure a rescue deal from its rival Binance.

    Binance, the world’s biggest cryptocurrency exchange, said that after due diligence, it would not pursue the deal.

    FTX is a big crypto exchange and people use it to buy and sell various crypto currencies.

    Concerns about FTX's financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days. Investors are now facing billions of dollars in losses.

    Crypto values have slumped on Thursday, with Bitcoin falling to a two-year low.

    Please subscribe HERE http://bit.ly/1rbfUog

    #BBCNews

    Comments

    Erik Carper says:

    🌎✨The Truth is Everyone needs more than there salary to be financially stable. The the best thing to do with your money is to lnvest it rightly because money left for saving always end up used with no retur

    Adrian B says:

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    Damian Wan says:

    Bots

    jean-claude schwartz says:

    @justify plead scam

    Goldeagle1123 says:

    And my friends laughed at me when I said I was gonna keep my money in a traditional market account, and not invest in crypto lol. Crashed like Enron.

    Owen Brady says:

    Absolutely, so glad I never touched this garbage. Once the stimmie checks dried up, crypto crashed. No fundamentals at all.

    Rory Ball says:

    @Owen Brady the fundamentals are the technology’s behind the projects, of course some of them are bad but the concept is obviously the future.

    archiveDOTorg @thefashybookworm says:

    @Ste i bet they are envying you right now, if they were invested inside the FTX exchange lel

    ClaudeNova says:

    Frog in heating water thinks the same too… you just referenced a traditional market participant failing?? I see what you did there, do you? Risk is risk mate. I bought my house with Bitcoin profits.. timing and exposure to risk will dictate profits or losses

    Xensonar says:

    @Ste No they didn’t.

    p s says:

    The irony is that bitcoin is supposed to be decentralized without the need for a central exchange. But it is prone to the same bank run risk too

    Sander Fitzwilliam says:

    @Rory Ball Lol the 2008 financial crisis lost less %wise than BTC in the last week alone. Its over mate, it’s ok. And the concept of crypto is very simple: You have a useless empty bucket people trow money in because some celebrity was hired to tell them this. Then it goes up as long people keep doing it. Meanwhile the owner is siphoning off what he can without becoming too suspicious. When the hype dies down and people take money out of the bucket the whole thing collapses. That’s crypto.

    ClaudeNova says:

    Don’t comment if you know nothing about finance haha you just proved your ignorance. The run was on ftx’s poocoin. Bitcoin is decentralised but prone the human sentiment which may be negative for the moment. Pls don’t invest in Bitcoin tho, your acumen will just mean losses for yourself

    Sander Fitzwilliam says:

    @ClaudeNova haha

    Just Killing Time says:

    How is crpto valued if not with centrolized currency’s

    Sander Fitzwilliam says:

    @Just Killing Time Exactly. That’s the irony.

    Bâbak says:

    I just hope this means I’ll get my friends back all they talk about is crypto and staking and all this nonsense. I knew the banks would would never let these people make a lot of money and even if they did it’s never enough they keep investing more, thinking they can retire early. Well looks like it’s 1 of two choices crypto bros. Buy even more while it’s low or cut your losses what’s it gonna be

    Connie H says:

    BBC viewers don’t understand the difference between an ‘exchange’ and a ‘crypto currency’

    Sander Fitzwilliam says:

    Well it’s all part of the same scam so doesn’t really matter anyway.

    Przemo I says:

    @Sander Fitzwilliam pretty much and that scam is called Traditional markets and crypto is small part of it just unregulated. Regulate ponzi and you have Stock market.

    archiveDOTorg @thefashybookworm says:

    @Sander Fitzwilliam what? the central banking scam that gives you monopoly money?

    dombower says:

    @Sander Fitzwilliam fiat is the scam

    SVDA says:

    @Sander Fitzwilliam Exhibit A:

    Richard Williams says:

    Hard times all around the Crypto market especially with the collapse of BTC, yet I still have 100% income in my investment with a platform in town

    Mark Godstone says:

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    jean-claude schwartz says:

    Crypto currency is an absolute scam

    jean-claude schwartz says:

    @Martin Morren scam

    Loki27 says:

    I was told Mr Paul Williams died from diarrhoea. Can’t trade with him anymore 🙁

    Lu Pi says:

    These two don’t seem to understand the difference between cryptocurrencies, Bitcoin specifically, and an exchange, like FTX. The FTX exchange went bankrupt because they made bad decisions. But that doesn’t mean the end of Bitcoin or crypto as a technology, which is revolutionary. Saying crypto is going to zero because FTX failed is like saying the internet is going to zero because MySpace or Geocities failed. The internet is revolutionary tech and it has now been universally accepted because it is a very valuable network. Crypto also leverages network effects, but it’s still early days. But that’s good for investors: you want to get in earlier rather than later.

    Bilal Chaudhry says:

    Beautifully explained. Crypto is future and yes many people don’t realise the full potential as for them it’s way too early.

    Pablo Bonilla says:

    @Bilal Chaudhry, I wonder why the big software companies are not developing crypto applications and only YouTubers are the ones that are seeing the potential?

    Sander Fitzwilliam says:

    @Bilal Chaudhry “Fortune favours the brave!” Or wait, that didn’t age well did it? Okay ummm what about… “Bitconneeeeeeect!!!!! Financially Independantly!!!” That actually did age quite well! The one thing thar crypto did for humanity is create some really good, impressively expensive meme’s.

    Bilal Chaudhry says:

    @Pablo Bonilla my dear you should search then to know that great use cases are being build based on blockchain technologies. It is still too early for its mass adaption.

    Pablo Bonilla says:

    @Bilal Chaudhry Blockchain is not the same as cryptocurrencies, cryptocurrencies implement blockchain but they are not the same… Damn, are you a developer or a tester?

    Charles Apana says:

    Wow this has really hit investors, what a shock

    Paul Astle says:

    Good, greed is never pretty, if someone makes loads of money it makes loads of other people poorer. When greedy rich people lose their money, it gives me a warm fuzzy feeling inside 🙂🙂🙂

    Paul Astle says:

    The best thing to do with money is spend it because you can’t take it with you, and you can’t enjoy anything after your gone 😮😮😮

    Josh C says:

    I’m not sure if you keep up with the news, but you can actually take your money with you to heaven now.

    A Ghost says:

    ⁶, it’s still gambling.

    Linda pilly says:

    Thank you for your videos mate.< I will advice traders especially' newbies to have orientation of trading before they get involved in it because the STOCKs/Crypto market has been unstable, Forget predictions and start making a good profit now because future valuations are all speculations and guesses. when news gets bearish start buying. “Keep it simple” That correction was the best thing that happened me. but all thanks to Mr Gerry Schmidt. who taught me how to make trade and increased my Crypto from 3BTC to 11BTC now. No one really knows what is going to happen in the market and I know you are only saying what you think will happen based on the past. It is yours and my opinion so people should make their own Investment choices based on their own research….

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    Chris says:

    That’s what can happen with centralized banks.. So you can see decentralization is still safer.

    This crash is not about crypto it’s about centralized finance systems…

    Cryptic Gamer says:

    Ftx (FTT) owns alameda. Trading amongst each other to manipulate price= Ponzi pyramid scheme. Both are bankrupt. Cee x from binance brought this to everyone’s attention. Sell if you can if you hold any. Good luck

    Christopher Miller says:

    Thank you BBC for sharing this news.

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    James Humphries says:

    We need and use blockchain technology. We’re in a recession it’s obviously going to be terrible for the next 12 months. Crypto is a long term invest 2030 and beyond.

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    Cr4y7 says:

    FTX isn’t really a bitcoin problem, but it is a crypto problem

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