The bankruptcy of the cryptocurrency giant FTX leaves a debt of 3,000 million

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The bankruptcy of the cryptocurrency giant FTX leaves a debt of 3,000 million

< p>The crypto economy is experiencing what has already been dubbed its Lehman Brothers moment. The bankruptcy of FTX, which until a few weeks ago was one of the world's leading cryptocurrency trading platforms, has left the company led by young entrepreneur Sam Bankman-Fried. > with an estimated $3.1 billion in debt to its top 50 stockholders.

In a court filing, FTX declared that it was a debtor. It said this Saturday that it owed some $1.45 billion to its ten largest creditors, an amount it cannot pay due to its lack of liquidity.

The young company, founded in 2019 and headquartered in the Bahamas, announced a new company. on November 11 that it filed for bankruptcy in the United States after a series of revelations that sank investor confidence. Thousands of them withdrew the money they had deposited in the FTX 'token', the digital asset on which the company was based and which had no more value than what its investors gave it.

Volatile business

Without confidence in the model, FTX has collapsed in a few days like a house of cards, trapping around a million customers who have seen as their investments have vanished. Experts estimate that the losses could skyrocket into the billions, although there is no concrete amount yet.

Many of those investors are these days asking for the head of Bankman-Fried, a 30-year-old entrepreneur, Democratic donor and seen until before the FTX collapse as the 'good boy' of cryptoeconomics. a for having maintained a more open position to regulation, unlike the other leading platform in that digital market, Binance, now in Solo took the throne.

Earlier this year, FTX came to the throne. It was worth a whopping $32 billion. Then the wind seemed in favor of cryptocurrencies such as Bitcoin, which had reached its maximums, positively infecting all companies in the sector. However, 2022 has ended up establishing itself as a black year for the volatile and speculative business of digital assets. Since then, FTX's value has plummeted by more than 97%, a drop that once again threatens to drag down parts of the industry.