FTX is the world second largest Crypto exchange platform. The platform had its tokens called " FTT"
FTX gone from $32 billion dollars to the file bankruptcy to the US federal.
Binance CEO Changpeng Zhao, played main role in diminshing its rival competitor FTX
FTX has grown fastly and also got the fundings of $ 900 million from Sequio Capital. Then its valuation raised over $18 billion
As Binance once considered FTX as small competitor but now it grown multifold within few years.
In one of the press conference, Binance CEO claimed that FTX has no enough funds and even its partnered company Alameda Research was facing huge losses.
Even claimed that to take all of its stakes from the FTX company.
Yes, FTX did not had funds because its founder Sam Bankaman made donations, investments after the early success of the company
As FTX founder funded Elon Musk of $ 5 billion for Twitter deal. Also made heavy investment in Voyager and Block Fi compaines. Even gave money for Joe Biden Election. Also told donate $ 15 billion charity in future.
However Binance was aware of all the activities. So, Changpeng Zhao took advantage and demolish the multibillion dollar company into Bankruptcy.
The Sam Bankman spent lot on donation, ivestment and charity.So there was no enough cash in the company. So, people could not get money back from selling their tokens. Finally, FTX filed Bankruptcy due to Binance CEO strategy.