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Cryptocurrency Exchange FTX Declares Bankruptcy
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FTX, a major cryptocurrency exchange, founded by Sam Bankman-Fried and Gary Wang in 2019, declared Chapter 11 bankruptcy in November 2022 following a crisis stemming from unethical practices and a failed acquisition by Binance. The company's CEO, Sam Bankman-Fried, faced arrest for financial offenses, and FTX.US acquired assets from bankrupt firms, triggering legal scrutiny and criminal charges.
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How did unethical practices contribute to FTX's downfall?
How might the legal investigations and criminal charges impact the future of cryptocurrency exchanges?
What implications does the bankruptcy of FTX have for the broader cryptocurrency market?
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