Crypto News blog: This blog reviews the FTX scam that recently occurred and what are the reasons behind it and other details. We bring the latest crypto news online for readers worldwide. Topics to discuss here include what happened to Fatx, who is the founder, why it collapsed, and an explanation for the collapse
Do you want to know how much money did FTX steal in the recent year 2023? It almost had stolen $470m in blockchain cryptocurrency. After the launch of FTX in 2019 it started growing and then crashed in 2022 November. FTX began as a trading platform in 2022 and investors have seen depositing funds in it which made the company total $32 billion. According to a court report, it also said the company has misappropriated use of $8.7 billion US dollars. Now following the case, the Sam bank man friend received charges for money laundering, fraud, and other cybercrime violations. His trial will start in October 2023. On this matter, the coindesk also tweeted an article about how FTX and Almeda Research are connected. This Almeida research trading firm was set up in 2017 and founded by Bankman Fried. The way he steals customer funds include a way of using signed back check and accessing the user's bank accounts as a political campaign donation. This way thousands of user accounts got frozen.
Should I trust FTX in 2023?
No, it is not recommended to deposit funds on this blockchain platform. So avoid any reason to sign up due to bankruptcy recently hit in 2022 November. But was FTX stealing money? Yes, It has been reported also that Sam Bank Bankman Fried stole customer funds which earned around $100m in the campaign and that was before the US midterm Elections in 2022.
How many people Lost money on this platform?
In this platform, around 1 million people have lost their money due to the collapse of this cryptocurrency trading firm. According to the user report, the accounts were frozen, and the company went to bankruptcy.
Patrick Bulu of North America may have lost all his money, he further said it was around $35000 when FTX came to crashing so he took advice from expert investing groups, and managed to make around $87000. However, one million user accounts had frozen due to this collapse.
Can people get their money back?
To get back the money account holder who have lost their money should file a bankruptcy claim in the coming weeks. To claim it you need to go to the platforms which is related to you. The seven main platforms are ftx.com, ftx.us. liquid, fix eu, blockfolio -ftx.us, blockfolio FTX.com. Go to the particular platforms and visit the customer claims portal using ur credentials to log in and authenticate. However if not accessible to your own account, can also claim at Kroll restructuring administration.
Now the owner of this company sam bankman fried got bail in the crypto fraud case.
In conclusion, here we have read all the important information related to how to fix scams that occur and how it collapses. So this blog helps new crypto enthusiasts to be aware of such scams in the future and also never deposit on any exchange wallet before the proper research is done.
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