Once again this year, we would like to sweeten the Advent season for our readers with an Advent calendar. In a slightly different form, each door contains a “knowledge bomb”, which will be supplemented with an extraordinary special prize on Christmas Day.
Behind the seventeenth door is the term “bankruptcy”. To enter the giveaway on the 24th, simply participate in the polls and like the respective Twitter posts.
Bankruptcy
The crypto market is already known for spectacular developments, however, the stock market bankruptcy of one of the largest crypto exchanges is beyond even the scope of this imagination. FTX, formerly the second largest crypto exchange in the industry, was forced to reveal a hole in its balance sheet of nearly $10 billion after an unsuccessful showdown with rival Binance and subsequently filed for bankruptcy. This is by far the largest bankruptcy in the US this year, affecting customers, investors and counterparties around the world.
The shocking move comes in the wake of a misappropriation of client funds for the purpose of bailing out Alameda Research, a hedge fund also reeling from FTX CEO Sam Bankman-Fried (SBF). On the one hand, the actions expose a massive amount of debt by one of the industry’s biggest players. On the other hand, the revelations reveal behavior that can be classified as criminal by a self-proclaimed altruist who, ironically, has been lobbying for greater regulation of the crypto and DeFi sectors in Washington for the past two years.
