The post The FTX-Tether Connection has been Questioned appeared first on Coinpedia Fintech News
The second-largest cryptocurrency exchange in the world, FTX, filed for bankruptcy in the US on November 11, 2022. Following market worries about FTX’s financial stability and related transfers to Alameda Research, a trading firm owned by FTX’s founder, Sam Bankman-Fried, FTX was unable to meet customer withdrawals (worth about $5 billion).
The filing follows FTX’s unsuccessful attempt to gain support from Binance, the largest cryptocurrency exchange in the world, through a takeover. The run on FTX considerably disturbed the market, and other cryptocurrency exchanges were forced to reassure their customers that they would have enough liquidity reserves to handle any necessary customer withdrawals.
The ownership of a US bank by crypto firm FTX raises concerns
A very small asset that could cause major problems was found among the numerous unexpected assets revealed in the bankruptcy
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