UNITED STATES OF AMERICA v. SAMUEL BANKMAN-FRIED Court Filing Lewis A. Kaplan, December 9, 2022 is part of . You can jump to any part in this filing . This is part 6 of 25. HackerNoon’s Legal PDF Series here PRELIMINARY STATEMENT II. BACKGROUND TO ALL MOTIONS E. The Events of November 2022 In November 2022, there was a run on FTX. The price of FTT, FTX’s exchange token which collateralized certain of the debt held by FTX, unexpectedly collapsed.[8] As with a traditional bank run, numerous customers simultaneously sought to withdraw their assets, thus feeding fears that a collapse was inevitable. FTX sought funding from interim liquidity providers, but ultimately ran out of time to negotiate a deal. The market crash took down many of the major players in this sector, not just FTX. It is a familiar story that echoes the 2008 global financial crisis and prior crises in the U.S. financial system. In the early morning hours of November 11, 2022, Mr. Bankman-Fried stepped down as CEO of FTX. FTX subsequently filed for bankruptcy. [8] (FTT), COINGECKO, (last visited May 7, 2023). Historical Prices: FTX Token https://www.coingecko.com/en/coins/ftx-token Continue Reading . Here About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings. This court case S5 22 Cr. 673 (LAK) retrieved on September 1, 2023, from is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction. Storage.Courtlistener

FTX Collapsed Because It Was Susceptible to Broader Market Trends

Sam Bankman-Fried Tried to Stabilize the Fallout from the Crypto Winter

Too Long; Didn't Read

Boost your HackerNoon story @ $159.99! 🚀

The FTX Collapse Echoes Scenes From the 2008 Global Financial Crisis

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

20% of All General Searches in the U.S. Go Through the Default on User-Downloaded Version of Chrome

The Fed Finally Cut Rates. What's Next?

2022 vs 2023 Overview: How to Invest in Crypto Without Huge Risk

8 Tips to Make the Most of Crypto Winter

Actions You May Want to Take in a Post Crypto Winter

20% of All General Searches in the U.S. Go Through the Default on User-Downloaded Version of Chrome

The Fed Finally Cut Rates. What's Next?

2022 vs 2023 Overview: How to Invest in Crypto Without Huge Risk

8 Tips to Make the Most of Crypto Winter

Actions You May Want to Take in a Post Crypto Winter

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps