INVESTIGATION – The trading platform drags down more than a hundred companies and threatens the assets of 100,000 investors.
Is this a sign of the seriousness of the situation, or even of the scale of the scandal to come? The new boss of the FTX cryptocurrency trading platform is the same one who managed, in the early 2000s, the liquidation of the energy broker Enron. Now in charge of the future of FTX, John J. Ray III is doing everything to “secure the assets of its investors”, “wherever they are”.
The fall of FTX promises to be as resounding as that of Enron. Ten days ago, the platform founded and managed by Sam Bankman-Fried, was considered the second in the world, behind Binance. Valued at 32 billion dollars in January, it has been placed since Friday under the protection of Chapter XI of the American bankruptcy law. According to FinancialTimes, FTX had less than $1 billion in liquid assets before its collapse, for more than nine billion in debt. In its downfall, FTX drags down 130 affiliated businesses.
Management methods bordering on illegality
The first explanation…
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