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Questions about Bankruptcy of FTX

Short answers, pulled from the story.

When did Sam Bankman-Fried file for bankruptcy?

Sam Bankman-Fried filed for bankruptcy on the 11th of November 2022 alongside over 100 affiliated entities. This filing occurred after a failed acquisition attempt by Binance and massive customer withdrawals from FTX.

How much money disappeared from FTX through unauthorized transactions?

Approximately $473 million disappeared from FTX through unauthorized transactions late on the 11th of November 2022. Most stolen funds consisted of stablecoins like Tether which were quickly converted into Ether to prevent recovery attempts.

What date was Sam Bankman-Fried convicted of defrauding customers?

A jury convicted Sam Bankman-Fried of defrauding FTX customers and Alameda lenders on the 2nd of November 2023. His trial commenced in October 2023 with testimony from multiple former colleagues including Caroline Ellison and Gary Wang.

Which banks collapsed following the FTX crisis in early 2023?

Silvergate Bank announced it would wind down operations on the 9th of March 2023 while Signature Bank collapsed on March 12 after being closed by New York State regulators. These failures marked significant events in United States banking history following the cryptocurrency exchange collapse.

Who pleaded guilty to fraud charges related to the FTX bankruptcy?

Caroline Ellison and Gary Wang pleaded guilty to fraud charges on the 21st of December 2022 and agreed to cooperate fully with authorities. Nishad Singh also joined the group of executives who admitted guilt to defrauding customers during the investigation.

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