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FTX Collapsed�Here�s WhyThe bankruptcy of FTX, a Bahamas-based cryptocurrency exchange, began in November The collapse of FTX, caused by a spike in customer withdrawals that. Sam Bankman-Fried was heralded as the savior of crypto. Late last year, his empire collapsed. Here's what you need to know about the unraveling of FTX. Bitcoin lost more than 65% of its value last year, pummeled by the collapse of stablecoin terraUSD, which led Singapore hedge fund Three Arrows.
