How Trouble Started Surrounding Cryptocurrency, FTX

FTX, led by CEO Sam Bankman-Fried, quickly gained prominence in the cryptocurrency market through high-profile deals and marketing. However, the company collapsed due to liquidity issues and questionable financial practices, leading to a massive sell-off of its cryptocurrency, FTT. The fallout affected the entire crypto industry, causing significant financial losses and prompting calls for increased regulation and oversight to prevent similar incidents in the future.

What was one of the key reasons for FTX's sudden collapse?

• A decline in the stock market

• FTX's use of its own cryptocurrency to support a hedge fund

• A cyber attack on their systems

• A natural disaster affecting their headquarters

Which major cryptocurrency exchange initially planned to bail out FTX but later withdrew?

• Kraken

• Binance

• Gemini

• Coinbase

What was the value of Bitcoin on the day Binance announced it would not bail out FTX?

• $12,000

• $15,554

• $18,000

• $20,000

How did the FTX collapse affect the cryptocurrency market?

• It caused a significant drop in cryptocurrency values

• It resulted in the creation of new cryptocurrencies

• It led to a surge in cryptocurrency values

• It had no impact on the market

What is one of the expected outcomes following the FTX debacle?

• A decrease in government oversight

• Increased regulation and oversight in the cryptocurrency industry

• A ban on all cryptocurrency exchanges

• The introduction of a new cryptocurrency by FTX