After a quick fall from grace, cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection on November 11, 2022.
In a couple of days, the company's value fell from $32 billion to bankruptcy.
reducing Sam Bankman-Fried, founder and CEO$16 ,'s billion net worth to almost nothing.
The effects of FTX's abrupt decline and collapse will probably continue to have an effect on cryptocurrencies for a very long time.
The U.S. House Financial Services Committee announced that it will hold a hearing on the FTX collapse in December 2022.
By November 11th, FTX had fired its CEO and declared bankruptcy.
In the hours that followed, FTX may have been the victim of a hack in which tokens valued at hundreds of millions were taken.