When the calendars showed November 2022, perhaps one of the biggest blows in the history of cryptocurrencies had been struck. The FTX exchange, which quickly drew the attention of the entire crypto world with its multimillion-dollar sponsorship deals, efforts to appear clean, and strong stance, was driven to bankruptcy under the leadership of Sam Bankman-Fried. This bankruptcy was not just the downfall of an exchange but also led to a chain of bankruptcies.
The Bankruptcy of FTX and the Latest Situation
Following the bankruptcy of the FTX exchange, Sam Bankman-Fried spent a long time claiming innocence, distracting the market. However, as time passed, it became clear what problems the former CEO’s handling of customer funds had caused for the struggling crypto exchange, which is now hoping for recovery.
Investigations revealed that over a period of about 18 months, Sam Bankman-Fried had donated over 100 million dollars to American politicians. What was even more intriguing was that these donations were made using customer funds, which were thought to have been stolen. The most interesting event during this period was the equal amount of donations he made to both sides during the elections.
As of today, according to a recent news report, the US Government has dropped six separate charges against SBF and announced that no lawsuit will be filed against him for violations related to financing political campaigns.
This decision, which has received various reactions from around the world, also drew a response from Elon Musk, the owner of X and a supporter of cryptocurrencies including Dogecoin. Musk drew attention by commenting “!!” on a post sharing the decision. Since there was no further explanation, its meaning may become clear in the coming days.
Elon Musk and the Crypto Ecosystem
In the past, Elon Musk made headlines for a long time with his substantial support for Bitcoin and Dogecoin. He is also known for his distant attitude towards NFTs. While holding a significant amount of BTC, his company revealed consecutive BTC sales, negatively impacting the crypto world.
Following the sales, Musk and his companies, whose every statement was closely monitored, have not purchased BTC since that day. Perhaps the greatest favor Musk did for the crypto world in 2023 was bringing a new breath to the company after the acquisition of Twitter (now X).
Shortly after taking over the company, Musk changed its logo to DOGE for a certain period, providing relief to investors. Later, there were reports that X might integrate a crypto payment system in the future, which were not denied. Investors continue to wait for new announcements from Musk, hopeful about the possibility of such integration in the future.
