FTX along side several subsidiaries( 134) finally file for bankruptcy after about a week of severe crash in assets and holdings. This is the biggest and most catastrophic bankruptcy ever recorded in the crypto space but sadly, the bankruptcy as predicted seems like the beginning of Sam Bankman-Fried's troubles as the US is currently carrying out investigations into the affairs of FTX and Sam Bankman-Fried.
It's truly crazy how a company can go from being one of the most respected and successful firms in the crypto space to almost zero without a hack or security breach. When LUNA crashed, I felt it was just as a result of miscalculation, over confidence and poor leadership traits by Do Kwon, but several other events like that of Celsius and FXT showed that a single mistake can cause so much damages in and could ruined everything that's been built for years in this space.
It is reported that besides individuals, hundreds of renowned companies and firms have been massively affected by the FTX's predicaments particularly those who were getting certain APRs from FTX and were paying their customers from it. This means one thing, that many companies are currently battling with trying to repay their investors and some of them in the coming days would have to file law suits against FTX or file for bankruptcy.
However, one surprising thing about the crypto space is how forgiving it can be. Even after so much chaos like in the case if scammers, rug pullers and folks like Do Kwon and Sam Bankman-Fried, the space has a way of forgiving and letting the past be the past. We've seen it countless times and it's so surprising because if it was real time, these individuals would have either been serving jail time, would never be heard of again or would probably be regarded as nothing. Perhaps most people feel that since these individuals have been a huge part of the crypto space and have contributed so much to the growth , they do not deserve to be crucified no matter what.