just a few months ago FTX was one of the largest players in the crypto space and now it is just surrounded by scandal.
FTX which is short for futures exchange is a cryptocurrency exchange which is really just a place where people can go online and trade digital money STX had been the third largest crypto Exchange in the world we had seen it saying everywhere from these commercials with big name celebrities to its name was attached to an arena in Miami and so this was a very big player in the crypto space.
we saw reports emerge for FTX transferred 10 billion dollars uh to Almeida which is its sister company uh and this sort of sparked concerns about what sort of access top leaders had to the company's finances and also led to a class action lawsuit with investors accusing the company of misusing customer funds investors are claiming that false representations and deceptions from FTX caused American consumers to collectively lose over 11 billion dollars in Damages along with CEO Sam Bateman freed we see a number of other celebrities names who appeared in that TX commercials like Tom Brady Giselle Stephen Curry Larry David and Shaquille O'Neal.
we're seeing a lot shaken up in the cryptocurrency world where prices for other exchanges like Bitcoin have also dropped in recent weeks so we're gonna have to wait and see how this shakes out that a lot of experts still have faith in the cryptocurrency world in general and think that this is sort of just a blip in the long-term success of this.
