$SOL
💥 The Collapse of FTX – When the Second Largest Crypto Exchange Fell!
📅 November 2022
In one of the most severe shocks in the history of cryptocurrencies, the FTX platform led by Sam Bankman-Fried collapsed, erasing billions of dollars in just a few days.
🔹 What happened?
A report revealed that FTX manipulated customer funds to support Alameda Research.
Panic in the market, a massive liquidity withdrawal.
FTX declared bankruptcy after failing to cover withdrawals.
📉 Results of the collapse:
Loss of investor confidence in centralized trading platforms.
BTC dropped to around $15,000
Thousands of investors lost their entire funds.
🧠 Lessons from the FTX crisis:
"Not your keys? Then not your coins!" 🔑
Holding coins in cold wallets reduces risks.
Do not overtrust any platform, no matter how famous.
📌 Since that crisis, we started to see the term "Proof of Reserves" gaining traction.
💬 Were you affected by the collapse of FTX?
Did you have coins on the platform? Share your experience 👇
#CEXvsDEX101 #TradingTypes101 #FTXRefunds #TrumpMediaBitcoinTreasury #PCEMarketWatch