The entire crypto industry was curious to know the reason behind the FTX downfall in the crypto market. Many questions still need to be solved for FTX users. Every crypto user wants to know one of the historical frauds ever committed by the FTX. The famous film director Russo brothers recently said they would make a film on FTX bankruptcy. Hollywood is eager to buy the rights to the story, mainly related to the downfall of the world’s largest crypto exchange, FTX.
Joe Russo and Anthony Russo, who directed the most popular Avengers Endgame and other Marvel movies, came up with an idea to make a mini-series on the FTX bankruptcy case, one of the most controversial events that happened in the crypto industry. The series will be released on an OTT platform. The big tech players competing to buy the copyrights of the FTX series are Apple TV Plus, Netflix, and Amazon are in the race.
As per reports, the FTX series has been purchased by one of the largest tech giants, Amazon. As Amazon has 149 million Amazon Prime users in the United States, the filmmakers sold the idea of the FTX series to Amazon. Amazon is going to start producing the film in March 2023. The series will have eight episodes mainly focused on the former FTX CEO Sam Bankman-Fried and its bankruptcy.
Russo brothers stated, “At the center of it all sits an extremely mysterious figure with complex and potentially dangerous motivations. We want to understand why.” They added, “FTX is one of the most brazen frauds ever committed.”
The direction department has already started selecting a cast who will play the role of the former FTX CEO Sam Bankman-Fried, Alameda CEO Caroline Ellison, and Binance CEO Changpeng Zhao.
The Story Of The FTX Collapse
On November 11, the biggest collapse happened in the crypto market. FTX, the world’s second-largest crypto exchange platform, valued at $32 billion (USD), faced a sudden downfall in the crypto market. FTX filed for Chapter 11 bankruptcy, and the CEO Sam Bankman-Fried resigned.
The United States Securities and Exchange Commission (SEC) has started investigating how FTX managed users’ funds and crypto lending activities. According to the reports, Sam Bankmman-Fried purchased FTT tokens at a lower price, to invest in Alameda. The entity waited a long time to increase the price of FTT tokens. After some days, Alameda started borrowing “real money” using these highly inflated FTT tokens as collateral. FTT lost up to 90% of its value this week. It led Binance to pull out of the bailout deal with FTX.
FTX, based in the Bahamas, increased its revenue by 1,000% between 2020 and 2021. At the end of January 2022, FTX released data showing the company completed a $400 million (USD) Series C fundraising, which increased FTX valuation by up to $32 billion (USD).
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/25/a-film-on-the-downfall-of-the-worlds-largest-crypto-exchange-ftx/