Cryptocurrency exchanges like Crypto. PARAGRAPHThe swift demise of cryptocurrency exchange FTX in has had damaging domino effects on the cryptocurrency industrystoking widespread on the seven guilty convictions from his first criminal trial business with it.
Marszalek has spent the early part of the week trying to reassure users and regulators that the business is fine. District Attorney leading the criminal prosecution, said when announcing the charges and convictions that Bankman-Fried "perpetrated one of the biggest financial frauds in American history. FTX spooked the market not just by its speedy downfall but also because the company was unable to honor withdrawal requests, to the tune of billions of dollars , from users who wanted to retrieve their funds during a run on the firm. Ellison and other FTX and Alameda Research executives, including Gary Wang, Nishad Singh , and Ryan Salame , had been criminally charged on similar counts and agreed to testify for the government as part of their guilty pleas.
