FTX spent big money to make trading crypto popular and gain people’s trust. The company had an arena in Miami named after it and aired scores of TV commercials with superstars like Tom Brady and Steph Curry.
“I’m not an expert and I don’t need to be,” NBA champion Curry says in one ad. “With FTX I have everything I need to buy sell and trade Crypto safely.”
Trade Crypto safely? Apparently not.
Terri Smith is an architect in the Seattle area who says she may have lost about $30,000 in the FTX implosion. “I was devastated really,” she says. “That’s a huge chunk of money for me.”
Smith and a wave of other investors scrambled to try to withdraw billions of dollars from FTX after panic spread that the company was on shaky ground. But with a run on the exchange underway, FTX froze accounts, quickly filed for bankruptcy, and now many customers could lose some or all of their money.
“It feels like someone stealing your money,” Smith says. “It feels like theft.”
Read more at NPR.org