The day after their wedding, they lose money in the FTX exchange. Jaime Zulueta told Cointelegraph how he and his wife handled losing money at FTX.When it was said that FTX, one of the biggest exchanges, had closed, the cryptocurrency market was shocked. This year, it has become common for cryptocurrency platforms to fail, but only a few people thought that Sam Bankman-exchange Fried’s would also fail. Read more about the CRIC Crypto Token by clicking here.
People thought FTX was the most important company in the world when it had millions of customers and was worth $30 billion. But at the start of November, it was said that the exchange didn’t have enough money and couldn’t meet users’ withdrawal requests. On November 11, FTX went out of business without warning, costing its customers billions of dollars.
Users like Jaime Zulueta and thousands of others have said that the collapse of the exchange has caused them a lot of trouble. Right after he got married, Jaime lost everything. Zulueta told Cointelegraph that he and his business partner had lost money because of the terrible market crash.
The newlyweds went to Bankman-Fried because they had heard good things about it in the news, just like many others. The crypto investor and his business partner could only save their own money after the market crashed. Zulueta said they were so sad when they heard the news that they “couldn’t sleep well for a few days.”
Small investors like Jaime Zulueta, who just got married, also felt the weight of trusting a trading platform that crashed and burned. Even though it’s clear that the FTX disaster had a significant impact on businesses, this is still the case.
The cryptocurrency investor first heard about the exchange because his business partner, born and raised in Taiwan, used it frequently. He said, “Before I used FTX, I also read a lot about its founder, Sam Bankman-Fried.”
When asked how they felt when they heard FTX had failed, Zulueta said that he was “sad and surprised” because some of their money was in the exchange. This is because some of the money they had saved was at the sale. Zulueta and her boyfriend, who had been hiding the fact that they were together, were upset by the news. She was shocked and upset by what she heard. We couldn’t fall asleep for many nights. He said he was very sorry that he had lost his own money.Bitcoin smart is an excellent resource for anybody interested in trading and investing in Bitcoin.
The failure of FTX showed that the cryptocurrency industry has a lot of problems. Users can’t see their nonfungible tokens hosted by FTX because of the FTX disaster, which has now spread to nonfungible tokens (NFTs).
Even though this is true, NFT owners can still prove that their NFTs exist. But photos can no longer be seen, even if you try to look at them in wallets or sell them on NFT trading platforms. Even though pictures have been around for a long time, this is still true.
On August 5, people who work with non-fungible tokens talked about how NFTs don’t exist on the blockchain. Jonathan Victor, who is in charge of Web3 storage at Protocol Labs, and Alex Salnikov, a co-founder of Rarible, told Cointelegraph that the tokens are stored elsewhere. The two people talked about how primary chains sometimes have limited room and how keeping data on the blockchain costs more.
Even though the fall of the FTX has caused some problems, the NFT business is still optimistic about the future of the space. On November 22, several people in the NFT market told Cointelegraph that they thought the area would improve over time. The leaders stressed how important it is for the NFT community to make making their collections more valuable as their main goal.
Even so, encryption will still work. People did something wrong, which is why things went wrong. It is impossible to control greed. Bad things will keep happening as long as it’s possible to get people to misbehave in any market.
The newlyweds got lucky because they could get some of the money they had stored in the exchange right before it stopped letting people get their money. Even though Zulueta and his new wife were able to weather the FTX storm, other companies with ties to the exchange had to pack up and leave. For example, at the end of the month before, the lending website BlockFi shut down.
