In a surprising turn of events, John J. Ray III, the new CEO of FTX, a company that deals with cryptocurrency, found out they only had 105 bitcoins left. This was shocking because they owed their customers nearly 100,000 bitcoins. This news is a big deal because Sam Bankman-Fried, the person who used to be in charge, had said that his customers didn’t lose any money when FTX faced big problems in 2022. But the new boss, John, says that’s not true at all.

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• FTX only had 105 bitcoins left, way less than what they were supposed to give back to their customers, when the new boss, John J. Ray III, took over.
• The old boss of FTX, Sam Bankman-Fried, said nobody lost money when FTX went under in 2022, but the new boss totally disagrees.
• This whole FTX story shows us how tricky and risky dealing with cryptocurrency can be, and what happens here might change how things work in the future.

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FTX’s Big Trouble: Only 105 Bitcoins Left and What It Means

Sam Bankman-Fried thought that since they were trying to give people their money back, he shouldn’t be in too much trouble. However, John told a judge that finding and getting back the lost money was really hard because there was a lot of mess and bad stuff going on under Sam’s watch. Some of the money, like what was spent on bribes or just thrown away, might never be found.

A lot of people who used FTX are really upset because even though they might get some money back, it won’t be as much as they could have had if none of this bad stuff had happened. They’re not just sad about losing money; they’re also upset because they were counting on it to grow over time.

This whole mess with FTX is a big reminder of how complicated and risky it can be to deal with cryptocurrency, which is kind of like digital money. What happens next with FTX could lead to new rules on how cryptocurrency businesses should work.

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