More Crypto Firms Fall Because of FTX Crash

Sam Bankman, the founder of FTX aka “SBF,” continues his self-explanatory tweets, which began two days ago.

In a recent tweet, he told SBF that he got all the fame and glory leading to him getting overconfident.

Meanwhile, the US Congress announced a hearing on the collapse of FTX.

SBF blames high leverage:
The FTX crisis has affected the entire cryptocurrency industry, with many crypto companies facing serious financial problems.

Meanwhile, the SBF continued its Twitter thread and today explained its reasoning behind the FTX crisis.

The SBF says it was wrong about the leverage, which cost the company $5 billion in losses.

He also touched on the collapse of the FTT price as the ultimate reasons for the collapse of FTX.

After his tweets were posted, the crypto community seemed unconvinced of his justification and continued to demand strong legal action against the SBF.

A Twitter user has accused SBF of stealing users' money.

The crypto community believes that users' funds on the FTX trading platform were used by Alameda to make its investments.

More Crypto Firms Fall Because of FTX Crash:
The FTX crisis has made operations difficult for crypto companies.

Genesis Global, which has $2.8 billion in active loans, had previously decided to suspend withdrawals.

It should be noted that Genesis was also a victim of the Terral Luna crash earlier this year.