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EXPLAINER: What's happening at bankrupt crypto exchange FTX?

FTX confirmed Saturday there had been unauthorized access to its accounts, hours after the company filed for Chapter 11 bankruptcy protection.

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.

The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been "unauthorized access" and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished.

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