The new CEO at FTX said he has never in his career seen “such a complete failure of corporate controls.” He also oversaw Enron’s bankruptcy proceedings.
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The crypto industry is still reeling from last week’s death spiral of digital currency exchange FTX. And, turns out, you could be affected. Here’s how.
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Prices of digital currencies fell again Monday as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at about $16,500 on Monday, according to CoinDesk. Analysts believe that it could fall below $10,000.
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FTX Group said Friday it has launched voluntary Chapter 11 bankruptcy proceedings in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.
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The swift collapse of cryptocurrency exchange FTX sent more shockwaves through the crypto world on Thursday, with authorities now investigating the firm for potential securities violations and analysts bracing for a further downturn in crypto prices.
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Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself.
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In an unexpected twist, the cryptocurrency exchange Binance said it is buying its rival FTX after the firm faced a liquidity crisis.
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