FTX collapse gives crypto sector ‘another black eye’

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Even for a sector regularly rocked by bankruptcies, the collapse of FTX — a cryptocurrency platform worth $32 billion at the beginning of the year — came as a shock.

FTX founder Sam Bankman-Fried had cultivated friends in Washington and basked in glowing tributes when he stepped in to rescue other ailing crypto companies earlier in the year.

Yet, all it took for his firm to unravel was a report on a specialist website raising doubts about FTX’s accounts, followed by a few tweets from his big rival Changpeng Zhao, boss of Binance.

Bitcoin fell in the process to its lowest level in two years.—AFP

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