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B. G., Opalesque Geneva: Regulators in the Bahamas froze assets belonging to FTX, until recently the third-largest cryptocurrency exchange, on November 11. The exchange failed after Binance, a bigger exchange, withdrew from talks to buy it out after an initial review of their books and amid reports about government investigations and mishandled customer funds. FTX's founder Sam Bankman-Fried vowed on Twitter to repay its users. His wealth went from $26bn to less than $1bn - a 94% drop - in a day. Meanwhile, crypto prices everywhere crashed, and BlockFi, a lender, blocked withdrawals.
The recent failure of FTX (and its hedge fund affiliate Alameda), as well as a hack at the largest crypto derivatives exchange Deribit have shaken up the cryptocurrency investment market. And have brought to light the risks of fraud and hacking in the crypto environment.
To prosper in the crypto markets, you have to survive them
After rumours that FTX might be insufficientl...................... To view our full article Click here
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