Crypto exchange FTX’s meltdown is the latest and most high-profile case in crypto’s checkered history;
All tokens have taken a major hit, and it is not clear if FTX customers will recoup their deposits;
Prominent crypto figures worry that the collapse will bring more scrutiny to the market, although many are keen to highlight that “FTX is not crypto.”
Over the past week, Sam Bankman-Fried’s $32 billion FTX empire quickly unraveled before a stunned online audience. From the report alleging that FTX was propping up sister hedge fund Alameda with customer deposits, to Binance’s bailout offer which was then retracted, all the way to the inevitable bankruptcy announcement, it was like watching a slow motion car crash — but one which left crypto investors empty-handed and severely eroded crypto’s hard-earned trust.
The situation is still developing, although at this point it seems clear that Bankman-Fried will be in serious legal trouble, with regulators around
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