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What happened to FTX? Latest crypto collapse puts industry future in jeopardy

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The cryptocurrency industry — and the institutions and investors with billions wrapped up in it — are still coming to terms with the fallout from the collapse of FTX, once one of the largest crypto exchanges in the world.

In just the past week, the company has had a life preserver offered by a rival exchange ripped out from under it, locked clients out of attempts to cash out their crypto holdings, filed for bankruptcy, and had its CEO and founder resign — all before FTX announced its funds had been subject to “unauthorized transactions.”

Bitcoin lost more than a quarter of its value last week as the chaos unfolded, the latest fiasco in an already tumultuous year for cryptocurrencies. Experts say the FTX story has “far-reaching” implications for the cryptocurrency industry and those with major stakes in the market, including some Canadian institutions.

Anne Gaviola has more on how this incredible and bizarre story puts the future of the industry in jeopardy.

For more info, please go to https://globalnews.ca/news/9276928/crypto-ftx-bankruptcy-canada-explainer/

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Category
U.S. & Canada
Tags
global news, crypto, cryptocurrency
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