EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.

The exchange, formerly one of the world’s largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorized access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished.

The unraveling of the once-giant exchange is sending shockwaves through the industry. Here’s a look at the company’s collapse so far:

WHY DID FTX GO BANKRUPT?

Customers fled the exchange over fears about whether FTX had sufficient capital,

Disclaimer: This article may require a subscription.

Leave a Comment

en_USEnglish