Regulators and US officials are reportedly investigating as the FTX exchange teeters on the brink following a rush of withdrawals that are leaving customers facing big losses.
Binance CEO Changpeng Zhao pulled the plug on an offer to rescue FTX after the scale of its problems became clear. Pic: AP
The prospect of a top exchange failing follows the collapse of stablecoin TerraUSD and crypto hedge fund Three Arrows Capital this year. Cryptocurrency markets nursed heavy losses on Thursday, with bitcoin attempting a recovery around the $16,700 level following a 20% dip on the week.Bankman-Fried said he was"exploring all the options" but there were no signs that any other rescue had been made available.
The US securities regulator was said by Reuters to be investigating FTX.com's handling of customer funds and crypto-lending activities while a separate report, by Bloomberg, suggested the US Department of Justice was also looking in to the turmoil Danny Chong, CEO of decentralised finance firm Tranchess, said the problems at FTX had wider ramifications than the sector's earlier failures."Just when people were thinking that crypto winter might probably not last... along comes another episode like this."Venture capital fund Sequoia Capital wrote down a $150m exposure to zero on Wednesday.
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