Crypto experienced one of its worst days ever on Wednesday in the wake of the stunning collapse of the FTX exchange, a platform once hailed as one of crypto’s foremost success stories
” combined with newly-announced federal inquiries into the company—which was valued earlier this year at $32 billion—made the deal too risky.
On Wednesday, however, the deal fell apart. Now, many pessimistic crypto insiders are fearing the onset of a vicious downward spiral in crypto asset values that will damage individual investors and the entire industry for years to come.are already comparing FTX’s crash to that of the Lehman Brothers in 2008, which helped precipitate a global financial crisis.
FTX was unable to assuage concerns about the report, and on Nov. 6, Binance announced its intention to offload $500 million worth of FTT. This triggered a bank run in which FTX users who traded cryptocurrency on the platform scrambled to withdraw their funds. Due to this frantic pressure, FTX found itself unable to meet all of their withdrawals.
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