Many onetime defenders of cryptocurrency are abandoning the industry after a series of failures that culminated in the spectacular fall of FTX and Sam Bankman-Fried.
TRM Labs general counsel Sujit Raman says it will be 'very difficult' to 'claw' back the money and funds lost by FTX.
The downfall of FTX heralded a mass exodus from crypto, with investors withdrawing $20 billion from global crypto trading circles in November alone, or roughly 15% of the industry, according toThe trend comes thanks largely to smalltime investors whose confidence in crypto has finally run dry. FTX CEO Sam Bankman-Fried attends a press conference at the FTX Arena in downtown Miami on June 4, 2021.
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