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ARTICLE · 29 NOVEMBER 2022

The Impact, Consequences And Potential Consequences Of The Implosion Of FTX

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Despite the crypto sectors reputation of volatility, the collapse of the crypto exchange FTX has shocked its own investors, the financial sector in general and most importantly its customers.

United KingdomTechnology
Joanna Bailey
Joanna Bailey
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Despite the crypto sectors reputation of volatility, the collapse of the crypto exchange FTX has shocked its own investors, the financial sector in general and most importantly its customers.

Initially Samuel Bankman-Fried's crypto exchange based in the Bahamas soared following its foundation in 2019 and was valued in excess of $30 billion. The rapid implosion of FTX created a run on the exchange by its agitated customers attempting to withdraw their funds.

The rapid rise and equally rapid demise of FTX has again raised the question of the urgent need for a regulatory framework to govern crypto and aspects associated with crypto. The FCA issued a cautious warning about FTX and there were discussions between the two organisations.

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