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ARTICLE · 27 MARCH 2023

Crypto Misery Mounts In The Wake Of FTX Catastrophe

Ankura Consulting Group LLC
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The collapse of crypto exchange FTX in November 2022 sent shock waves through the digital asset world. Anyone who had deposits in, lent to, or bought shares...

United StatesTechnology
Andrew Pimlott
Andrew Pimlott

What does the future hold for the cryptoasset market? More regulation is one certainty, and on that, nearly everyone seems to agree, writes Andrew Pimlott

The collapse of crypto exchange FTX in November 2022 sent shock waves through the digital asset world. Anyone who had deposits in, lent to, or bought shares in the exchange stands to lose everything. It went from a valuation of $32bn in October to $1 when it filed for bankruptcy on November 11, 2022.

Anyone holding FTX Tokens (FTT), FTX's cryptocurrency, also suffered. They saw its value plunge from $26.26 on November 1, 2022, to $2.18 on November 12, 2022, to around $1.30 at the end of November.

Eleven years ago, I was seconded to New York to work on the collapse of MF Global (brokerage). MF Global and FTX have some similarities, both dipped into customers' funds to fill a financial black hole. The fallout from MF Global was huge. Lots of people lost everything and many businesses filed for bankruptcy. The

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