FTX Collapse: Binance Stores $2 Billion to Save Struggling Firms

The abrupt collapse of FTX continues to reverberate through the cryptocurrency industry.

While it is still very early to determine the full repercussions of Sam Bankman-Fried’s crypto empire filing for bankruptcy, it is expected that there are going to be many victims in the crypto sphere, according to industry sources.

The reasoning is that FTX, the cryptocurrency exchange, which was still valued at $32 billion in February, was a central player in the crypto chessboard. So was its sister company Alameda Research, a hedge fund and trading platform, also founded by Bankman-Fried.

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