FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funnelled to prop up its investment arm Alameda. Investors pulled their money as the rumours snowballed, sinking FTX into bankruptcy and making Bankman-Fried a financial pariah. "I'm seeing the crypto collapses from last year like dominos" following FTX, said Erica Stanford, a fintech specialist at law firm CMS. Stanford, author of best-selling book "Crypto Wars", said the FTX bankruptcy had also affected a lot of "people from the industry". "Venture dollars are down for five consecutive quarters and crypto trading volumes are at the lowest levels we have seen in about four years," Fathieh told AFP.

Source: The Star October 01, 2023 13:09 UTC