After the spectacular collapse of the cryptocurrency exchange FTX, the American bank BlockFi, specialized in virtual means of payment, has now also filed for bankruptcy. In July, FTX had signed an option to buy BlockFi.
Last week, the company halted all withdrawals and admitted that the FTX bust burned “considerable” amounts.
More than a million FTX creditors?
According to insiders, at least a billion dollars in customer funds have disappeared from FTX. The affair has rocked the entire cryptocurrency industry. The most widely used means of payment Bitcoin and Ethereum collapsed in price.
At the same time, rumors of irregularities and possible problems with other trading platforms were circulating. FTX rival Crypto.com was one of the targets. However, his boss recently emphasized that his company has a strong balance sheet.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
