It's been a month that cryptocurrency investors will never forget. And the worst may be yet to come. How did we get here? And can crypto survive? The saga is far from over, but if you’re just tuning in, here’s what you need to know.
Over the past two weeks, the digital asset industry has watched in horror as FTX, the multi-billion-dollar crypto exchange created by one of its biggest and brightest stars, Sam Bankman-Fried, imploded. The failure of FTX, shook the foundations of the entire ecosystem. Token prices tumbled across the board as investors rushed to exit risky positions. Contagion followed.
Similarly, the Ontario Teachers’ Pension Plan, which invested $95 million, said it now believes that investment is worthless. Roughly 1 million others may have lost all the money they put into FTX. Binance, meanwhile, is stepping in as a potential lifeline for companies hit by FTX’s collapse. Its CEO, Changpeng Zhao, said Monday that his team would establish “an industry recovery fund,” for projects facing a liquidity crisis.
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