Crypto exchanges need to prove their financial resilience

FTX founder Sam Bankman-Fried. (Image: Getty)

Thu, 17 Nov 2022

How can one of the world’s most respected cryptocurrency exchanges go from a US$32 billion (NZ$52b) valuation to bankruptcy in the space of a week?That’s what over one million investors who had assets tied up in FTX are asking themselves as they become creditors lining up in a drawn-out fight to claw back money and digital tokens held by the Bahamas-based exchange founded by MIT graduate and hedge fund trader Sam Bankman-Fried, or SBF as he is known.Where FTX really appears to have come unstuck is in creating its own cryptocurrency...

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