The Latest Breaking News from Binance

“With FTX going down, we will see cascading effects."

Several days ago, FTX co-founder Sam Bankman Fried saw his wealth plummet by over 90% to a value of $1 billion.

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

FTX and most of its subsidiaries officially filed for Chapter 11 bankruptcy protections Friday, while CEO Sam Bankman-Fried resigned.

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.

Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week

NFT collections are so far resisting headwinds from the collapse of the FTX and Binance acquisition deal after prices fell steeply in the immediate aftermath.

Tron is prepared to pump in billions to rescue beleaguered cryptocurrency exchange FTX, the company’s founder Justin Sun said on Friday.

Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year.