The bankruptcy of centralised exchange FTX has jolted the crypto world, but there is optimism within India's crypto exchanges, which are betting on the upcoming G20 presidency
The dramatic collapse of American entrepreneur and once high-flier Samuel Bankman-Fried’s (SBF) $32-billion crypto empire in November could soon become part of economic studies as one of the biggest financial debacles of centralised exchanges. There could maybe, even, be mini-television series and movies that follow.
The Bahamas-headquartered FTX was one of the world’s largest crypto exchanges, having raised $1.5 billion through private funding in 2021. Its 30-year-old founder, with his distinctive casual clothes and unkempt hair, had seen his fortune crash from $16 billion to near zero within days, Bloomberg notes.