Is FTX a 'Lehman Brothers moment' for crypto?

FTX, a crypto exchange, went from being worth $32 billion to filing for bankruptcy in what many are calling the “Lehman Brothers Moment” for crypto. Sam Bankman-Fried, the founder of FTX and Alameda Research, became a prominent figure in the crypto space while becoming one of the wealthiest people by the age of 30.

Which cryptocurrencies have been affected by the FTX bankruptcy?

Genesis Global Capital, the Gemini crypto exchange, and BlockFi, a crypto lending platform with significant exposure to FTX , have all been affected by the FTX bankruptcy. The lending unit of cryptocurrency investment bank Genesis suspended redemptions and new loans due to the collapse of FTX on Nov. 16.

Was FTX teetering?

NEW YORK – When his cryptocurrency exchange started teetering in early November, Mr Sam Bankman-Fried went on Twitter to calm everyone down. FTX wasfine, he insisted. Nothing to worry about.

What happened to FTX?

Adding insult to injury, in the blink of an eye, FTX went from being worth some $32 billion to filing for bankruptcy, leaving many investors confused to say the least. Let’s explore what happened to the crypto giant FTX, complete with a timeline and details to explain exactly what happened.