Page 144 - Celsius Network News Today

LONDON (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. Some of FTX's investors have said they are writing their investment down

Bahamian-based crypto exchange FTX is reportedly on the brink of collapse following an unexpected surge in customer withdrawals and a failed deal with competitor Binance. Effort to stave off the fate of crypto giants Three Arrows Capital 3AC Voyager Digital and Celsius Network.

The star of the hit show Shark Tank is a prominent investor in the cryptocurrency industry.

Since the filing that included 135 affiliated companies, millions of dollars in crypto have been stolen from the company.

The crypto industry is known for dramatic twists, rollercoaster prices and fortunes that appear and disappear overnight. But even by crypto standards, what happened this week was bonkers.

The crypto platform had over 5 million investors at its peak. Read more at straitstimes.com.

Sam Bankman-Fried spent tens of millions of dollars over the past year trying to reshape how the world thinks about finance. The crypto exchange he founded, FTX, had become an industry-dominating business in just three years, valued at $32 billion in January. Now it’s filing for bankruptcy.

"An active fact review and mitigation exercise was initiated immediately in response," the company's CEO said in a statement.

The near-collapse of FTX, one of the biggest names in crypto, followed by the failed Binance bailout, has had an effect right across the crypto industry, with Bitcoin falling by more than 18% during these events.

CEO Sam Bankman-Fried also resigned from FTX, which was facing a financial crunch and a federal probe.